Did you insure it for the appraisal value or for the price your DH paid?
I am trying to insure it through our renter's policy, and my agent recommended the actual price he paid. He explained that Allstate, in the case the ring was lost, would replace the ring. They should be able to find it for the same value you paid for it. So, there is no sense in paying for a more expensive policy (as would be the case with the appraised value) if they could find a similar ring for the same price.
Of course, DH only has the appraisal slip, not the receipt. When I called the place he bought it from, they said I should def insure it for the appraisal value. I am so confused!
What did you girls do?
autumnbride08
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Re: for those who insured their engagement ring....
Mine is insured for the appraised value.
chrispar
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Re: for those who insured their engagement ring....
Posted by autumnbride08
Mine is insured for the appraised value.
same here
Mrs.C 102608
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Re: for those who insured their engagement ring....
Mine is insured for the appraised value. In time the value of your ring will go up, if you ever need to use the insurance policy god forbid you wouldnt want to be jipped out of money. This way you would get the appraised value back for the ring.
Shelleybean11
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Re: for those who insured their engagement ring....
Mine is insured for the appraisal amount.
SB7308
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Re: for those who insured their engagement ring....
Posted by chrispar
Posted by autumnbride08
Mine is insured for the appraised value.
same here
Same here
Jenn04
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Re: for those who insured their engagement ring....
Appraised value
I dont like the word 'similar' - I feel like that means they could get you a crappy diamond or something. You are insuring thru Allstate? That is who mine is thru...I originally had it under a renters policy but now changed it to our homeowners insurance (a rider for jewerly)
FinallyEngaged
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Re: for those who insured their engagement ring....
mine is for the appraised value.....i am an insurance agent, and i would never say to insure it for anything less than the appraised value JMO
SusiBtoM
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Re: for those who insured their engagement ring....
Never heard of insuring jewelry for the actual purchase price. I insured mine for the appraised value with Allstate, and then when I switched to State Farm, they also asked for the appraisal.
If you have a ring valued at $5,000, but only paid $2,500, why should it not be insured for the full value ? To replace it at $2,500 would be nearly impossible unless you sacrifice quality. I'd be asking the agent that question, or find another.
Mrs. V 2008
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Re: for those who insured their engagement ring....
The appraised value..
BeccaJo
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Re: for those who insured their engagement ring....
As someone who works in the insurance industry, I would never tell someone to insure for the value they paid because as others stated, the value does increase over time. You want to be sure that you can replace the exact ring you have. I'm really surprised they told you that.
Smiley22
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Re: for those who insured their engagement ring....
WOW! Thanks for all your info, girls. This agent is a good friend of my brother's (a GM at his wedding). I don't think he was trying to steer me wrong; i guess he was just trying to save me some $.
Maybe it was a good thing I didn't have DH's actual receipt!
lizzie217
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Re: for those who insured their engagement ring....
Mine is insured for appraisal value and also insured for hmmm what the word Im looking for...it is insured for its CURRENT value..I pay more to do this what it means is today the ring may be worth 20,000 but in 5 years 23,000 so if I lost it in 3 yrs Id have 23,000 to get my ring. State Farm Insurance.
I think its called inflation insurance...
shcole08
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Re: for those who insured their engagement ring....
i want to insure my ring but, i dont have renters or home insurance
anneandchris
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Re: for those who insured their engagement ring....
Posted by shcole08
i want to insure my ring but, i dont have renters or home insurance
You don't need it. We had mine initally on its own policy -- a little pricer but worth it.
anneandchris
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Re: for those who insured their engagement ring....
My e-ring and wedding band are insured for the appraised amounts - on our renters insurance.
I think it only cost a few extra dollars a month to have for the insurance for the appraised value.
Worth it IMO.
ldrenckhahn
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Re: for those who insured their engagement ring....
Appraised value...
The insurance company prob said this so that in the event something should happen, they would only be liable for the amount paid, not the appraisal amount (which is usually more than what was paid)
MrsD71208
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Re: for those who insured their engagement ring....
Appraised value..that's how it should be done. If DH paid more for it than what it is worth, which can be the case, then you wouldn't want to pay a higher insurance price for it if it is actually worth less.
Wifeynella
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Re: for those who insured their engagement ring....
Always go by the appraised value.
jennarose023
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Re: for those who insured their engagement ring....
the appraisal value is always higher so it should be insured for that amount...just think inflation, if you bought it last year and lose it next year then your replacement will never be equivalent at your purchase cost! The difference for adding it to your insurance should be minimal. HTH
