for those who insured their engagement ring....

Original post by Smiley22

Dec 15, 2008 01:17 PM

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?

shcole08 Posted: Dec 16, 2008 10:25 AM

Re: for those who insured their engagement ring....

so who do you go to like state farm or somthing if you dont have insurance?

lucky1010 Posted: Dec 16, 2008 10:27 AM

Re: for those who insured their engagement ring....

I insured mine for what it was appraised for. They usually ask for a copy of the the appraisal and then tell how you much it would be to cover it..

I use Travelers.

lucky1010 Posted: Dec 16, 2008 10:28 AM

Re: for those who insured their engagement ring....

Also, my understanding is that you don't pay extra if the ring is valued less than 10K, if its more you do. If its under 10K its usually under the home owners insurance you just have to claim it. If its more it has to have its own policy

BeccaJo Posted: Dec 16, 2008 11:10 AM

Re: for those who insured their engagement ring....

Posted by Karen9508

Also, my understanding is that you don't pay extra if the ring is valued less than 10K, if its more you do. If its under 10K its usually under the home owners insurance you just have to claim it. If its more it has to have its own policy

that really depends on your policy wording, I would check with an agent first, don't just assume because they all have different sublimits for jewelry.

jaep129 Posted: Dec 16, 2008 11:36 AM

Re: for those who insured their engagement ring....

DH works for Allstate and ours is from there and we had to give them the appraisal price not what he paid. Thats weird b/c DH paid less then it was appraised for so I would double check.