E-ring insurance - what are the conditions under which you insured you ring?

I'm embarrased to say that I still have not insured my ring .

My appraisal person said that when I go to the insurance co, if the ring was purchased for less, the purchace amound should be used. This way the premiums will be less.
The replacement, if needed, would be made according to the description of ring (the report) and not the price.

Is this true? Do insurance companies replace rings based on the ring characteristics or does the appraisal price go into the account as well?


What did everyone do with their insurance?

...Any thing I should ask/be aware of before I go?

First of all - you need to hurry up and get that ring insured!!! You shouldn't be walking around with an uninsured ring!!

We just added ours onto our homeowners insurance (added a rider). Our insurance is based on the appraisal price of the ring. I've never heard of insuring it on the purchase price.

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Posted by jbride2b

I'm embarrased to say that I still have not insured my ring .

My appraisal person said that when I go to the insurance co, if the ring was purchased for less, the purchace amound should be used. This way the premiums will be less.
The replacement, if needed, would be made according to the description of ring (the report) and not the price.

Is this true? Do insurance companies replace rings based on the ring characteristics or does the appraisal price go into the account as well?


What did everyone do with their insurance?

...Any thing I should ask/be aware of before I go?

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Insured your ring ASAP.

Insure your rings for the 'appraised value'.

Some companies write you a check for the insurance value (the price you determined when you insured) and others will try to replace the ring with one of like kind (same characteristics).

Chubb will cut you a check for the price you insured it at i.e. paid $13,000, appraised replacement value $15K, retail value $19K

Beware that companies who cut a check are typically more expensive than the companies who replace the ring for a like ring. If your stone and/or setting is rare or hard to replace (larger stones or colored stones) you will likely get a check since they cannot usually be replaced for like kind.

You can insure it for the appraised value (what it would cost to go out and get your ring if lost/stolen). This is not retail value.

You can also insure for retail value but your premium would be higher.

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Posted by kdrainey

Insure your rings for the 'appraised value'.

Chubb will cut you a check for the price you insured it at i.e. paid $13,000, appraised replacement value $15K, retail value $19K

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By the appraised value, did you mean to get it insured for the appraised replacement or retail value?

My appraisal report only mentions the retail value.

This is the company I used for my ring.
My apprasier suggested this company.


http://jewelersmutual.com/

You need a new appraisal. I had retail value appraisals for all my pieces and was paying too much in insurance for years.

I only learned about retail value v. replacement value on this site. My insurers (Allstate and Liberty Mutual) never mentioned a difference.

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Posted by PUPADOLCE

This is the company I used for my ring.
My apprasier suggested this company.


http://jewelersmutual.com/

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I have jewelers mutual now too - for all my pieces. I have Liberty Mutual for homeowners and car insurance - had Allstate