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Engagement ring insurance?

Original post by akaMrsT

Thread views: 5,150

I have a homeonwners policy with Liberty Mutual with a jewlery rider - costing me $805 a year total. $514 of that is just for for earrings and a couple of bracelets. With the new ring, it will be at least $1100 a year total.

I thought Chubb offered a stand alone jewelry policy? I called an agent and he said I would have to change my homeowner's policy to Chubb? I have my car insurance with Liberty Mutual too and don't want to change.

If it's cheaper, I planned to just move all my jewelry to a separate policy since my homeowner's would be like $300 a year w/o the jewelry rider.

Any suggestions?

Who is everyone using for e-ring insurance?

Any stand alone jewlery policies?

Thanks much.

nferrandi Thread views: 5,150

Re: Engagement ring insurance?

It seems to me like you're paying too much right now. My ring is appraised at $14K and I pay about $200 a year for insurance. I have Travellers and it's a separate policy than our homeowners I believe.

barb04 Thread views: 5,150

Re: Engagement ring insurance?

I also have my ring insured with State Farm, I don't remember exactly how much it costs but I think its about $150 or so.

akaMrsT Thread views: 5,150

Re: Engagement ring insurance?

Posted by nferrandi

It seems to me like you're paying too much right now. My ring is appraised at $14K and I pay about $200 a year for insurance. I have Travellers and it's a separate policy than our homeowners I believe.

I think I'm paying way too much too.

Hope nobody is offended but my earrings appraised for $4900, one bracelet for $2,000 and one bracelet for $8,500. Those pieces alone cost me $514/year with Liberty Mutual.

My e-ring appraised for $18,110.40 and will cost $603/year with Liberty Mutual!!!!

I really think I'm over insured.

chicagogal Thread views: 5,150

Re: Engagement ring insurance?

I have Chubb and it costs about 250 a year. It would probably be cheaper to have mutually exclusive policies for the ring and homeowners.

sunflowers74 Thread views: 5,150

Re: Engagement ring insurance?

Our jeweler gave us information on insurance. Ours is a seperate policy through Jewelers Mutual Insurance Company.

I have the card he gave us on how to calculate the price of your insurance annually.

You take the appraisal value, divide it by 100, and then multiply by the premium to get your annual cost.

Also, the premiums are different depending on the value:

$15,000 appraisal or less:
All NYC borough's-2.25
Nassau-1.75
Suffolk-1.75

15,000-30,000 appraisal
All NYC borough's-2.80
Nassau-2.20
Suffolk-2.20

30,000 and up
All NYC boroughs-3.35
Nassau-2.65
Suffolk-2.65

www.jewelersmutual.com
1-888-884-2424

I live in Michigan, so my rates are cheaper. I have the list with rates for all over the country in this card, so FM me if you want specific states.

(BTW, I don't work for them, just trying to provide info that I have easily available to me.)

akaMrsT Thread views: 5,150

Re: Engagement ring insurance?

Great info. sunflowers. Thanks.

I am planning to have all my pieces appraised (this week if possible) and then revisit the insurance issue.

Right now my pieces are all insured for the retail replacement value and from what I gather (from ladies here and from the Chubb agent), I should only insure for the replacement value in case anything is lost/stolen.