Ring Insurance

I have been engaged for 3 months now and still don't have my ring insured. I rent an apartment and my parents no longer own a home so I don't know how to go about insuring the ring??
Most people have told me they used their parents home owner insurance.
Any advice and if you do around how much should I look to be paying?

Congrats! I have been engaged since July and just had my ring appraised tonight!

I know you can get renter's insurance (It's not that expensive, avg $200-300/year), and add that on to your policy.

OR!

the guy who appraised my ring (thanks to eogara's referal) gave me info on a company that only insures jewelry. He said the ring is covered from the date the info you send them is post marked. I have not read it over yet to see the cost. FM if you want more info!

-Jill

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Posted by suemac

I have been engaged for 3 months now and still don't have my ring insured. I rent an apartment and my parents no longer own a home so I don't know how to go about insuring the ring??
Most people have told me they used their parents home owner insurance.
Any advice and if you do around how much should I look to be paying?

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renter's insurance will cover it but some have limitations based on value. You have to add a rider. Also, some policies only replace the ring with like quality based on the appraisal. A few companies will write you a check.

You can try Chubb - on the expensive side

Liberty Mutual - more reasonable

Jewelers Mutual - more reasonable www.jewelersmutual.com

I use Jewelers Mutual and pay about $450 for just under $20K in appraised replacement value.


FYI - Use replacement vlue for insurance NOT retail value. Your insurance will be much cheaper.

ETA - To insure my ring and 3 other pieces, Liberty Mutual wanted $944 in addition to the homeowners portion. Total would $1408 but that was using various old retail appraisals (already on the policy) mixed with new replacement value appraisals.

Chub wanted $800 to insure all my pieces - $20K in jewelry.

Jewelers Mutual is about $450.

Thanks for the advice. Do you think State Farm would be a good one to do?
My FH said that you may not want to have it insured for the appraisal amount since that is higher than what you paid for the ring.
He has the papers from where he bought the ring. Do they just look at that and give you a quote?

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Posted by suemac

Thanks for the advice. Do you think State Farm would be a good one to do?
My FH said that you may not want to have it insured for the appraisal amount since that is higher than what you paid for the ring.
He has the papers from where he bought the ring. Do they just look at that and give you a quote?

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have your ring independently appraised. Not to say you were ripped off but make sure it's what you think it is.

I used Just Appraisers www.justappraisers.com in Manhattan but they are a bit pricey for some. I paid over $400 for my 4 pieces. David & Toby are great!!! I sat and watched them weigh and test my ring and earrings. I went back to pick up the two bracelets.

Lots of brides recommend Jewelry Judge on LI.

I just pulled out the paperwork I got tonight.

It's from Jewelers Mutual.

For Queens County (that's where I live), for value under $15,000 (which mine is) will be 130.50 per year 9no deductible).

you should always get insurance for what the ring is appraised for, (the worth) not how much $ you paid for it. If you lose it, you can replace it with the same quality and clarity you previously had. That's important. The insurance agency will want to see the appraisal anyway, not your receipt. (At least State farm didn't want my receipt just the appraisal)
State farm is a good choice. However, my quote was cheaper because my Dad's homeowners insurance is with them. I think anything under $200 a year is definitely worth it. good luck!

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Posted by kdrainey

Lots of brides recommend Jewelry Judge on LI.

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That is who I used. It was $100 for the appraisal. The $ is based on total carats, mine is 1.70.

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Posted by MsKitty1274

I just pulled out the paperwork I got tonight.

It's from Jewelers Mutual.

For Queens County (that's where I live), for value under $15,000 (which mine is) will be 130.50 per year 9no deductible).

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Damn!!! I'm getting ripped off just because I live in Brooklyn. Chubb was $40 per $1 thousand for Brooklyn zip codes.

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Posted by LoriSantagata

you should always get insurance for what the ring is appraised for, (the worth) not how much $ you paid for it. If you lose it, you can replace it with the same quality and clarity you previously had. That's important. The insurance agency will want to see the appraisal anyway, not your receipt. (At least State farm didn't want my receipt just the appraisal)
State farm is a good choice. However, my quote was cheaper because my Dad's homeowners insurance is with them. I think anything under $200 a year is definitely worth it. good luck!

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Thanks so then I can bring the appraisal for the ring and have it insured. It has gotten to the point where I have almost forgotten about doing it! I love my ring and would die if anything happened to it or I lost it. I also would want to replace it with the same quality I already have.

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Posted by LoriSantagata

you should always get insurance for what the ring is appraised for, (the worth) not how much $ you paid for it.

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Exactly. What's it's worth meaning replacement value if you had to go out and buy it again not retail value (the inflated price Fortunoff or Tiffanys would charge).

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Posted by kdrainey

Just pulled my paperwork from Jewelers Mutual and I'm paying $449 but that is for $20K in jewelry

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That's not bad. According to my papers, if you were insuring $20K, in Bklyn, it'd be $560.

The rate per $100 is $2.80 in Bklyn for $15001 to $30K.

Long Island is only $2.20/$100

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Posted by kdrainey

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Posted by LoriSantagata

you should always get insurance for what the ring is appraised for, (the worth) not how much $ you paid for it.

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Exactly. What's it's worth meaning replacement value if you had to go out and buy it again not retail value (the inflated price Fortunoff or Tiffanys would charge).

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My ring is appraised at a higher price than he paid for it so that is what I should get it insured for?

I believe so. You're supposed to pay less than a ring is appraised for. this should work out that way most of the time. (Unfortunately some people still get ripped off)

To replace your ring if you should lose it, or it gets stolen etc. you should have it insured for the appraisal amount. that way you can get a ring comprable to your current ring. If you insure it for less, you might end up with a replacement ring that's appraised for less. I hope I explained this ok.

Basically that's what an appraisal is essentially for. to show proof of how much the diamond is actually worth.

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Posted by MsKitty1274

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Posted by kdrainey

Just pulled my paperwork from Jewelers Mutual and I'm paying $449 but that is for $20K in jewelry

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That's not bad. According to my papers, if you were insuring $20K, in Bklyn, it'd be $560.

The rate per $100 is $2.80 in Bklyn for $15001 to $30K.

Long Island is only $2.20/$100

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It['s not $20K for one piece though. All my pieces total like $19,900