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?
akaMrsT
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Re: Ring Insurance
Posted by suemac
Posted by kdrainey
Posted by LoriSantagata
you should always get insurance for what the ring is appraised for, (the worth) not how much $ you paid for it.
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).
My ring is appraised at a higher price than he paid for it so that is what I should get it insured for?
You should get a 'replacement value' appraisal which will be probably for $1,000 $3,000 more than what you paid. Sometimes less and sometimes more.
Retail value can be double what you paid but there is no need to insure it for retail value.
The jeweler can also tell you the retail value if you want to know.
suemac
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Re: Ring Insurance
I know around what the ring was appraised at but have no idea what my FH paid for it, so I don't know the difference between the two amounts.
BlondeJD
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Re: Ring Insurance
We used the same company we use for renters insurance, which is Travelers. The amount you pay depends upon what your ring is appraised for. They may also ask you to provide some documentation regarding the appraisal. I highly recommend getting insurance. I have an antique ring (FH's great grandmother's) and the insurance company covered the $1400 it cost to have the ring restored (the setting was cracking, which we discovered after we got it appraised and insured). Good luck!
halfpintny
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Re: Ring Insurance
I am insured through jewelers mutual...
12-3Princess
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Re: Ring Insurance
we have an apartment and I think it's insured through renter's insurance. I will talk to FH and FM you because I actually don't remember exactly how we insured it (I know, very bad of me).
DCSAAB06
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Re: Ring Insurance
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?
I work for State Farm......FM for a quote. We tend to be cheaper than other companies. Let me know.
