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Ring Insurance

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fisherofmengirly

fisherofmengirly

Ideal_Rock
Joined
Apr 14, 2006
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Paul got a packet included in the package when our ring came, and there is a brochure from something Mutual, and I looked it over briefly, then stupidly left it at his house.
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Is the process of being insured long? Difficult?

The package included an appraisal, but will we need another one? *Paul was SO happy with Pricescope for helping him get a ring for less than the appraised price, by the way. He showed me that at least three times, I know!*

I''ve heard you can add it to your house/rent insurance. Is that true?

Is it incredibly expensive? Is it something you pay monthly, yearly, just once?

I *so* wish I had that brochure!!
 
Mmm.. I think it all depends on which company you use. It also depends on the value of your ring.
The company I use does my renters and auto, and I could tag on valuables insurance as well.
I went and looked at the "get a quote" portion of the site, and played with it a little, and for a piece of jewlery that appraises at $5000, it looks like insurance would be $5-$6/month, which includes damage and theft. Not too bad for peace of mind!

I should think that other companies would have similar rates.
 
Thanks, Fancy. Do you have any idea what any of those sites are? I''d love to take a look.

Six bucks a month to cover me being a bit of a clumsy thing is a great deal. Ours didn''t cost that much, so maybe it''d be even less!

Thanks again!
 
It might have been Jewelers Mutual.
 
Yeah! That''s it. I wish I had it to read over. Do any of these places have websites where I can start learning? I don''t like knowing that if something happened to my ring, we''d be in TROUBLE. Big time.
 
search for Jewelers Mutual, Chubb, and insurance on PS.
 
hey! I have mine insured with my renters insurance. They charge 1$ for every $100 of what you''re insuring (per year). And it''s really the best idea. I worked for an insurance agency last year, and a woman had her e-ring get caught in a metal beach chair and chip...and there went $5000 to replace it because they thought it was covered under her house insurance. Not so, it has to be separatly listed.

All you should have to do is send the appraisal (and a picture is nice) to the insurance agent. It''s really that simple!
 
I''ve been a "lurker" for quite some time now, but thought that I would jump in here with some advice regarding insurance (it''s what I do). To begin with, not all companies are created equal. Some only allow for 100% replacement cost (their version of replacement), however, there are a handful of companies that allow for appreciation of the item, generally anywhere from 125% - 150%. When searching for insurance, you want to make sure that you will be covered for appreciation and most importantly you want a company that offers a "cash buy out option". The cash buy out option allows you to take the money and replace the ring on your own. Otherwise, you will be stuck with the stone the insurance company believes is of "like kind and quality". Chubb, Fireman''s Fund and AIG Private Client Group will allow you the cash buy out option. However, Chubb is the only company that will allow you to purchase a stand alone jewelry policy.

There is a jewelry allowance on tenant''s and homeowner''s policies, however, depending on the carrier your jewelry limit can be anywhere from $1,500 - $5,000 (approximately), and the claim is generally subject to your deductible.

Hope you find this information useful.
 
mine is www.usaa.com

but whatever company you use for renters or home owners should be able to do it.
 
I took out a separate policy with same company as I have my homeowners and car insurance. All I did was fax them the appraisal and decide which deductible I wanted $500, $1000 (if any).
 
Date: 8/9/2006 12:26:26 PM
Author: DiamondDeenie
I've been a 'lurker' for quite some time now, but thought that I would jump in here with some advice regarding insurance (it's what I do). To begin with, not all companies are created equal. Some only allow for 100% replacement cost (their version of replacement), however, there are a handful of companies that allow for appreciation of the item, generally anywhere from 125% - 150%. When searching for insurance, you want to make sure that you will be covered for appreciation and most importantly you want a company that offers a 'cash buy out option'. The cash buy out option allows you to take the money and replace the ring on your own. Otherwise, you will be stuck with the stone the insurance company believes is of 'like kind and quality'. Chubb, Fireman's Fund and AIG Private Client Group will allow you the cash buy out option. However, Chubb is the only company that will allow you to purchase a stand alone jewelry policy.

There is a jewelry allowance on tenant's and homeowner's policies, however, depending on the carrier your jewelry limit can be anywhere from $1,500 - $5,000 (approximately), and the claim is generally subject to your deductible.

Hope you find this information useful.
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it's pricey, but I went with CHUBB for the reasons DD outlined above. It was VERY important to me to have that cash buy out option!

Fisher: note that most appraisals are a bit "inflated", so it's important that you insure your ring for an amount below what it was appraised for, otherwise you'll be paying a bit more in premiums than you really need to!
 
We add on my better jewelry pieces to our homeowners. Then that amount is just added to the yearly premium you pay, so you pay for the jewelry along with the other. So those can be paid yearly, monthly, etc. Y''all should get a renter''s policy unitl you buy a home, so you could check on adding the ring to that policy. We normally insure my things for the purchase price, not the appraised value.
 
Well I have Chubb for my new solataire and I have State Farm stand alone for my marquise e-ring. I am thinking of switching it all to Chubb. It''s a much better policy for replacement. I''m paying SF to replace at their like kind and at their preferred jewelers which means I couldn''t go internet shopping if I lost my ring. Chubb on the other hand is more expensive (I think I pay like 100 more per year) but I get a check if I lose it so to me it''s worth the extra $$ for peace of mind knowing I could contact Wink or any vendor and get what I want from who I want.
Read up here on Jewelers Mutual, Chubb, and insurance in general. I learned alot when coming here and am glad to be insured with Chubb.
 
One thing I wanted to throw out, too, Fisher, is that most have a "minimum" charge if your value is below a certain amount. I think Jewelers Mutual was $50/year minimum if I remember correctly. I''ve been recently looking into this too, so let me know if you find a great plan that nobody''s mentioned here!

jen
 
Hmm, that''s good to know, Sk8rJen. Our ring was considerably less than a majority of those posted around here, but is still a fat chunk of change for us, and so I want to have the assurance that should my clumsy self do something to it, we''ll be fine.

I wonder what sort of minimum there are at different agencies.
 
I think the rule for insuring anything is that if you can afford to replace it then don't get insurance. It would be a stretch for us to replace it but we could, maybe within a year if we really budgeted. I would consider this. Especially when you guys pool together two incomes, you might be able to replace it once you are married in the unlikely circumstance something happenes to it.

I think insurance adds up- add up several hundred dollars/year over a lifetime, Add in the extra appraisals every couple of years,and you could probably replace your rings several times over your lifetime. Just something to think about. Everyone feels differently though.
 
That''s sort of along the lines of what my mom said, Pink. "You love the ring, just take care of it. Your dad and I still have the ring he asked me with 35 years ago and I wear it every day."


It''s a nice ring. I love it. It''s not elaborate, but it isn''t something we''d want to have to replace on our own, either. We don''t plan on upgrading, so I hope I manage to take decent care of it and not lose it. It wasn''t thousands and thousands of dollars, but if the stone fell out, it''d suck to have to replace it. It was over his original budget, but not by oodles and oodles.

I''ll have to talk to Paul about it and maybe we''ll decide on something.
 
I totally understand. We have insurance on major things, but we only carry minimum liability on our cars because they are old and we could replace them, and the insurance honestly is a waste of money.

It would stink to have to pony up cash like that again, but we would rather take that risk than throw away money. either way, you are paying for it. we are taking the risk that nothing happens. hopefully, knock on wood.
 
This leads me to question what the average cost of a ring that is insured costs. I mean, is it absurd for a ring costing less than 2k to be insured? I don''t know these things.
 
I was wondering about a 3K ring? I think we should insure it...for peace of mind. At least for awhile.
 
Date: 8/9/2006 10:41:22 PM
Author: fisherofmengirly
This leads me to question what the average cost of a ring that is insured costs. I mean, is it absurd for a ring costing less than 2k to be insured? I don''t know these things.
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It''s not absurd. It''s great piece of mind. I could replace both of my rings and still have them insured. Diamond prices are ever changing and in 5 years my diamond may be more than what I am willing to spend out of pocket so paying that insurance bill is a way to make sure I get exactly what I have or something better in the awful event something happens to it.
 
We still have no clue what we''re doing with this whole matter. Ah, time will tell.
 
I just tried filling out the online App. at Jeweler''s Mutual and it''s not working... So I guess I''ll fax in the app. They say once you fill ou the info and send it in you are insured by midnight. It sounds pretty easy. I hope it really is true. But the other thing is that I''m insuring a loose stone that will be on it''s way to be set, and the .pdf app nor the online app. have a line that specifically states this. It''s so confusing!
 
Date: 8/9/2006 9:41:56 PM
Author: pinkflamingo
I think the rule for insuring anything is that if you can afford to replace it then don''t get insurance.
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Pink - my DH is in total agreement w/you on this one.

When i first got engaged I was freaking out about it, and wanted to insure it right away.

DH was like, well, what for?

I was like, WHAT DO YOU MEAN WHAT FOR?!! In case I lose it, or it gets damaged, or whatever!!

And he, like the practical guy he is, says, well, then, we get a replacement.

And I said, What? A replacement????

And he says, well, yeah, if you lose it, or it gets smashed, you gotta replace it anyway, regardless of whether it''s insured or not.... and we can afford to replace it w/o insurance, so what''s the big deal??

And I am totally speechless at how much sense this makes...



I think at the time, the thought of having to replace it was scarier than anything else, and still is, but if anything happens, it will *have* to be replaced, can''t get it back if it''s gone - the sentimental value will never be replaced!! Having insurance isn''t going to change that. I would definitely have it insured if my ring was worth a lot more, but since it''s not... I guess what happens, happens!!
 
Thought I''d jump back in here... In respect to appraisals, yes, they are drastically inflated. Chubb does not always require appraisals, therefore you can insure the ring for it''s purchase price - not the inflated appraisal amount.

I agree that if you can replace something, insurance may not always be necessary. However, there are options. Everyone should have some type of an insurance policy, whether it be a tenant''s policy or a homeowner''s policy. If you are "well off" then I would suggest going with a less expensive carrier who does not offer the same "luxuries" as some of the other carriers. This way, you at least get something should the ring become damaged or lost.

More often than not it is the wealthy whom insure their valuables, not the people who truly need the coverage. If you have to save an entire year to purchase something why not invest a couple of hundred dollars a year in insuring that item? Almost all companies allow you to pay monthly.. Chubb doesn''t even require payment up front. They''ll just bill you monthly.


"I totally understand. We have insurance on major things, but we only carry minimum liability on our cars because they are old and we could replace them, and the insurance honestly is a waste of money. It would stink to have to pony up cash like that again, but we would rather take that risk than throw away money. either way, you are paying for it. we are taking the risk that nothing happens. hopefully, knock on wood. "

Have you considered purchasinhg just comprehensive for your vehicles? It''s usually next to nothing in premium and gives you coverage if your vehicle is stolen, vandalized, catches on fire... essentially everything other than a collision. If you have an accident, you still have a vehicle, allowing you to recoup some of your losses. If it''s stolen or destroyed by fire, you have nothing. Even if all you get is a few thousand dollars from the company, it''s well worth it when you consider the premium is usually less that $70 a year.

When deciding whether or not you should purchase insurance, consider this question: If your home were to burn to the ground tomorrow could you replace absolutely everything and pay for all of the additional costs of having to live someplace else temporarily, without batting an eye? If you can''t, you NEED insurance.


 
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