Ring insurance

[Codependent Gal]

The thread about the guy putting the ring in a balloon got me thinking about ring insurance. How exactly does one go about insuring a ring? I asked the jeweler when I was at the jewelry store and he said something about how it goes on the person''s renters or home owners insurance. Does the insurance company need to be contacted prior to the purchase or it it automatically insured? Could I put it on my parent''s home owners insurance because my boyfriend is planning on buying a house within the next year and I worry that their might be a lapse in the renters and homeowners insurance, and with my luck I would lose it during that time.

Also, I am not quite sure how home owners or renters insurance would cover the ring if it were stolen while I was outside of the house. Does anyone have any experience with this? I want the ring to be insured the minute he buys it.

 

[choro72]

After you get the appraisal, I think you have to contact your insurance company yourself. Also, if you aren''t living together it gets complicated. If he insures it under his name, then until he proposes he is covered. But once he proposes, it needs to be under your name.

Also, I think there was a difference between getting insured for the value, or the company merely exchanging it for the same quality that is described on your appraisal. Most company does the latter, and I think PS is partial to Chubb or Jeweler''s Mutual, which does the former.

I may be wrong. Somebody correct me?

 

[Pandora II]

I insured mine before it left Winks.

I insured for cost of replacement rather than appraisal value - I don''t want to pay inflated premiums for years and years.

I put it as a rider on our house insurance - I''m covered for anything up to $3k anyway, so I just added the extra value on top and had them put it down for all risks globally.

 

[eaglesgal]

Though I do not have my ring yet...I was already thinking ahead myself. I contacted Allstate, where I have my renter''s insurance. They do not require an appraisal, just the receipt. I also plan on providing them with the GIA certificate so that there is a record of the exact stone.

I am not moving in with my BF until my lease expires in September. Therefore, the ring will be added as a rider to my policy until then. Once I move in with him, we will put it on his homeowner''s policy. I believe the ring must be covered under whatever residence YOU are living currently in. The ring will be covered for loss or theft anywhere in the world.

 

[eaglesgal]

Oh, Pandora....

Meet Pandora (my avatar kitty)!

 

[SarahLovesJS]

We are using my parent''s homeowner''s insurance company.

 

[CrookedRock]

All of my jewelry is covered by Jewelers Mutual, but when we decided to buy the stone loose and JM wouldn''t cover it, I went ahead and called Chubb. MY stone is with Leon right now, and sometime in the next 2 or 3 weeks I will have them activate the policy... Here is the link explaining how Chubb handles it. I just can''t decide on insuring it for apppraised value, which is a lot more, or just stick with what we paid...
I do know that my Mom insures hers as a rider on her homeowners, but I''m not sure how they handle replacement...

 

[Girlrocks]

Our home owner''''s policy covers anything up to $3,000 without a seperate rider. For my pieces that are over that (e-ring, WB, 10 yr ring) I have seperate riders on my home owner''s policy for each. You just mail them a copy of the appraisal. Before we were married, DH and I both moved back home with our parents to save for our home, and he had it covered on his parent''s home owner''s insurance with no problems.

 

[honey22]

Hi! I am in Australia, so it might be different here? My ering is insured for $7k with my home owners insurance. We paid $7k inc taxes, imports etc (purchased from the US) and my company didn''t require a valuation or receipt or anything. They told me to hold onto my invoices, certificates etc though. I could chose how much to insure it for, so we chose the purchase price. We can also change this amount each year to cover increases in prices should I need to purchase another stone or ring in the future.

I have it as a specified valuable, which means that I am 100% covered at home, away from home, overseas (up to 30 days without notification, if I want to go OS for longer than 30 days and want cover, I just need to notify them of the dates out of the country). I was very careful to check the fineprint, ask lots of questions etc, but basically I am covered for ANY loss or damage, inside or outside the home, when it is being repaired, cleaned etc. I am covered even if I simply take it off and leave it in the driveway and it gets lost. I didn''t want to take any chances. For price estimates for the other Aussie PSers, I pay approx $120 per year on top of my $450 house and contents premium. I think this is pretty fair, considering the scope of cover.