Insuring your engagement ring

[Tiggerific04]

It's been 7 months since DF proposed and we still haven't gotten my ring insured

We both still live at home, and when we do move out, it will be into an apartment so we won't have homeowner's insurance. Anyone else in a similar situation? What did you do? I've looked into Jewelers Mutual... has anyone else used them?

 

[MickeyAnne]

Right now I am living with my parents so the ring is insured under their home owners. I believe that you can insure it under renters insurance so that is what I plan on doing when I move out late this year. If not, I know that some car insurances may put it on that policy. Good luck!

 

[lindajoan]

I ended up getting a separate "personal articles" policy through our insurance carrier. It was a supplement to our renter's insurance.

 

[ForKeeps]

We just invested in tenant insurance and jewellary is covered under that (to a certain extent) but it's enough for us. You can get tenant insurance for a reasonable amount per month (here in Canada about $20/month -- it should be less in the US, things typically are)

 

[JandJ]

When we got engaged I was living in my own apartment and had renter's insurance so I called my renter's insurance company and they said do not put it in with your renter's or homeowners insurance, get a separate policy just for the ring. That way, if you move, or change insurance companies, there is no lapse in coverage and you won't forget to get it included. When we moved into our house we used the same company for our homeowners but I still maintain a separate policy with them for the ring. They send a reminder each January and we just renew. You'll need a good appraisal - I had to send my insurance company everything our appraiser did on my ring.

 

[disprincessatheart]

When we got engaged I was living in my own apartment and had renter's insurance so I called my renter's insurance company and they said do not put it in with your renter's or homeowners insurance, get a separate policy just for the ring. That way, if you move, or change insurance companies, there is no lapse in coverage and you won't forget to get it included. When we moved into our house we used the same company for our homeowners but I still maintain a separate policy with them for the ring. They send a reminder each January and we just renew. You'll need a good appraisal - I had to send my insurance company everything our appraiser did on my ring.

Ditto - most homeowners or renters policies only cover $2500 of jewelry total - so if you and your DF/husband have any other jewelry, and the grand total of everything is over $2500, you still only get $2500 unless you get a separate policy. With wedding bands and a couple of other pieces - a necklace, some nice earrings, you're probably well over and underinsured.

My ring policy is $97 a year. Not a huge amount to pay to know that I'd get full replacement on the ring, and then I have my regular homeowner's policy to replace anything else.

 

[FormrCastMbr]

You should still get apartment insurance, I highly recommend it, and I am pretty sure that you can add your ring as a separate rider.

 

[DaPookie]

I work for an insurance company, and my suggestion would be to get renters insurance. Renters itself is usually pretty cheap, and the coverage for your ring won't be that expensive either.

I know for my company that would mean the ring would have all risk coverage, with no deductible. That means ANYTHING that happens to it would be covered... Unlike your regular insurance which would have the deductible and your coverage depends on the policy coverage and your loss.

Good luck!

Edit: Coverage may vary from company to company, so it's better to check what would be available for yours.

 

[JandJ]

Definitely get renter's insurance, but check your coverages before assumng it will cover your e-ring. It was cheaper to get a seaprate policy for my ring than adding it to the renter's or homeowner's policy. We have no deductible and it covers everything from (Heaven forbid!) loss to theft to the stone falling out. When you get your own place speak to your parent's insurance company rep and ask them. Based on the value of your e-ring they'll tell you the best option.

 

[Tiggerific04]

Wow! Thanks for all the info. Most of the apartment complexes we've looked at require tenants to purchase renter's insurance, so I guess once we have that all set, I'll see what they offer for my e-ring and our wedding bands. And then I'm sure I'll be back here with lots more questions

 

[jlovesee]

Make sure you get the insurance! I lost my engagement ring at Worlds of Fun (an amusement park) this last summer when I was working there, I was devastated. the worst thing about it though is that even though my insurance company had told me that my policy covered up to 30,000 worth of jewelry the neglected to mention that it was only $2000 per piece. I would have bought the additional coverage if I could. I ended up with only about half of what the ring cost in the first place...

Lesson learned the hard way.

Jennifer

 

[hmgolden]

My engagement ring is covered in an additional rider to our homeowner's policy. The wording on our policy is very specfic with the description of my ring per the paperwork that came along with the ring. The rider also covers all the rest of my jewlery. It's all line itemed and the insurance company has on file photos of the jewlery that is on the policy so that god forbid something happened, they already have a record of it.

 

[LIGrumpyGirl]

Get an extra policy!!! I too lost my engagement ring Christmas shopping last year. I got nothing back from the insurance company. They said bc it was lost it wasn't covered!!!

When DH surprised me with a new one right before DS was born in October I refused to wear it until it was insured!!!!

 

[twojo21]

whomever has the ring in their possession needs to insure it.

you can have your parents add you as an additional insured or resident to their home or renters policy & then you can add your ring as a jewelry floater or scheduled personal property.

 

[MEME]

I was going to add our rings to our homeowners policy, but my State Farm agent informed me that it is better to have it insured by itself. That way, it is covered for any type of loss and will be replaced with no deductible. Plus, you can add additional items to a personal articles policy because you are purchasing a bulk policy for a set amount. Meaning your policy may cover
$20,000 worth of personal items for your premium payment. Therefore, if your ring isn't appraised at $20k you can continue to add additional items to the policy until you maxx it out. Thereby, getting more for your money.