What is the cost to insure my engagement ring?

Question

I know that home owners insurance covers jewelry but if I wanted to insure my ring separately, at what rate of the ring's appraisal amount is the yearly payment for insurance?

Answer 1

Your homeowners policy has VERY LIMITED built in coverage - for example, if the ring is stolen, usually the homeowners policy limit is $1,000. And if it goes missing, falls down the drain, or a stone falls loose of the setting in the back yard somewhere, it isn't covered AT ALL.

If you want broader coverage on your homeowners policy, depending on where you live, of course, you can "schedule" it or add a "jewelry" floater to your homeowners policy, at a rate of about $.30 - $1 per hundred dollars of appraised value.

If you want a stand alone policy for it, it will be the same rate, with a "minimum premium" of about $150. That means, if the ring is worth $200, the rate is $.60, but the policy will still cost $150.

Keep in mind, that appraisal you get from the jeweler you bought it from, is usually NOT the price you paid for it. They make you think you got a bargain, by giving you a discount - usually 25%. So you pay $5,000 for a ring, they write up the appraisal for $7,000. The insurance company charges you for the $7,000 price, BUT, if you lose it, they don't cut you a check for $7,000 UNLESS YOU BUY THE AGREED VALUE ENDORSEMENT, which, of course, costs more. What they do, is have agreements with wholesalers, and they'll pay the wholesaler $4500 or so, and the wholesaler will replace the ring, or they'll write you a check for the $4500.

So talk to your agent about valuation, and don't be tempted to use that inflated appraisal unless you want the agreed value endorsement.

Answer 2

Engagement Ring Cost Calculator

Answer 3

Insure Diamond Ring

Answer 4

Well it all depends on how much your engagement ring cost. I wasn't able to use my fiance's home owners insurance to insure my ring b/c the insurance would not cover the value of my ring. Not all insurance are equal. It depends on what company you go w/. But I was able to get it cover by a floating or rider insurance through my rental insurance. I went through State Farm but heard Chubbs insurance was good too. Typically the insurance will cost 2-3% of the value of you ring. So if your ring was $10,000, 2% of that is $200 per year.

Answer 5

Depends on the company, but a typical rate is probably around $1.00 per $100 of value of your ring. Likely with a minimum premium, like $20.

Example: $3,000 engagement ring = 3,000/100 = 30 x $1.00 = $30

Answer 6

you're right. your h.o. policy does cover jewelry to a certain value, but when have a substantial piece, you are smart to want sufficient coverage.

It's called a "personal articles floater" and it's pretty cheap. They will want a current appraisal (we used to need one no more than 3 years old) so they can determine how much coverage you need. The premium is pretty cheap. Just call and they can quote you. you are under no obligation to insure it if you don't think the rate is worth paying.

Answer 7

I don't know the exact rate, but it's not expensive. My brother paid $90 to insure his fiancee's ring.

Answer 8

I might suggest you to try this website where you can get rates from the best companies: http://PROTECTIONQUOTES.NET/index.html?src=5YAGFFICIeIa1

RE :What is the cost to insure my engagement ring?
I know that home owners insurance covers jewelry but if I wanted to insure my ring separately, at what rate of the ring's appraisal amount is the yearly payment for insurance?
Follow 12 answers

Answer 9

not much. i have an $8,000.00 ring, they just tacked the premium onto the homeowners' policy (it's insured separately, though) and it upped the payment by a few dollars each month. i have state farm.

Answer 10

cost insure engagement ring: https://bitly.im/c22/what-is-the-cost-to-insure-my-engagement-ring