Is it worth it to insure my engagement ring?

Question

It's not an expensive ring by any means. Not that I know the EXACT price or anything, but I have a fair idea. It's not considered an engagement ring by the store that sold it, it's more like the "promise ring" type of thing...very dainty and simple (and way more suited to my styles, before anybody starts calling my fiance cheap). I haven't talked to our insurance guy yet about how much it would cost to insure it, but I'm thinking it's probably unnecessary....

How expensive does YOUR jewelry have to be before you decide to insure it?

In the case of my ring, I think thirty dollars a year would be too much, though it sounds very reasonable for other rings.

I checked, and no, the store doesn't have an insurance policy though it does have a warantee against damages (not theft, loss, etc) but that's it.

Answer 1

you wont take it off (i assume, i dont) so if you can afford to replace it they why pay? it sounds like your ring is worth $400 or less (and theres nothing wrong with that) and if you lose it (unlikely) or a stone is lost (another one in 100) then if you can afford it then dont worry about it. mine is insured but it is worth $4000+ so that is the only reason. my band is not.

Answer 2

No, it doesn't matter what you paid for it. Have the ring appraised and then have the ring insured based upon that price. My husband purchased my engagement ring for 6k, but it appraised at closer to 7k. The reason being why you need to get it appraised first is that the whole reason behind having it insured is to replace the ring that was lost or stolen. If you just said $1500 instead of getting it appraised, the amount you would get back from the insurance company wouldn't be anywhere close to the $5k that it was worth. Also, check to see if your jewelry has some type of guarantee or warranty. If any of my diamonds are to fall out from the setting, then my jeweler will replace it with a diamond of the same size, value, and rating. This is something that should be told to the insurance company as some may offer a discount rating knowing this.

Answer 3

My ring is also pretty simple. The jewelry store as part of the purchase guarantees the ring as long as I have it inspected every 6 mos. It's worth it because I did have to have the prongs replaced once and i lost 1 of the small diamonds once and it didn't cost anything to have it repaired.

If your jeweler didn't offer that type of deal, depending on how much the ring cost, and how much insurance would cost it may not be worth it for extra insurance.
Good luck!

Answer 4

It should just be covered under your regular renter's or homeowner's insurance, and you only need to buy extra insurance if it were worth quite a few thousands of dollars. Check with your agent.

Answer 5

It really depends on if you have a renters or homeowners policy. Both usually only coverage up to $1,000 on jewelry so if the ring is worth more than that you need a special policy to cover the value. The premium is based on the value of the item and is usually very reasonable. I suggest you get the value of the ring and if over $1,000 speak to your insurance agent.

Answer 6

I really don't think so, unless it cost a TON of money. Many people don't usually lose it actually because it's on their hand the whole time. If you do lose it, talk it over with your spouse and you could get a band or somewhat. If you are that concerned about the ring, I think you should keep it in a vault or in the bank.

Answer 7

I have no clue, but that's a great question.

I know mine and our wedding rings are insured along with out renter's insurance.

Answer 8

Before you insure it, make sure the insurance covers loss of the stone as well as loss of the whole ring. A gf only lost the stone and her insurance wouldn't cover it, because the insurance was for the whole ring.

Answer 9

they write a separate policy for rings. it is usually worth it. however, here are some guidelines for never needing to file a claim with insurance. never ever remove your rings in public, ever, dont take them off to put on clothes or swimsuits or to wash your hands. dont wear your rings to garden or to do heavy work that would dent or dull the gold. when you are at your own home, always ! keep your rings out of sight in a place, the same place every time, that you feel is secure that is a little unexpected or unpredictible. some people swear by those little jars that look like comet cleanser that are hollow and your stuff fits inside. never leave your rings in your car and never pack them in a checked bag. if they are in your purse when you travel, never let your purse out of your sight. if you put them in your purse, never put them in loose, put them in a tiny bag, wrapped in plastic wrap so they dont knock against other jewelry you have in the little bag. you wrap them in plastic wrap, so you can see them, if you wrapped them in tissue you could easily throw them away. use common sense as to where you would wear your rings, maybe the beach is not such a great idea. many people nowadays, true, do not keep jewelry in their homes anymore, they keep it in a safe deposit box in a bank. if you ever feel your hand with the ring on it whack something, always look and check your stones, dont assume they did not fall out. all jewelry is precious in my opinion. just ask someone who had grandmas heirloom jewelry stolen .. it may not have been worth a lot of money but to an heir it may be priceless. 2 years ago armed bandits robbed ozzy osborne's wife sharon of her fabulous, famous jewel collection at their home. i do not know for sure if she had insured it.

Answer 10

Yep! Mine was stolen and i was relieved that we had insured them. It's definetely worth the investment and it's only about $30 per year!