insurance for an engagement ring?

Question

alright, here is my situation. i have found an extremely beautiful engagement ring setting that i love. but the company dosent offer insurance..i plan to either buy the diamond from them also,or from another local store(i plan to spend about 3-3.5k).

when i spoke to the company over the phone, they said that they dont offer insurance but, i could put it under my home/renters insurance. well, that only covers if the ring is lost or stolen. i need that, plus if if any of the smaller diamonds fall out or whatever the case maybe. what im saying is, i need full coverage.

if i were to buy the ring from this company, and the diamond at.. say, jareds, where can i go to insure both the ring and the diamond? home owners coverage will not cover this..

sorry if this sounds like a mess. my soon to be fiance keeps bugging me to see what im typing lol.

Answer 1

You need to get a Personal Article Floater for your home/renter's insurance. That's what I did. You pay an additional annual premium, and the ring is covered to the deductible you choose.

Congratulations on your engagement.

I hope this helps.

Answer 2

You can add an endorsement onto your homeowners/renters policy that will cover the ring. You will need to give the insurance company a copy of the jewelry store appraisal and gem print info (if the ring has a gem print).

The floater will cover the entire ring (stone, setting and all).
A floater will cost about 100 per year. It covers if a stone falls out - the ring gets lost - stolen etc.

Don't call your agent - go and speak to the agent. Actually sit down with him/her and they will be able to help you and explain the endorsement to you.

You usually have to purchase the ring first to actually get the endorsement. But it's OK to ask your agent questions before you buy the ring. Once you buy the ring you will have to go and sign the paperwork for it to be insured. But you can go straight from the jewelry store to your agents office.

Answer 3

Jarads is a ripoff...and one of the more expensive places to buy a ring. Any "chain" jewelry store overcharges...not that you asked, but I figured I would let you know.

A good jeweler will offer a warranty (FOR FREE) that if you bring the ring in for regular inspections, that they will warrant any stones popping out. You pay for the labor, they pay for the stone. If the jeweler does not offer that, then find another one.

That takes care of your lost stone issue.

Then that leaves you with lost or stolen coverage.

A good jeweler will also provide you with a FREE appraisal upon your purchase. You will also need to take several pictures of the ring. Keep a copy of the appraisal and the pics at home, and another in a safe deposit box, along with the receipt.

The best way, is to cover it through your homeowners insurance. You will need to get a special peril...NOT the standard coverage.

Make sure you get REPLACEMENT VALUE. That means if you pay $3K for the ring today, and 5 years from now it costs $4K to replace it, then $4K is what you get. Major carriers like State Farm, offer replacement value coverage. Fly-by-night smaller companies, do not.

Hope that helps.

Answer 4

if you have a homeowners or renters policy the ring is automatically covered for theft but only up to about $1500. (depending on what state you are in) Once you get the ring you can take the original receipt or an appraisal to your agent and have them schedule it onto your policy. this means it is covered to the full value of the ring and stones. it also covers it for "mysterious disappearance", meaning if its "just lost" or a stone falls out and is lost. it is definitely something you should do with a ring of that value.

Answer 5

Hi Jay,

You need to get an appraisal by a certified inspector who is not affiliated with your jeweler. Make sure the appraisal is as detailed as possible for insurance purposes.

Then you need to check out different policies to make sure the ring is insured for damage, loss and theft. Start by checking again with your home insurance, and ask about replacement policy and actual cash value policy. You can also ask the jewelry appraiser or the jeweler about recommended insurance options.

I hope this helps. There is more information about insuring an engagement ring at http://www.engagementringtoday.com which gives helpful advise about all aspects of engagement rings.

Wishing you all the best,

Lynn

Answer 6

Yes, your homeowners WILL cover, if a diamond falls out, or a car runs over it, or the dog eats it, or it falls down the drain, not to mention theft, IF you schedule it seperately.