Engagement Ring Insurance Advice

That's strange.. I just got an appraisal from the jeweler, sent it to my insurance company and they added a jewelry rider to my policy. I had to pay a little bit more for the policy and it was done. Did the insurance company say why? Also, I haven't heard of that other place

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My fiancé for mine insured through State Farm. It's like $70 a year and covers full value.

The home insurance policy will cover the lower of two options if lost or stolen, 25% of total value or $10,000 - and my ring is worth less than that, so if it breaks, chips, etc. I'm screwed. Unfortunately, I'm a bit of a klutz, so I want to make sure it's covered as many ways as I can. This is the only option through my home policy.

Jewelers Mutual would have a $84 yearly premium with a $100 deductible and it covers chips, any damage, mysterious disappearance, stolen, etc. It seems a little to good to be true so that's why I wanted to see if anyone had heard of them - they claim to have been in business since 1913.

Thanks @Katelynn, I'll look into State Farm. Is that on your home policy or just a separate policy to cover the ring?

I just sent the appraisal to my insurance company and they took care of it. I'm surprised your insurance company said they won't cover it.

Get a jewelry rider on your homeowners.

I work for a State Farm agent, the policy you are looking for is called a personal articles policy, or inland marine policy. With State Farm we cover your ring for its appraisal and it covers, fire, theft, loss of stone or mysterious disappearance. You get to choose your deductible and it is super cheap. My engagement ring was on the cheaper end only $625. I pay $30 a year to cover it with a$0 deductible. Ask your insurance carrier if they have a policy like this or if they can add a rider onto your current homeowners policy. Also make sure to ask what losses are covered by it.

@Erin, the insurance company would cover it, just not for the full value...

Thanks all, going to reach back out to them and see what I can find out. It really bothers me that they won't cover the whole value.

We have Jewelers Mutual. It was recommended by our jeweler. No bad experiences so far.

Thanks @GymRat, I appreciate it!

I looked into adding a rider through my renters insurance but it was more expensive for less coverage than jewelers mutual. Jewelers mutual is the company that the store my fiancé got my engagement ring from recommends. Another store we looked at also recommends jewelers mutual and actually includes a year of coverage with them when you purchase a ring. I haven't had to do anything with them I read reviews that said they were very easy to work with, even with people who had just misplaced their ring.

I had the same problem with my renters insurance - they would cover the ring (essentially the setting) but NOT THE STONES, which are most of the ring's value. I ended up with Jewelers Mutual and it's been fine, we even put my wedding band on the policy for not much more.

When we buy a home, we'll likely get them put on our homeowner's insurance, as many seem to be able to add jewelry to those types of policies inexpensively.

I got insurance when we bought my ring from the jeweler that covers the stones and gold. Should you also get a policy added to your regular insurance? I have my cars and things thru State Farm.

I use them too- they were actually recommend by our jeweler. He said they partner with them so if anything happens to my ring, I get the same exact ring, not just what it's worth/appraisal value. If I ever lost, they would work directly with the jeweler to start making my new ring. Ex- they will give me the same exact size/clarity diamond, even if it's valued for more than what I bought it for.

So far, so good (but I've never made a claim)!

I use them!!! I love it, I only have to pay $84 a year. I was able to get my ring covered in minutes. I just called them up and they signed me up, super easy to do.

Any homeowners or renters policy should be able to add a scheduled jewelry rider, or your agent should be able to add a personal articles or inland marine policy. Take your bill of sale or an appraisal to the agent. If your agent cannot find a policy, you can call an independent insurance agency and they will quote it for you.

Have any of you had to place a claim with them? I looked up a few reviews and a lot of people were split between loving or hating them. Most those that hated them talked about them dragging their feet with claims...

I have Gemshield insurance. My premium is like $45 for $0 deductible for full replacement.

All of my jewelry is covered through my State Farm personal articles policy. It is less than $100 a year and covers theft, loss, stones going missing ect.

My mom has a similar policy and she had a diamond earring fall out while snorkeling. She reported what had happened and by the time they got back from their vacation, she already had the check to replace it. She also had a stone fall out of one of her rings and they replaced it because the jeweler said it could not be fixed.