Engagement ring insurance?!

Have you looked at Jeweler's Mutual? I haven't purchased insurance yet but plan to purchase through them. I really should check that off my list. My quote is $30 per year. Of course it depends on the value of your ring, but unless it cost upwards of $10k I don't see how $550 a year would be reasonable. Also, some people purchase ring insurance as a rider to their homeowners insurance. I read that this is not recommended because if you lose your ring (say, on vacation), you end up filing a claim against your homeowners insurance causing your rate to go up.

https://www.jewelersmutual.com/Home?_ga=2.42843301.1434595193.1565728365-1054745314.1565728365

It depends on the cost of the ring. I was told a good rule of thumb is $1 to $2 for every $100 it would cost to replace. We pay around $150 a year for insurance, and that includes stolen/lost or if a diamond falls out. We plan on keeping it forever, we have a larger jewelry insurance policy that includes our wedding bands, nice watches, or any jewelry over $100.

What company? I pay a little under $200 a year with jewelers mutual.

View Quoted Comment Dang, my quote on there is $500ish as well... however that’s still better than the quote from AAA, so I’ll prob go with your recommendation! Thanks for the tip! I guess this is definitely a con of a larger diamond... and thank you for the tip about not attaching it to home insurance! Didn’t even think of it impacting that!

View Quoted Comment Dang, they’re all quoting me $535-$575. I’ve heard really good things about jewelers mutual though so I think I’ll go with them!

View Quoted Comment My ring is over $10k and I pay less than $200 a year for jewelers mutual!

View Quoted Comment I’m not sure how much your ring is but mine appraised for close to $12k and the annual premium thru them is $177 for the engagement ring. So definitely check them out.

View Quoted Comment My fiancé payed around $15,000 for my ring but he got it at wholesale pricing because we have a friend that works in the diamond industry and the retail value on the paper is $28,500 and so when I enter that number that is why it is so much.... I wonder if I could get coverage just on the 15k he spent without having to pay for coverage for the full amount it’s worth...

View Quoted Comment Oh that makes sense. They will require an appraisal and it usually appraises higher than you paid for it. It doesn’t go off how much you spent on it. But I would definitely get it insured. Jewelers mutual will replace it even if you lose it and for me that’s 100% worth it.

That's a lot!! I insured my ring for $135 a year and my ring is appraised over $10k.

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You will need to have it appraised. That is what they are gonna go off of. Not what he paid.

I would call your homeowner's or renter's insurance company. Ours made a note in our file that valuables were in the home and covered it for no additional cost. I think this may have been due to the cost of the ring vs. value of the home vs. insurance policy.

I bundled it with my home and auto. Only added $50 annually with progressive to cover $15K

View Quoted Comment We are putting ours on our home owners insurance as well.

Mine was bundled with home insurance. If you have renters or auto it works with that too. I'd suggest bundling it to reduce the cost, sometimes bundling gives you all around discounts.

I added it to my homeowners insurance and I think it costs me an extra $20.00 a year. For the record, it's definitely not a 10k ring (which I wouldn't want anyway - personal preference, not shaming anyone)

Just a side note that I do not recommend adding it as a rider to your homeowners insurance. if you end up filing a claim, not only will you have a deductible, your homeowners insurance will increase. In the long run, this will end up costing you WAY more than paying for the separate policy.

If you or anyone in your family has ever been in the military (even grandparents) you can become a USAA member and all their insurance is WAY cheaper. I pay $76 a year for my ring insurance, and my ring is worth $8000.

View Quoted Comment I did this too. My ring is covered under my homeowners insurance.

My engagement ring was free (great-grandmother's). It is beautiful, and I absolutely love it. However, the insurance he is paying for it (and we will continue to pay), is pretty much the cost of a ring. The appraisal was so high, therefore insurance is over $500 a year. That will really add up over the years, but it necessary. The only way I'd consider not insuring it was if it was in a safety deposit box (where it was for over 15 years).

I mailed my appraisal to my car and renters insurance company the day after we got engaged. It’s $20/year