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We just got engaged and are currently looking into insurance. We heard that homeowners limits the amount covered by the policy. My ring is appraised at $ 7300. If we were to make a claim for a loss or theft, we would like to be sure that we arent given a check for depreciation etc We have also heard that insurance companies like to push thier personal jewelry on you after the fact, when realistically we would rather go Back to the same family jeweler that we use to replace this ring. It should be our choice where to replace it, or where we buy it. Is there an insurance that we can get STAND ALONE no deductible insurance. It seems like everyone wants to sell us homeowners too! PLEASE HELP!!!!

5 Thoughts on Looking for BEST jewelry Insurance for my Engagement Ring!! PLEASE READ?
  1. Reply
    October 25, 2011 at 2:36 am

    If you have homeowner’s insurance, you can get a special rider added to policy to insure the ring. Talk to your insurer or agent. What you heard is inaccurate.

  2. Reply
    Robert K
    October 25, 2011 at 3:36 am

    There are some companies that will insure the ring alone, without the presence of homeowners or renters insurance, however, I would be wary of these companies. Typically speaking most insurance companies will add this ring to your existing policy for just a few dollars a month and be willing to insure it for the appraised value with no deductible.

    If you were to have a claim on the ring, most companies would pay based on the appraisal without depreciation, but would not simply send a check. Most insurance companies deal with people like diamond wholesalers who would help them find a diamond of the same color, cut, weight and clarity, then they would go by the appraisal and try to match the band.

    Insurance companies rarely provide a check for this type of loss as many people can obtain jewelry for less than the appraised value through online companies and other ones that guarantee the jewelry to appraise for more than you paid. If you paid $ 4,000 and the ring appraised fo $ 7,300, why would they want to simply give you a check for $ 7,300 when they could likely replace the ring with one exactly the same for $ 3,500?

  3. Reply
    October 25, 2011 at 4:04 am

    The best, cheapest way to insure this, is to add an endorsement to your homeowners policy to take away that theft limitation, and add “all risk” (aka the dog ate it) coverage.

    For more money, you can ask for an “agreed value” endorsement on that jewelry floater, so that they cut you the check for the full amount. But it will cost more.

    If you’re hell bent on stand alone coverage, you can buy it, but the coverage is going to START at $ 1,000 in premium. Per year. The reason agents are trying to sell you renters, is that’s the CHEAPEST, easiest way to get the most broad coverage for you.

    Why pay more, for less coverage? That doesn’t make sense. Buy the renters, with the jewelry endorsement, with the ‘agreed value’ provision on it. Likely all together, it will cost you less than $ 400 a year. Less than half the cost of a stand alone policy.

  4. Reply
    October 25, 2011 at 4:14 am

    It sounds like you want the names of some companies….

    Depending on where you are located, here are a few companies that provide premium coverage:

    Firemans Fund (Allianz)

    Be sure whatever policy you get includes replacement cost coverage and coverage for mysterious disappearance away from the home.

  5. Reply
    tommy s
    October 25, 2011 at 4:58 am

    use this they are very easy to deal with

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