Where is the best place to insure an engagement ring?
I don't own a house yet, so I don't have home owners insurance.
Home owner's insurance and renter's insurance are the wrong way to cover a valuable piece of jewelry. They generally have minimal coverage over jewelry and max out at a low level. What you need is actaully Valuable Personal Property Insurance. This type of insurance will cover items such as guns, stamps, jewelry, cameras, furs, and fine art. You can usually obtain Jewelry Collection Coverage, which is blanket coverage for all items under a specified value marker, or you can get Specified Individual Item Coverage, which is scheduled insurance and allows items to be specifically listed and itemized at high values and allow coverage for expensive pieces. I have used this to cover a Tiffany's engagement ring as well as an Breitling watch. The premiums are generally lower than you might expect for scheduled insurance as well. for 16K of coverage you might pay around a $180 premium (6 months).
I suggest using an agency you already do business with, as longevity sometimes grants deals and savings new business neglects.
10 Answers
From recent experience, home owner's (and I'm assuming renter's) insurance companies aren't very receptive to this type of insurance. When I was engaged, they told me they could insure it up to a point, but it was expensive and not enough to cover the cost of the ring. Also since it is actually being worn by another person and often outside of the house, they wanted a lot of information, and it became pretty clear that this was not going to work for me. I ended up going with a private jewelry insurance company called Jewelers Mutual. It's not cheap either, but at least it is fully covered.
One thing to keep in mind is that your premium is based on the full appraised value of the ring, but they will only reimburse you the market cost of actually building or providing a replacement. So I hoped that my high appraisal would at least get me that much back if it were lost, but I found out that it is not the case so be sure to check the details.
From recent experience, home owner's (and I'm assuming renter's) insurance companies aren't very receptive to this type of insurance. When I was engaged, they told me they could insure it up to a point, but it was expensive and not enough to cover the cost of the ring. Also since it is actually being worn by another person and often outside of the house, they wanted a lot of information, and it became pretty clear that this was not going to work for me. I ended up going with a private jewelry insurance company called Jewelers Mutual. It's not cheap either, but at least it is fully covered.
One thing to keep in mind is that your premium is based on the full appraised value of the ring, but they will only reimburse you the market cost of actually building or providing a replacement. So I hoped that my high appraisal would at least get me that much back if it were lost, but I found out that it is not the case so be sure to check the details.
I used Jewlers Mutual Insurance. Really easy to sign up on their website. I wouldn't trust Home Owners with something like that. Or if you do, really check jewerly with the policy. Many times there are limits on types of items. My fiancée's $8500 ring was burglured from our home in November 09'. My deductable was $250. It also covered damage and loss. They were very easy and fast to deal with.
I insured my fiancee's ring through State Farm using a personal articles policy. This is a standalone policy, and has nothing to do with any other SF insurance you might carry. You can buy this policy through a SF agent in the same state as the insured item.
In my case, they determined the amount of insurance by adding the appraised value (not the purchase price) of the stone with the cost of the setting. I have a $1k deductible, and the 12-month premium is about 1.2% of the amount of insurance.
This is very easy: Jewelers Mutual Insurance ( http://www.jewelersmutual.com/ )
Putting something like a Engagement ring on your homeowners or rental policy is not a great idea.
This of it this way, if you're on your honeymoon in Jamaica and get robbed at gun point by a gypsy rastafarian... Do you think your homeowners/renters insurance will cover that?
Call your agent and discuss it. Some insurers consider the ring a gift and won't cover it as part of your policy if it is on her hand.
Or, go with Jeweler's Mutual. We offered that to customers with I work in the jewelry business.
And congratulations.
Check to see, but I believe you can add it to your renter's insurance.