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Ring Insurance
About six months ago my sister-in-law lost her $30,000 wedding ring she bought in Catalina down the sink! She didn't have insurance and now she and her hubby can't afford a new ring! That just scared the willies out of me so I started doing some research. That is when I found out about Jewelers Mutual Insurance!
I recently insured my ring with JM and I couldn't be happier! I had no idea it would cover as much as it does!
The Nest also has an article about the importance of insurance; http://ideas.thenest.com/money-advice/insurance/Articles/insurance-101-ring-insurance.aspx?MsdVisit=1
So... I want to hear who else is insured and hopefully everyone will hear my sister-in-laws story and run over to http://www.jewelersmutual.com/ [poll]
Re: Ring Insurance
30K for an e-ring?
I don't know if I'd want to leave the house with that thing on!
Chart/Blog
Nothing breeds faster than Crazy
Socializing foster puppies since 2009
Chart for TTC#2 - BFP 6.10.12, m/c 6.17.12 @ 4w3d ? BFP 7.14.12, EDD 3.27.13
Beta @ 15DPO: 441, P: 15.1 ? 19DPO: 2,784 ? 26DPO: 28,886 ? U/S 8/2: One happy HB!
Elective U/S @ 15w5d - it's a BOY! Confirmed at 19w6d. ?
I had ring insurance for two years (I was paranoid I would lose it before the wedding). I let it lapse last year because I have found when I am in places where I might lose it (vacation, outdoorsey stuff) I just wear my band.
It was kind of nice to not worry about it when I did have the insurance. I might do it again-right now it's not a priority financially. I got mine through State Farm.
I know if I get it again I will have to have it reappraised which I would rather not pay for. With this company how do they figure out the value? Do you have to take it somewhere to be appraised or do they base it on the original price? Mine came with a certificate.
Ditto all of this!
We had mine insured through our renters insurance and then when we bought our house we added it to our homeowners insurance.
this.
it's included in our renter's policy.
From what I understand losing it on vacation, loosing a stone, or loosing the ring away from the house is not covered through renters or homeowners. I know that the website has a lot more information but that was one of the reasons we went with JM becuase if I was to loose my ring, it would be outside of the home...
As for paying for the apprasil, you shouldnt have to. Atleast I didnt have to. Just go to your jeweler that you bought the ring at.
My e-ring is insured through our jewelry store. The band is uninsured.
WRONG. A standard homeowners policy does include a limitation for a low value of undeclared/stated jewelry (this typically varies by carrier). A RIDER superscedes this and does the same exact thing that JM does without having to carry a secondary policy/payment plan.
Also note that neither policy covers wear/tear on a ring, including losing a stone due to a loosened setting (this is typically covered under your jeweler's warrenty with inspections every 3, 6, or 12 months depending on their specific terms).
- The daughter of a former jeweler & a licensed insurance agent.
Socializing foster puppies since 2009
Chart for TTC#2 - BFP 6.10.12, m/c 6.17.12 @ 4w3d ? BFP 7.14.12, EDD 3.27.13
Beta @ 15DPO: 441, P: 15.1 ? 19DPO: 2,784 ? 26DPO: 28,886 ? U/S 8/2: One happy HB!
Elective U/S @ 15w5d - it's a BOY! Confirmed at 19w6d. ?
5 dogs you are like in my brain!
I was just double checking my policy to make those same points.
However people do it, I agree it totally needs to be insured.
Wow! I love that you know so much about this! Everything you said you totally makes sense!
What is a rider? As for the lossing a stone I could have sworn that it covered that, but now I am going to double check!
Thank you for words of wisdom! I love these forums becuase this is how we learn stuff!
Thanks!
A rider is an endorsement that adds extra coverage for XYZ on an insurance policy - whether it's jewelry, fine arts, guns, electronic equipment, etc.
http://www.jewelersmutual.com/SubPage.aspx?id=154
Regular inspections-why they're important
We suggest periodic inspections of your insured items. Why, you ask? There are two major reasons.
1. While we do not cover normal wear and tear of your jewelry, you'll have peace of mind knowing that during inspections, your jeweler can identify small problems - such as loose stones, worn prongs, and faulty clasps - before they become bigger ones.
2. Most jewelry values increase over time, so routine inspections are important for maintaining current values and adequate insurance limits.
Inspections also are a great opportunity to have your jewelry cleaned.
Socializing foster puppies since 2009
Chart for TTC#2 - BFP 6.10.12, m/c 6.17.12 @ 4w3d ? BFP 7.14.12, EDD 3.27.13
Beta @ 15DPO: 441, P: 15.1 ? 19DPO: 2,784 ? 26DPO: 28,886 ? U/S 8/2: One happy HB!
Elective U/S @ 15w5d - it's a BOY! Confirmed at 19w6d. ?
you shouldn't have to get it re-appraised if you still have the paperwork from the first appraisal? I remember reading it's better to get a 2nd opinion and have it appraised somewhere other than the place of purchase. don't know if that's necessarily true but it makes sense.
ssinca's right, if you have the paperwork from your first appraisal that should be enough. Sometimes if it's been more than a few years (5+) they may suggest another one as sometimes the value of the ring will go up over time, but I wouldn't sweat it.
Socializing foster puppies since 2009
Chart for TTC#2 - BFP 6.10.12, m/c 6.17.12 @ 4w3d ? BFP 7.14.12, EDD 3.27.13
Beta @ 15DPO: 441, P: 15.1 ? 19DPO: 2,784 ? 26DPO: 28,886 ? U/S 8/2: One happy HB!
Elective U/S @ 15w5d - it's a BOY! Confirmed at 19w6d. ?
rings can be had for very little $, so i don't get why they can't get something for her to wear if it's that important to them that she wear something.
and what 5dogs said. good renter's policy riders cover everything and are better than the JM policy as they give you the cash or let you buy something anywhere.