Is engagement ring insurance really necessary?

[Anonymous]

I just got the renewal notice for my engagement ring insurance. The ring is worth a lot, but I'm not sure I'd replace it with a newly-bought diamond ring if it were gone... actually I wouldn't replace it. Plus, I don't take it off. It seems unlikely it would go missing. I guess it is an item of sentimental value.

Is insurance for this amount really necessary?

[Anonymous]

I'm pretty sure my homeowners policy includes coverage for my engagement ring. Check your homeowners or rental insurance policies and maybe you can cancel the ring insurance and save some money.

[Anonymous]

Most homeowner policies have a cap on the value of jewelry that is covered under the policy without an additional rider. if the OP says her ring is valuable, it almost certainly exceeds the limit. My husband and i declined to insure my ring because it isn't so nice that we couldn't self insure, meaning we'd get another one in the unlikely chance that something happened to it. if you don't think you'd replace it if you lost it, then i wouldn't pay to insure it. if you have some doubt whether you would want to replace it and you wouldn't be able to out of pocket, then it might be worth the insurance.

[Anonymous]

I am sure it would be cheaper to have it added to a homeowner's policy or a renter's policy. Engagement ring insurance, if sold by a jeweler, has got to be a bad deal.

[Anonymous]

Most policies will also cover you if the diamond falls out. I just noticed one of my smaller diamonds fell out today. I won't bother making the claim (it's just a baguette), but if it had been my center stone, I would have made the claim. We have a rider for all of my rings on our homeowner's policy.

[Anonymous]

It's definitely worth it for a valuable ring. We recently called and had our policy lowered by $100 by changing our deductible. You may want to look into doing that with your insurance company.

[Anonymous]

Mine is part of our homeowners as a rider. I think it's like $35/year.

We put our iPhones on there as well. I think those are $4/year and that was well worth it given that my husband has wrecked one already.

[Anonymous]

OP, your title was funny.
I thought you could buy insurance incase you did not marry, like 'engagement insurance'

fwiw, my diamond fell out after being married for 14 years. I still wore it because it was special. Now am divorced.
I like being ring free and having my fingers to myself

[Anonymous]

Mine is an antique and quite valuable so I do insure it. I don't wear it all the time either, which is another reason to insure. It's also a rider on our homeowner's insurance.

[Anonymous]

Anonymous wrote:Mine is part of our homeowners as a rider. I think it's like $35/year.

We put our iPhones on there as well. I think those are $4/year and that was well worth it given that my husband has wrecked one already.

Same here. Given that I lost my engagement ring, and replaced it using that insurance rider, I'll never be without it again.

Small price to pay for peace of mind (for me).

[Anonymous]

It was worth it for us. Ours is on a separate policy because of the value of it, but it is not a lot of money. As someone else mentioned, it is peace of mind.
Even if you don't want to replace it if you lose it, you at least get the money for it.

[Anonymous]

I would make sure it is somewhat insured (so if not a separate policy, through homeowner's). The one time we needed it, my ring was on, one of the stones had fallen out (I have three small stones in my ring). The one carat ring itself was not terribly expensive, but I obviously couldn't wear the ring with a missing stone. We had a small deductible and it was worth having it insured.

[Anonymous]

OP here- thank you to all who posted, this is very helpful information.

[Anonymous]

One thing to note- ours was on our HO insurance as a rider, but our agent recommended we move it to its own policy for the same cost so if we made a claim our HO insurance wasn't dinged.

[Anonymous]

I have a rider on mine. I always debated if it was worth it because like you I never take it off. But last summer the diamond fell off outside in the yard. Luckily it hit a rock and I heard it or otherwise i never would have looked for it and probably would have lost it. It may depend how large the stone is. Mine is appraised at about $25k. If it were under $5k I wouldn't insure it.