Is engagement ring insurance really necessary?

[Anonymous]

I had a bizarre accident with mine the first month I had it - the ring and fitting got caught in a weird doorgate thing, and it took a chip out of the ring. Very rare to happen, but it did to me, and I was so glad to walk into the store and have a new ring by the next week.

[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.

$35?? We're paying $300. I know it's a nosey question, but would you mind telling what you insured your ring for? I'm wondering if we're getting ripped off. We insured ours with Geico.

[Anonymous]

Anonymous wrote:

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.

$35?? We're paying $300. I know it's a nosey question, but would you mind telling what you insured your ring for? I'm wondering if we're getting ripped off. We insured ours with Geico.

I was off a bit. It's $70/year. Insured for $8k through Travelers.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

$35?? We're paying $300. I know it's a nosey question, but would you mind telling what you insured your ring for? I'm wondering if we're getting ripped off. We insured ours with Geico.

I was off a bit. It's $70/year. Insured for $8k through Travelers.

Mine is insured through Allstate for $7K and we pay about $40/year.

[Anonymous]

Holy cow, mine is insured through Geico/Travelers, and it cost us $275/yr for 10K insurance. How are you guys getting such good deals?

[Anonymous]

Crazy question, mine was insured for about $8K 14 years ago. Do you have to have an updated appraisal or do they take into account how much it has increased in value since the original appraisal? Mine would be worth a lot more today vs. what the value was at that time. Or am I crazy?

[Anonymous]

Anonymous wrote:Crazy question, mine was insured for about $8K 14 years ago. Do you have to have an updated appraisal or do they take into account how much it has increased in value since the original appraisal? Mine would be worth a lot more today vs. what the value was at that time. Or am I crazy?

$25k poster here. I had mine reappraised a year ago (when I was getting the stone put back in) and it hadn't changed in value over the last 10-15 years or whenever i'd last had it appraised. I don't follow diamond prices but i assume they haven't moved much.

I think my rider is about $120/year (with Geico/Travelers) but i think they limited how much they would insure it for. Maybe $18k or something like that?

[Anonymous]

Anonymous wrote:Holy cow, mine is insured through Geico/Travelers, and it cost us $275/yr for 10K insurance. How are you guys getting such good deals?

Mine is also with geico/travelers and is 300/year for a little under 40K insurance. Is your deductible very low? We raised ours from $250 to $500 and our policy went down by $100 (it was $400/year before).

[Anonymous]

Anonymous wrote:

Mine is also with geico/travelers and is 300/year for a little under 40K insurance.

Please forgive my naivete but what does 40K buy you?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Mine is also with geico/travelers and is 300/year for a little under 40K insurance.

Please forgive my naivete but what does 40K buy you?

I have a fairly large, clear center stone. The setting also has a number of smaller diamonds but I don't think that that factored into the cost very much.

[Anonymous]

I also have Travelers and pay about $300/year. I've been thinking about getting it reappraised and I heard State Farm has better rates.

[Anonymous]

Anonymous wrote:I also have Travelers and pay about $300/year. I've been thinking about getting it reappraised and I heard State Farm has better rates.

Interesting re State Farm - maybe I'll give them a call. I'm curious about why you're thinking about getting it appraised? The more you have it appraised for, the more your policy is going to cost. If you can replace the ring with your current appraised amount, it really doesnt make sense to get it reappraised because you'll end up with a higher premium.

[Anonymous]

We pay $99/year through State Farm for 10k in insurance. I think we get discounts b/c we have all of our other policies through them as well.

[Anonymous]

17:15 here. My original appraisal was from Bailey, Banks & Biddle. State Farm told me to get it reappraised by a "non-retail" appraiser (I know that's not the right term). The State Farm agent told me that if the ring needed to be replaced they could get the same diamond for less than a retail establishment.

[Anonymous]

Anonymous wrote: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.

You are most likely wrong. Most insurance policies only cover up to $1,000 for all of your jewelry. I had mine written to cover $5,000.00 worth.