Is engagement ring insurance really necessary?

[Anonymous]

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.

THank you. I appreciate your honesty -- and lack of snarkiness.

[Anonymous]

We pay about $103 / year through State Farm -- ring is appraised at about $10K. I know that our policy went up from when we lived in DC to when we moved in VA (unlike all our other policies which went down). Where you live is part of the consideration

[Anonymous]

Mine is insured through Chubb & I think we're paying over $300?!? I think we've got it insured for the appraisal value not the purchase price (which was slightly less). Not sure what our deductible is but seems we're getting fleeced!!