Drop insurance on engagement ring? - Page 2 - Mothering Forums

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Old 03-01-2009, 04:28 PM
 
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Originally Posted by PajamaMama View Post
My homeowners insurance would replace mine...our jewelry rider is only about $12 a year, for all the jewelry I own...check into it!
this is exactly what we have......although i'm not even sure how much our rider is. our rings are explicitly stated though as they cost well over the capped amount. we have platinum rings and mine have a few carats of diamonds. it would take several lifetimes to pay to replace my rings at the cost we pay to insure them.

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Old 03-02-2009, 01:59 AM
 
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Originally Posted by sunflower.mama View Post
I am sure your papers are the appraisal. They give that to you when you buy it. You would only re-appraise something you were given or inherited, or thought had increased in value enough to warrant another appraisal.
I went and checked and you're correct! It has the info card on the diamond itself (what the 4 C's are) and then the appraised value as well as what it was bought for.

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Old 03-02-2009, 02:08 AM
 
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At $100/year I wouldn't be able to save enough for my ring in my lifetime. I insure it.

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Old 03-02-2009, 02:23 AM
 
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Originally Posted by mightymoo View Post
This is I thought what we were all talking about - a rider on our homeowners insurance. Our rider costs closer to $100/year

Generally without a rider, homeowner's insurance only covers jewelry under a certain value, which our rings are over.
Does your rider cover just your ring or things that are beyond your homeowner's policy in general? I ask because we've got some semi-valuable art and musical instruments that we should probably rider when we renew our policy, but if it's going to be $100 for the ring + $100 for the art + $100 for the instruments, that gets crazy fast! Especially if it's $100 for each article, you know?

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Old 03-02-2009, 02:50 AM
 
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Does your rider cover just your ring or things that are beyond your homeowner's policy in general? I ask because we've got some semi-valuable art and musical instruments that we should probably rider when we renew our policy, but if it's going to be $100 for the ring + $100 for the art + $100 for the instruments, that gets crazy fast! Especially if it's $100 for each article, you know?
I believe ours are per item category, but ours aren't $100 extra/each. Ours are not even an extra $100/year total.

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Old 03-02-2009, 02:54 AM
 
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I would call and ask. Items over a certain value usually are NOT covered by the standard riders and you have to purchase extra. (Hence why some don't have to pay extra to insure their rings and some do.) I would think normal musical instruments would be covered, but semi-valuable art might not be fully covered - depending on the value.

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Old 03-02-2009, 03:01 AM
 
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My wedding ring was stolen. I found it at a pawn shop, and waited through a trial, etc to finally get it back.. and two diamonds were damaged, and nearly all the prongs were broken (I think they tried to remove the diamonds).. it would have been several hundred dollars to get just the prongs fixed (not to mention replacing the damaged stones) so when I found out that I was able to trade mine in on something else I did..

I specifically asked about insurance coverage for my jewelry when we recently purchased our new house.. I would NEVER want to go through that again (the beating myself up mentally believing I had lost it, the theft itself- it was SUCH a loss of trust for me, the trial, and having uninsured jewelry).
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Old 03-02-2009, 12:41 PM
 
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Isn't your ring covered as part of your homeowner's policy? Or renter's? Or is that what you are talking about?

My ring was over $8000.00 and I have no insurance on it. I assumed it was protected by our homeowner's ins. That's what my mom told me when I got married. But that was over ten years ago...don't know if it's different now?

I would drop the extra ins. for sure.
Actually, I checked and the ring is covered to $10,000.

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Old 03-02-2009, 12:43 PM
 
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Originally Posted by vm9799 View Post
this is exactly what we have......although i'm not even sure how much our rider is. our rings are explicitly stated though as they cost well over the capped amount. we have platinum rings and mine have a few carats of diamonds. it would take several lifetimes to pay to replace my rings at the cost we pay to insure them.
This sounds similar to what I have. DH knows more about it than I do. But my jewelry is all covered, and we certainly don't pay $100 a month or a year! So that's all I care about.

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Old 03-02-2009, 12:58 PM
 
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I once did the math on my jewelry rider and figured out that if something happened to my ring in 50 years than it was worth having the insurance. I figure the odds of something happening in 5 decades is actually pretty good so it seems worth it to me to continue the coverage.

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Old 03-02-2009, 01:05 PM
 
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This sounds similar to what I have. DH knows more about it than I do. But my jewelry is all covered, and we certainly don't pay $100 a month or a year! So that's all I care about.
yeah, this thread got me so curious that i checked our policy. looks like we have a personal property endorsement which is the just the rider for our rings. we pay roughly $45 per year for that and in looking at the replacement value, i think we should get our rings reappraised as the cost of platinum has skyrocketed since we got married. we also have a regular personal property section that covers everything else we own that's part of our regular policy.

so now i need to schedule to have our rings reappraised as i think their replacement value will double......which means that it would take several more lifetimes to pay to replace my rings. ugh. anyone know how much it cost to have jewelry appraised?? do i just take them to the jeweler to do this?

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Old 03-02-2009, 01:07 PM
 
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Originally Posted by Belleweather View Post
Does your rider cover just your ring or things that are beyond your homeowner's policy in general? I ask because we've got some semi-valuable art and musical instruments that we should probably rider when we renew our policy, but if it's going to be $100 for the ring + $100 for the art + $100 for the instruments, that gets crazy fast! Especially if it's $100 for each article, you know?
We have separate item riders...there's one for jewelry, one for electronics, one for art (state farm), and the policies total less than $100 a year...not $100 each.
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Old 03-02-2009, 01:16 PM
 
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Originally Posted by gothnurse3 View Post

Funny how that ring SEEMED SO important back then...I wear the plain band proudly.

:

My ring was insured but when I got a bigger stone to replaced it I keep forgetting to get it appraised and insured. It has been 3yrs but I think that I may have to get it insured as it would set us back quite a bit to get something comparable. Also the stone was my mother's and I want to be able to pass it on to dd oneday.
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Old 03-02-2009, 07:07 PM
 
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Originally Posted by mom0810 View Post
Isn't your ring covered as part of your homeowner's policy? Or renter's? Or is that what you are talking about?

My ring was over $8000.00 and I have no insurance on it. I assumed it was protected by our homeowner's ins. That's what my mom told me when I got married. But that was over ten years ago...don't know if it's different now?

I would drop the extra ins. for sure.

We have to have a rider, because our renter's insurance only covers jewelry up to a max of $1k per piece, so any individual piece worth more than $1k has to have its own rider. We also have an extra electronics rider, because our renter's insurance only covers electronics up to $1500 total, and we have far more than $1500 worth of electronics!

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Old 03-02-2009, 07:09 PM
 
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Originally Posted by vm9799 View Post
yeah, this thread got me so curious that i checked our policy. looks like we have a personal property endorsement which is the just the rider for our rings. we pay roughly $45 per year for that and in looking at the replacement value, i think we should get our rings reappraised as the cost of platinum has skyrocketed since we got married. we also have a regular personal property section that covers everything else we own that's part of our regular policy.

so now i need to schedule to have our rings reappraised as i think their replacement value will double......which means that it would take several more lifetimes to pay to replace my rings. ugh. anyone know how much it cost to have jewelry appraised?? do i just take them to the jeweler to do this?
I had an appraisal recently, it was $50 at a local jeweler's.

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Old 03-02-2009, 08:04 PM
 
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depends on the value of your ring. i lost my ring once on amtrak. thank G-d it was insured...
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Old 03-02-2009, 08:30 PM
 
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I had an appraisal recently, it was $50 at a local jeweler's.
awesome......will call tomorrow! thanks!

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Old 03-02-2009, 09:15 PM
 
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okay, i have an appt. for wednesday at the jewelers to get my rings re-appraised. the price of platinum per ounce has tripled since we bought my rings.....which the original replacement value is what's included in our rider policy.

so thank you SOOO much for posting this as i never would have thought to check all this out and would have been kicking myself if i'd needed to use it.

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