Trusted Engagement Ring Insurance?

February 1, 2016 9:47 PM

Hello MF! I am recently engaged and need to insure my fiancé's ring. The ring is simple with a 1.2 ct. princess cut stone. The ring is appraised at about 10K give or take. I am looking for advice on which companies AskMeFi users have had experience with as most of the reviews that I have read on jewelry insurance seem negative and most people just have an axe to grind because something didn't go their way. Any success stories out there? Which insurance companies would you recommend? I would prefer a company that specializes in jewelry insurance and not a rider on my homeowners policy. Thank you in advance!
posted by shades to Clothing, Beauty, & Fashion (7 answers total)

State Farm anecdotal, rider on a renter's insurance policy: I lost my $5k moissanite engagement ring on 12/30/15, took a few days to attempt its return via plumber, filed the claim on 1/5/16, and received a check for the full amount on 1/18/16, had its replacement in-hand in 1/19/16.

About as easy and seamless as I could have wanted. Made a painful reality more of a "when do we fix this" vs "how do we fix this?!"
posted by samthemander at 10:48 PM on February 1, 2016 [2 favorites]

USAA here. I have a rider specific for jewelry. I haven't had to use it, but it is very detailed about each piece, description, value, etc. And, I get a great rate since I'm a customer. Is there a reason why you don't want a rider on your homeowners plan? That's kind of what they are there for. Just asking so that you get the best answers.
posted by pearlybob at 11:04 PM on February 1, 2016 [2 favorites]

Homeowner's insurance companies DO specialize in jewelry insurance. I can't imagine a jewelry-only company being anything but scammy unless we're talking jewelry expensive enough to be insured as "art or antiques" (how would you build a big enough risk pool for reasonable rates? How will you risk assess without the greater data pool home insurers have?).

I have a separate jewelry policy - not a rider - through State Farm, who insures my house and car. I think it's called a "high value articles" policy and its the same sort of thing you can get for expensive art, or your professional photography equipment, or high-end electronics. They'll price it for you both ways and show you the coverage limits, they don't really care which way you do it.
posted by Eyebrows McGee at 4:06 AM on February 2, 2016 [7 favorites]

Echoing above, go with your homeowner insurance company and get a separate policy just for the engagement ring. All they'll want from you is the appraisal.
posted by (Over) Thinking at 4:52 AM on February 2, 2016 [1 favorite]

Again, add a rider to your homeowner's policy.
posted by wenestvedt at 6:48 AM on February 2, 2016

I have an heirloom ring (a great honking diamond set in platinum with accent stones) worth ~$25,000. I have always insured it as a rider on my homeowner's policy, which is the method recommended by the two appraisers I've consulted.

I rarely wear the ring; it lives mostly in a safe deposit box. I suppose insuring it and keeping it in a safe box is sort of a belt-and-suspenders solution, but I'd be sick if something happened to it on my watch.
posted by workerant at 10:11 AM on February 2, 2016

Response by poster: Thank you everyone for all of the valuable information. I did wind up going with the rider on the homeowners insurance. Hopefully I will never have to use it.
posted by shades at 4:04 AM on February 4, 2016