Even though we have been married for 3 years I have yet to insure my rings! I had a dream the other night that I lost them and that prompted me to think about insurance. My engagement ring is my great-grandmother's. How do I go about getting insurance?
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We just have it added on to our homeowners insurance. It was pretty easy! You can also add it to renters insurance.
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First step is getting it appraised. Mine is added to our existing home policy as a rider, but you can take out a separate policy if you feel like price shopping for the best rate.
Here are some more details.
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My engagement ring was added as a rider to our renters insurance. We haven't insured our wedding rings- it didn't really make sense for the added cost vs the cost if the rings.
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Get it appraised and if it is over the value your plan normally covers then get a rider.
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My dad is a jeweler and he appraises people's jewelry for insurance purposes. As others have said, you can have it attached to you hone owners or renters insurance.
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My rings are not insured and I wouldn't recommend you insure yours with separate insurance. I recommend attaching it to your home owner insurance.
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Make sure when you get it insured you get it insured for replacement value (appraisal) not purchased price. DH got a deal on my ring (like $2K off) so to replace it we would have to spend more.
We have a rider on our homeowners policy - I think maybe its like $25/bi annually? Totally worth the peace of mind!
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Mine are covered under our home owners policy. Before that, I had them covered under our renters insurance.
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Check with your agent to see what the limits are that fall under your homeowners or renters policy. The company I work for is capped at $1500 Homeowners and $2500 renters. If it's valued over that then you'll need a current appraisal and you can schedule it under your policy.
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9 comments