Protect Your Personal Articles Today With Travelers Jewelry Insurance
Protecting your valuables from loss may be an affordable option depending on your needs. Whether you just need coverage for your jewelry or want insurance for multiple valuables, Travelers offers options. You can add on and choose the coverage that fits your needs. Find an independent agent near you or contact your Travelers representative to get a quote today for the valuables you want to protect.
Requirements For Engagement Ring Insurance
One of the things that protect the value of any quality piece of jewelry is provenance. Being able to prove purchase price, place of purchase, original and subsequent engagement ring insurance valuations is vital.
Here are some of the things that you should have before getting the ring insured:
- Proof of purchase and price
- A document from a reputable appraiser declaring the value and attributes of the ring
- Location information of the place where you reside
- Security and Secure Safe information, if applicable
The same can be said of keeping photographs of the ring. Ownership needs to be proved should the ring be stolen and recovered.
If you dont have access to a safe at home, consider a bank safe deposit box in which to keep these and other important documents or items.
See below for a detailed guide on how to get your ring appraised.
Click here on a guide on how to read and understand an insurance appraisal.
Reappraise Your Ring Every Few Years
If youve had a policy on your ring for years but havent had your ring reappraised, you may want to consider it since jewelry tends to increase in value over the years. If your ring is worth more, youll need more coverage so you can replace it if something should happen.
As youre planning for your future take the time to plan how youre going to protect your future. Connect with yourAmerican Family Insurance agentby scheduling a personal insurance review. This way you can review all of your upcoming insurance needs to make sure you have that safety net of security for your new life together.
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Bottom Line: Get Your Ring Insured For Peace Of Mind
Getting your engagement ring insured is another step on the way to having a secure life together. With one of your most prized possessions and investments protected, you can better focus on all the wonderful festivities and memories to come.
For guidance on shopping for an engagement ring or anything else diamond related, send our experts a message.
Best On A Budget: Travelers Insurance
Must have a Travelers homeowners insurance policy
No online quotes
Travelers Insurance offers affordable endorsements that cover engagement rings if you already have a homeowners insurance policy with the company. You can add one of two ridersa Valuable Items Plus endorsement or a Personal Articles Floaterwhich could be cheaper than purchasing a stand-alone jewelry insurance policy.
Travelers insurance riders extend your coverage limits for jewelry and other valuables. You can purchase up to $50,000 of coverage with a maximum payout of $10,000 or $20,000 per item, depending on your state. Neither of these riders requires you to pay a deductible.
In the event of a loss, Travelers will reimburse you for your engagement rings value based on a recent appraisal or receipt. However, the Travelers website doesnt mention whether you need an appraisal to add one of these riders to your existing homeowners policy.
With Travelers Valuable Items Plus endorsement and Personal Articles Floater, you need to contact the company to get a quote and add these riders to your current policy.
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Where Can I Get Wedding Ring Insurance
Your homeowners insurance policy may cover the loss or damage to a wedding ring. But these policies may be limited to how much they’ll pay. You may be able to purchase an additional rider that will cover your ring. There are also specific policies that cover jewelry, especially engagement and wedding rings.
How Does It Work
Engagement ring insurance helps mitigate the loss, damage, or theft of your ring. While its possible to cover your engagement ring using your homeowners insurance policy, companies that specialize in jewelry insurance can offer you a policy that includes more expansive coverage.
Heres how it works: Youll purchase coverage, file a claim if something happens to your engagement ring, settle things with your insurance company, and receive a check to get reimbursed for your loss. Repairing or replacing your engagement ring may be a little more complicated, requiring you to work with specific jewelers or repair services and providing certain paperwork.
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What’s Covered With A Jewelry Policy
- Loss. You left your ring somewhere…on a beach towel or in a public bathroom. It’s out there somewhere and you can’t find it. Don’t panic, it’s covered.
- Theft. We all know that feeling of dread when something we cherish is stolen. Rest assured that stolen pieces are covered, too.
- Damage. You hit your diamond ring on the edge of a table and it cracks. Accidents happen it’s covered.
- Disappearance. Sometimes jewelry just disappearsit could be lost, stolen, or fell off while you were jogging. Don’t worry, that’s covered.
Tips For Keeping Your Engagement Ring Safe
In addition to buying ring insurance, there are other measures you can take to protect your engagement ring.
If you arent wearing your engagement ring, make sure to store it in unlikely places for optimal safety, Dousset says. Jewelry boxes are an obvious place for thieves to look. If you are traveling, consider keeping your engagement ring at home or store it in a hotel safe.
He also advises clients to take off their engagement rings before swimming.
Fingers constrict in water, making rings more likely to fall off, Dousset says.
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Engagement Ring Insurance Cost
Thnathip Pha Tir Wat’hn / EyeEm / Getty Images
“Rate is determined by multiple rating variables and factors to provide a customized rate based on the individual risk characteristics,” notes Krowiorz. The cost of coverage will vary greatly based on several factors including the value of your ring, where you live , and whether or not your policy has a deductible. Premiums will always be higher for policies with lower or no deductibles.
Krowiorz adds that insurance typically costs 1 to 3 percent of the value of the item being insured but can be outside this range based on individual risk characteristics. So, on average, you can anticipate paying $1 to $3 for about every $100 your ring is worth. In theory, then, you can anticipate a premium of $100 to $300 a year for a $10,000 bauble.
Should I Insure An Engagement Ring
Yes, in most cases, its best to insure an engagement ring, especially if the cost to replace the ring would cause financial burden. Engagement rings are usually significant purchases, and it makes sense to back them with an insurance policy.
For example, if your ring is valued at $10,000, would you have readily available funds to pay for a replacement? Would the out-of-pocket cost negatively impact your financial situation?
In the end, deciding on jewelry insurance is up to you, but in most cases, its a smart move.
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Ensure Your Policy Insures Against Damage
Depending on your policy, your insurance could only cover you if your ring is lost or stolen. Some insurers dont offer protection for damage, so youre on your own if your diamond falls out or your band breaks.
Think through which situations could impact you the most, and find an engagement ring policy that covers those instances. You may pay more money for certain added protections, but the peace of mind may be worth it if your ring cant be easily replaced.
Can You Choose Who Will Repair Your Diamond Ring If It Gets Damaged
It is important to know who will repair your diamond ring if it gets damaged, and it is even more important for you to have a say in it.
You should choose carefully who handles your valuables and check whether the insurance company of your choice allows you to choose, or do they have a specific jeweler, or a list of jewelers they work with.
Always check their qualifications and reviews before letting them handle your precious rock.
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How Does Engagement Ring Insurance Work
Engagement ring insurance usually works like this:
Some engagement ring insurance policies have a deductible. Others dont. If you want a cheaper monthly premium, you may opt for a policy that has a deductible. If you want your insurance to cover everything in full, you may go for a policy with no deductible, knowing you may pay a little more per month for it.
What’s The Cost Of Insuring Jewelry
Insuring jewelry may vary in price among insurance companies and often means an additional cost if you need to schedule certain pieces. For instance, a $5,000 engagement ring may cost about $50-$100/year to insure. If you’re looking for an exact price, contact your insurer for additional information.
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Best For Market Protection: Chubb Insurance
Cant get a quote online
Must work with an agent to purchase coverage
Chubb is one of the leading jewelry insurance providers, and we recommend it for market increase protection. If your engagement ring increases in value after you purchase a policy, Chubb will provide up to 150% of the appraised value in the event of a covered loss.
Engagement ring insurance from Chubb comes with flexible coverage limits and no required deductible. New rings are automatically covered for up to 90 days if you have an existing policy, and you have the option to purchase scheduled coverage for individual items or blanket coverage for multiple rings.
Chubb covers your rings at their agreed value. If you lose your ring or if it gets damaged or stolen, you can choose to accept a cash settlement for 100% of the agreed value. Youre only required to provide an appraisal if your individual rings are worth more than $100,000.
Generally speaking, Chubb is a great jewelry insurance company with a strong reputation in the industry. However, you cant get a quote online, and you also need to work with an agent to file a claim and make basic updates to your policy.
Should You Get Engagement Ring Insurance With A Deductible
Many insurers offer no deductible policies, yet you might be wondering if a higher deductible will save you money. We tested various rates and found that an increased deductible did provide between 3% and 20% in discounts, but depending on the value of the ring, this didnt make much of a difference for items under about $10,000. For example, the average cost of insuring a $5,000 ring was between roughly $93 and $100 with no deductible. A $250 deductible saved about $3 to $7 per year, and a deductible of approximately $2,500 saved around $22 a year. For higher-valued rings, it can make a difference, saving up to about $100 or $150 a year on the cost.
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What Is A Deductible
This section is a lot more important than people realize.
The insurance deductible is the amount that you must pay before the insurance company begins to pay.
An example would be if you have a $100 deductible on a $10,000 ring . If anything happens to the ring, youll pay the initial $100 and the insurance company will pay $9,900.
The lower the deductible, the higher the monthly premium. Consider what is affordable for you should something happen to your ring. Use those numbers to make your decision regarding deductibles.
Should I Get Insurance For My Jewelry
The straightforward answer is yes, you should consider adding jewelry coverage when you purchase home insurance or a renters insurance policy if you have valuables that are expensive or carry sentimental value. In many cases, it makes sense due to how cheap these additions can be. Below, we have provided average costs to add $1,000, $5,000 and $10,000 of coverage to an HO-3 home insurance plan:
However, a few insurance companies will cap this added coverage amount at $10,000, which may not work for many. In this case, we recommend asking your insurer about jewelry riders, which can be classified as “floaters.” Riders are add-ons that can supplement a standard insurance policy that covers special events. For jewelry, the floater would cover the insured item in the event of a fire, loss, theft or damage.
For individuals without a homeowners or renters policy, some insurance companies do offer stand-alone jewelry protection insurance plans. These are policies specifically for jewelry, and they often will have a high premium when compared to a floater add-on, but theyll cover all events and accidents that may happen to your items. These should only be considered if you have a substantial collection of jewelry with high appraisal values.
Additionally, when considering what jewelry insurance to purchase, you should choose carefully since coverage will vary across many of the major insurers. You should be prepared to answer the following questions, among other ones:
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Which Insurers Offer Engagement Ring Insurance
To find out which insurers offer the best coverage for engagement rings, Brides magazine reviewed more than a dozen providers, comparing each companys overall policies, features, premium costs, and whether standalone policies were available. The publication also factored in financial stability and reputation. These are the ones that came out on top.
The table below details the different coverage features, which are up to date as of June 2022, of each insurers available policy. Companies are listed alphabetically.
Engagement Ring Insurance Warnings And Tips
The downfall of many insurance claims is the fine print. With too many policies, its clear what the coverage conditions wont help you when you need to make a claim.
Here are a few things which can help to minimize such risk should the unthinkable happen. Ask the insurance broker about these questions, before you go ahead and buy the insurance.
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Does Diamond Ring Insurance Cost More
While diamond might be a precious stone, the short answer is no, diamond ring insurance does not cost more. Jewelry insurance is based on the overall cost of the item, and does not depend on the stone. Enjoy your diamond, and rest easy knowing insurance will be simple, affordable, and provide the protection you need.
What Are The Common Types Of Engagement Rings
When it comes to engagement rings, there are a few different types that are most commonly seen. The first is the classic solitaire ring, which features a single diamond or other gemstone set in a simple band. This type of ring is often considered the most timeless and elegant option. Another popular choice is the halo ring, which has a central gemstone surrounded by smaller diamonds or gems. Halo rings can add a bit of extra sparkle and drama to an engagement ring. Other common choices include three-stone rings, vintage-inspired rings, and even colored gemstone engagement rings. No matter what your personal style is, theres sure to be an engagement ring thats perfect for you.
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Get An Engagement Ring Insurance Quote
Once you choose your provider, you can get a quote telling you the available policy options and their cost. There are a few pieces of information youll need to submit to an insurance company to receive an accurate quote, including:
- Engagement Ring Appraisal An appraisal is a detailed description of the engagement ring, including the approximate cost of replacing the ring. This information needs to be updated, which isnt typically a problem for recently engaged couples looking into how to get an engagement ring insured. If, however, you want to insure a ring youve had for many years, you may need to get it reappraised before you can do so.
- Basic Information About the Policy Holder An insurance provider will ask for basic contact information about the policyholder and the person wearing the ring if they are not the same person.
- Other Information Required by the Jewelry Insurance Provider Insurance companies may ask additional questions about your occupation, prior claims, criminal history, and more to create a customized policy.
If you have this information accessible and are ready to get started, you can quickly and easily get a FREE jewelry insurance quote from BriteCo today!
How Do I Add An Engagement Ring To My Policy
Adding Extra Coverage for an engagement ring to your Lemonade policy is simple just follow these steps:
1. When youre getting your Lemonade policy, tap Activate Extra Coverage. If you already have a policy, head to the Lemonade app and tap the Extra Coverage button under Add-Ons.
2. Open up the email you get from Maya, and click Add Extra Coverage
3. Go through the flow, and send over a picture of:
The receipt or appraisal
Your item on top of the receipt or appraisal
Snapping a few pics is easy and quick! This info is incredibly important to make sure were properly insuring your stuff. It also makes your claims process much smoother if something were to happen. Well already have all the docs we need on file so its less work for you down the road! Ashley Delgado, Lemonade Customer Experience Specialist
4. Our CX team will get back to you, and let you know via email once your ring is covered! Btw, you can always add on more items later.
A couple of notes here:
Lemonade offers temporary Extra Coverage for 14 days while you get all your pictures in order or wait for an appraisal.
To get temporary coverage, make sure to answer Yes when AI Maya asks if you have any valuable items. Then, select which items youd like to insure under Extra Coverage in the Lemonade app.
Provide a guesstimate of the value of the ring youd like to cover , and Lemonade will automatically grant you temporary Extra Coverage!
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