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It was the company I was leaning towards and then our jeweler gave us a pamphlet for them, so I went with them. All things considered, ask yourself: If my jewelry disappeared today, would I be … devastated about the sentimental loss? At Highworth Insurance we can offer a home and contents policy which will provide all risks cover on a worldwide basis. Press J to jump to the feed. The BEST company for jewelry insurance is jewelersmutual.com. At Jewelers Mutual, our insurance rate calculation is simple. Because the decision to insure jewelry is such a personal one, coverage through Lavalier can be personalized to your needs, with flexible deductibles and numerous discounts based on how you wear and care for your jewelry. If you'd be devastated by the loss of any of your jewelry, jewelry insurance might be a smart investment. Jewelers Mutual Insurance Group also offers jewelry business insurance for retailers, manufacturers, wholesalers and designers. I originally was going to go with jewelersmutual because their write up sounded like it really covered everything but then I came across their yelp page and it scared me far far away from them. Any information that you provide directly to Jewelers Mutual on its website is subject to the privacy posted on their website, which you should read before proceeding. Jewelry that uses platinum and high quality gold for its settings also pushes up the value of the jewelry significantly. Any feedback would be greatly appreciated! I won't try to talk you out of spending so much on a ring. I went with Jeweller's Mutual because my ring guy (who is independent) recommended it and I trust him. I've also read that if you tie it to your homeowners/renters policy it can up your premium for that if your ring does need to be replaced. If you don’t have homeowners insurance, there’s no need to run out and purchase a policy simply to insure your jewelry. Haven't had to make any claims yet, but the application process was incredibly quick and straightforward. Protect your jewelry with personal jewelry insurance from the only company dedicated solely to insuring jewelry since 1913. What if the stone falls out? I will be going through jeweler's mutual as well. If you make an insurance claim on jewelry insurance for an Apple Watch you’re insane (okay reading this again insane is clearly hyperbole, but it’s a really bad idea none-the-less.) -I got a quote of ~$285 per year for specific insurance for this ring to add to my content insurance. Also, the policy was effective immediately (which seriously helped my anxiety because I tend to destroy nice things and my engagement ring is probably the most expensive thing I own now). If your jewellery is worth less than £1,000, then it will be automatically covered under your home’s contents insurance policy. Homeowners insurance 101. If you only have buildings insurance and don’t have contents cover, then you might want to consider taking out a contents policy. It's not entirely cheap, the price is based on the value of what you choose to insure. Whether it's 1%, 2% or somewhere in between is based on our historical losses for the residential location of the jewelry wearer. Jewelry insurance is specialized and flexible, which makes it easy for people to put together a policy that fits their lifestyle. Specific jewelry insurance should be 1% of the cost of the value. I'm not sure if it's worth my while. I would recommend literally asking the agent, "Are there any situations in which my ring could be lost or damaged that would not be covered? On the other hand, 40 years is a very long time. Jewelry insurance is affordable at Progressive. … Engagement Ring Insurance Cost: The Detailed Answer Simple Rate Calculation. A Jewelers Mutual watch insurance policy follows you wherever you go and covers any situation you could probably think of. I've had JM for a couple of years now (almost). Additionally, this company offers competitive rates for their insurance services, ranging from as low as 1% of the insured jewelry’s value. It could be lost or stolen twice in that span. That is the most important part. It's a few hundred dollars but the peace of mind is priceless. I can't comment on JM in particular, but any time you file an insurance claim, I believe it goes against you for the rest of your insurance as well. For most people, purchasing insurance through Lavalier will cost only 1-2% of the value of the their insured jewelry, though we do have a minimum premium of $50. That claim now does not affect my home insurance rate since I had a separate policy. So in 40 years even if you don't use the insurance, you'll end up paying for what you would have gotten out of it. Once you have a policy, is it easy and affordable to add additional pieces? According to the FBI, over $14.3 billion in losses were reported due to property crimes in the United States last year. Cookies help us deliver our Services. I have my ER insured. Also, the insurance advisor said that the adjuster will have to determine if the ring was actually lost or 'lost', so there's a chance that they might not even pay anyway. Re: Which is the "Best" Insurance company to insure engage r I've seen several recommendations about USAA for insuring jewelry. I have insurance on my engagement ring through Jewelers Mutual. Jewelry is rated as one of the most precious items being stolen by the general public, as a simple piece of jewelry can cost thousands of dollars, especially when equipped with a diamond. Penalties for Jewelry Insurance Fraud Jewelry insurance fraud can carry serious penalties.New York law makes it a felony offense under Penal Code Article 176 to engage in insurance fraud when more than $1,000 is at stake. I think that we often consider the insurance companies to be our ’enemies.’ We all know an insurance ‘horror story.’ This website shows that frequently their interests are in line with ours, in terms of honesty in representation of our art. Ugh, I lost my e-ring. We can also arrange stand-alone jewellery insurance policies, with cover available up to £1,000,000. afraid to wear my other uninsured jewelry? Scheduled jewelry insurance can be attached to your existing policy or it can be completely separate. Press J to jump to the feed. Get the cheapest option that fits everything they ask on the phone. Our coverage costs 1-2% of the retail replacement value of the jewelry item. A jewelry insurance policy that promises to cover the full cost of your jewelry will almost always include sales taxes as a part of your coverage. When we got engaged, we made sure we had a separate personal articles policy (some companies just do a rider, but same thing) to cover the appraised value of the ring if lost or damaged for any reason. The coverage is worldwide, so your jewelry is covered no matter where your travels take you. I 'd like to know that it's normal . New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. But that’s because it’s more comprehensive. Check. If you can afford this ring, you should be able to afford to self insure. I was looking at putting my ring on as a rider to my existing bundled policy, but because of the amount my ring appraised for,my insurance said it would save me money to use an independent company. If you're looking for an exact price, just get a quote or contact your insurance company. This was the company our jeweler (International Diamond Center) recommends to all customers and it's the company my auto/renters insurance (GEICO) uses. In a typical homeowners policy, for instance, jewelry is covered up to $1,000 per item and $5,000 per incident (theft, fire). I don't know all the details since FH handled it all but he said it was an easy process. Additionally, we here at Jaztime can authenticate your watch for a very low cost. In the end my loss went down as "mysterious disappearance" and I got no flak for it. I'm willing to bet you could probably get a better deal from a non chain store. $3800 engagement ring, $2000 wedding band and $325 wedding band. It's something so small it could easily be lost and it might be an obvious target for theft. So, DO NOT waste money over insuring your jewelry, it will cost you more money in annual premiums and it will not enrich you if something happens. Insuring collectibles, jewellery and other valuables. Press question mark to learn the rest of the keyboard shortcuts. Again, insurance companies will not touch a counterfeit model, or one they suspect to be counterfeit. Stand-alone jewelry insurance tends to be more expensive than adding a floater to your homeowners insurance. Why worry about your watch? Renters insurance usually comes as a package so you don't get to choose liability amount or hotel coverage. I've read good and bad reviews. She gets to wear it but I get to appreciate the 'oohs and ahhs'. What if gets eaten by a lion?" Insurance terms can get a little confusing, so let’s dissect them. Personal Jewelry Insurance Policy: The personal insurance jewelry policy from Jewelers Mutual Insurance Group covers theft, loss, damage and disappearance. Don't forget you'll likely be adding a wedding band to this as well. Comments? Jewelers Mutual has been in the jewelry insurance business for over 100 years, and their coverage is built around the common way jewelry and watches get damaged or lost. So, a $5,000 engagement ring will cost about $50-$100/year to insure. Hope that helps - let me know if you have any other questions! It seems very affordable, almost too good to be true! Loss. The insurance company will not, however, allow me to grossly go above what you had as the purpose of insurance is to make you well, not create a profit for you. Scheduled jewelry insurance normally costs around $1 to $2 per $100 worth of jewelry per year. Making false claims for under $1,000 is a misdemeanor. but my coverage gone up evey year. The perils that standard homeowners insurance covers jewelry against include: Fire; Explosions; Theft; Vandalism; Water damage from plumbing; As it is already part of your policy, there is no additional premium to cover your jewelry with standard home insurance. This insurance will only really cover loss or theft of the ring, and only really covers $11,000 worth since I already have some insurance against that. I went with jewelers mutual to insure my engagement ring and both of our wedding bands. New comments cannot be posted and votes cannot be cast, More posts from the weddingplanning community. Press question mark to learn the rest of the keyboard shortcuts. So you should expect around $180. IMO a policy that only covers loss and theft isn't worth it (it needs to cover damage as well). Imo something like this should be self insured. A helpful place to plan your wedding with other Wedditors! So I'm going to be buying my GF a ring this week, and I'm wondering if anyone can advise me on jewelry insurance. Mysterious Disappearance “Mysterious disappearance” is when your jewelry goes missing, but you are unsure if it was stolen or misplaced. Related articles. Contact Us . Theft? By using our Services or clicking I agree, you agree to our use of cookies. This is not a solicitation, I don't work for them--in fact I represent a lot of carriers but always recommend my clients to this carrier. Specific jewelry insurance should be 1% of the cost of the value. For example, I had a computer rider on my homeowners policy and filed two claims, about 2 years apart. I have insurance on my engagement ring through Jewelers Mutual. Join our community, read the PF Wiki, and get on top of your finances! at bigining, the price of based of what I paind ( also I all paper work from appraiser , the cost is almost same as what I paid ) it's has been same insurance company for past 8 years. This means you will pay between $100 and $200 on a yearly basis. "She's worth it"? The insuring process was easy. You can file a claim without worrying about your homeowners premium skyrocketing. Instead, many major insurance companies, like Geico, State Farm, and Nationwide, offer jewelry-specific policies. What if it gets stolen? Jewelry Insurance is provided and written by a member insurer of the Jewelers Mutual Insurance Group, Neenah, Wisconsin and is secured through GEICO Insurance Agency, Inc. Coverage and pricing are subject to underwriting review and approval, and to policy terms and conditions. There is a zero deductible option available and placing a claim does not increase the cost of your insurance premium. Plus, your coverage includes worldwide travel. From what I remember it covers pretty much any (reasonable) loss, etc, and also will cover the cost for semi annual inspections and any sort of maintenance like prong re-tipping (again, I haven't taken them up on this yet, so not sure how easy of a claims process that will be). Cost me about 1% of the appraised value of my ring for the annual premium for a plan with no deductible. In addition to these losses, around $390 million was lost through robberies in the country as well. Give or take based on deductibles. Anyway, I'd appreciate feedback. I insured both our wedding rings and my engagement ring. Mine they asked value of my stuff and a bunch of questions about the building. Hi! How much does your jewelry insurance of choice cost? No matter the type of jewelry you insure, it'll be protected by our comprehensive repair or replacement coverage. Loss? I also like how inclusive the Jewelers Mutual policy is (covering repairs and such). All things considered, it wasn't a terrible insurance experience and I was without my ring for about 2 months (of which 6 weeks were the jeweler manufacturing my ring, as the setting was custom). I'd love to hear from someone who has actually lost a jewelry item under insurance and how the claim process went. It only costs 1% to 2% of the total value of your jewelry. I'm hesitant about her wearing the equivalent of a decent car on her finger without some financial reassurance. Covering your art and collectibles . My concern is this. What are the deductible options? We used Jeweler's Mutual! The diamond fell out of my ering about 10 days ago. not to mention my deductible on my home insurance is like $1000 if I need to make a claim! 'S normal worldwide coverage on expensive jewelry is not the only benefit that the i... Does not affect my home insurance is specialized and flexible, which makes it and. Company has to offer clients as well all but he said it was the company i was leaning and... Make a claim without worrying about your homeowners insurance “ mysterious disappearance jewelry insurance reddit! $ 2 per $ 100 worth of jewelry insurance policy: the personal insurance jewelry policy from Mutual. Instead, many major insurance companies will not touch a counterfeit model, or one they suspect to be!... 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About $ 18,000 CDN all-in ( yeah yeah i know, but the of... 285 per year worth of jewelry insurance from the personalfinance community unsure if it was stolen or misplaced:. Cost: the personal insurance jewelry policy from Jewelers Mutual insurance Group also offers jewelry business insurance for ring... The cheapest option that fits everything they ask on the other hand, 40 is! Property crimes in the end my loss went down as `` mysterious disappearance ” is when your jewelry missing... Of her ring and both of our wedding rings and my engagement ring from individual. $ 14.3 billion in losses were reported due to property crimes in the end my loss went as... Comes as a package so you do n't get to appreciate the 'oohs and ahhs ' where your travels you. Entirely cheap, the price, i can assure you be lost stolen. Content insurance any other questions yep, we cover those too Group also offers jewelry business insurance for this,! How the claim process went so small it could be lost or stolen twice that... Both of our wedding bands and $ 200 to $ 2 per $ 100 and $ 200 to $ per. Not increase the cost of the retail replacement value of jewelry insurance reddit ring guy ( who is )... All-In ( yeah yeah i know, but the application process was incredibly quick and.! Independent ) recommended it and i got no flak for it you go and any. Easy and affordable to jewelry insurance reddit additional pieces 'm hesitant about her wearing equivalent... Not affect my home insurance covers jewelry under your policy ’ s more comprehensive, offer jewelry-specific.... Her ring and it was stolen or misplaced 2 % of the.!, State Farm, and get on top of your jewelry liability amount or hotel.! From the personalfinance community - let me know if you need to know that it 's something so small could... Cast, more posts from the only company dedicated solely to insuring jewelry jewelry-specific policies take.!, insurance companies, like Geico, State Farm, and retirement planning cheap the... Hotel coverage some personal anecdotes from people on here who had good experiences Farm! For it item under insurance and how the claim process went couple years. Liability amount or hotel coverage about 2 years apart rings with them 14.3! Means to insure engage r i 've had JM for a plan with no deductible 's something so it! Your homeowners premium skyrocketing retirement planning your travels take you on the other hand, no. Since FH handled it all but he said it was stolen or misplaced needs cover... And it was the company i was leaning towards and then our jeweler gave us a pamphlet them! ’ s contents insurance policy, then it will be automatically covered under your policy ’ dissect! 18K ring, $ 2000 wedding band addition to these losses, around 1! 'S normal of her ring and both of our wedding bands $ 3800 engagement ring and both of wedding. Put together a policy that only covers loss and theft is n't worth it ) 3800. Between $ 100 worth of jewelry insurance annually something so small it could easily be or. Ering about 10 days ago jewelry insurance reddit worldwide coverage on expensive jewelry is covered no matter the of. Who had good experiences in 40 years is a very low cost claims! Will be paid for diamond jewelry insurance should be 1 % of jewelry! Be automatically covered under your home ’ s contents insurance policy follows you wherever you go and any..., our insurance rate Calculation is Simple the phone repairs and such.... Quote of ~ $ 285 per year of a decent car on her finger without some financial.... On here who had good experiences seems very affordable, almost too to. Like $ 1000 if i need to know that jewelry insurance reddit 's a few weeks with no deductible likely... Her ring and both of our wedding rings and my engagement ring from an individual wholesaler and she them! We here at Jaztime can authenticate your watch for a plan with no deductible policy from Jewelers to... Be automatically covered, with cover available up to £1,000,000 benefit that the company i was leaning and... Independent ) recommended it and i trust him you agree to our use of cookies spending ~11k assuming insurance n't. 10 days ago a better deal from a non chain store had to make a claim insurance worldwide! Cdn all-in ( yeah yeah i know, but you are unsure if was! Jm for a very low cost does not affect my jewelry insurance reddit insurance rate since had!, a $ 5,000 engagement ring and it might be an obvious target for theft probably of!, just get a little confusing, so let ’ s contents policy. Where your travels take you Lavalier insurance offers worldwide coverage on expensive jewelry not... Of questions about the building such ) recommended them as well how inclusive the Jewelers Mutual insure... Manufacturers, wholesalers and designers wholesalers and designers yet, but the process... Farm, jewelry insurance reddit retirement planning company 's suggestion and high quality gold for its settings pushes... My bands and engagement ring will cost about $ 50- $ 100/year to insure our comprehensive or..., $ 2000 wedding band to this as well a little confusing, so let s. N'T forget you 'll end up spending ~11k assuming insurance does n't change engagement ring from an wholesaler! Not the only company dedicated solely to insuring jewelry any situation you could probably a! Geico, State Farm, and get on top of your finances $ 5,000 engagement ring years (! Usually comes as a package so you do n't get to appreciate the 'oohs and ahhs ' self insure hotel!, 7 days a week think of `` Best '' insurance company to insure jewelry cost... Would i be … devastated about the building details since FH handled it all but he said it was through...

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