Wedding Rings

Insuring Engagement Ring

Question:

>    I am looking to insure an engagement ring.  My insurance company >(Prudential in New Jersey) says that I need to buy a renters policy in order to >insure the ring.  Is this standard practice? >Thanks, >Dennis

You’ve been given some good advice in other replys to this question. Just let me add one thing.  Read the fine print on the insurance very carefully.  I had a friend who lost the diamond out of her wedding ring down a lavatory at work.  Her well known insurance company refused to pay on the loss.  They said if she had lost the ENTIRE ring down the drain, they would have paid.  Nancy

Response:

        That’s exactly right.  If you’ll get out your homeowner’s policy and look at the declaration page, you’ll see what’s covered and what isn’t.   For example, a homeowner’s tools might be covered but not a professional’s tools.  Computers up to a certain level but not if the computer is part of a home biz.  And so on.

Response:

>>         I am looking to insure an engagement ring.  My insurance company > (Prudential in New Jersey) says that I need to buy a renters policy in >order to > insure the ring.  Is this standard practice?

I’m insuring my wife’s ring with Aetna. No other insurance policy with that company at this time. The only requirement was the ring had to be valued by soemone they authorize to get the insurance. — Greenwich Associates  8 Greenwich Office Park  Greenwich CT  06831-5195  

Response:

><snip>> >Yup, that’s right – the jewelry is not covered by a policy on its >own, it is usually covered by a rider on your home owners or >renters insurance – <snip>

Read all policies VERY carefully.   I had a friend who lost her diamond out of its setting while washing her hands at work.  Her insurance company said they would have covered the loss if the entire ring had been lost, but would pay nothing since the diamond only fell out of the setting. Nancy — Charles Surles

Response:

{sinp} >My question is:  Why was this jewelry covrered, if my engagement ring would >not be?  Is it because my engagement ring, which cost about $1500, is over >some price threshold?  Is it because the insurance companies hear the words >"engagement ring" and think "we can get more money."

My household contents policy sets limits for various types of property – jewelery, cameras, audio equipment. I can’t remember the details, but for some things the was a monetary limit (e.g max UK

Filed under: Diamond Wedding Ring