Looking to Insure $20K Engagement Ring... Please Help!

[SubieRX]

Hello agents! First post!

I recently proposed to a wonderful woman, but now I need to insure her engagement ring. I currently have State Farm for my Condo and Auto insurance. I would have insured the ring through my condominium insurance, except State Farm reserves the right to replace the engagement ring. I want to avoid this as much as possible as I have heard some horror stories with insurance companies forcing sub-par diamonds on their customers.

What I am looking for is a stand-alone insurance policy that will cover just the ring and offer cash if the ring is stolen/damaged/lost. I recently (within the past 2 months) had the ring appraised by a 3rd party jeweler at ~$23,500.

So far, the only agency I know that offers a cash replacement is Chubb, but none of their agents will write me a stand-alone policy. They will only write me a policy if they get my home and auto (which I am not really willing to switch).

Are there any agents on this board that are willing to write me a policy similar to what is described above? As long as the above requirements are met at a reasonable price, I am ready to sign today.

I am located in Irvine, CA.

I will be happy to provide any additional information as needed. Please PM me if you need anything.

Thanks everyone in advance!

 

[CaptiveGuy]

I guarantee this ring will turn up "missing" a week after this policy is written.

 

[Josh]

Here's the problem: The markup on jewelry is TERRIBLE! I'm going to guess you didn't pay $23k for that. If you did, let me know next time you need jewelry, if it appraised at that much I'd be shocked if I couldn't get a BETTER piece for half that. If you have an appraisal and details on it you can always use that to make sure you get at least as good of a piece if something should happen.

What you want is not only a stand alone policy, but even if it could be written it'd pay nothing for a commission. The best thing you could do is probably either (1) accept the fact that you'll probably get a fair deal if something happens, especially since you have the paperwork on it or (2) shop all of your insurance and put it with someone that will meet ALL your insurance needs.

 

[NCAgent]

One of the better things to do is get an "agreed value" policy on the ring, which can help mitigate some of your concerns. I believe it takes away the replacement part of that item and puts in "we will pay an amount" instead. Get the item appraised, however, and tell the appraiser not to make you warm and fuzzy in the worth but find out how much it would be to BUY ANOTHER RING.

Jeweler's Mutual is supposed to be a good company, call them and bring up your concerns. They might have a good suggestion. They are captive for the personal lines though so none of us can really help you with that.

Also, if you are doing things like 23k rings, you really ought to switch to Chubb. They insure high-powered lifestyles just as much as contents.

 

[scagnt83]

Jewelers Mutual is good. Chubb is as well. Jewelers Mutual is a replacement policy. Chubb offers a cash benefit, but it's a bit more costly.

Both have websites with online applications. You will need an appraisal by a GIA certified jeweler.

 

[NCAgent]

Kemper offers agreed value as well but you have to move everything over to them including home and auto. It's still a good bet though, they offer very robust coverage at competitive rates (at least in my area.) It might be worth looking into.

I agree with the idea that if you cannot get everything you need from an insurance company then it isn't a horrible thing to move your policies to a company that can at an affordable rate.

 

[djs]

An insurance company does not 'replace' a piece of jewelry. They write a check. I have no idea what your concern is with this.

At this amount, you'll need an accredited appraisal. This will be used to write the check to the jeweler for the replacement of a similar ring if needed. Few policies will write a check for the appraised amount directly to the client. A lot of reasons for this, but mostly it leads to substantial fraud. Get past this idea.

Take the State Farm policy, if they will write it. I'm not an expert on State Farm stuff, but I can't imagine they wouldn't cover the loss in a fair manner.

Dan

 

[scagnt83]

I insured (personally not professionally) an engagement ring about a year ago and looked into most all options.

Most home owners policies will allow you to add on items such as an engagement ring; State Farm is one that does.
The problem with this option is that coverage limits are not very large and the scope of the coverage is not as broad as a stand alone policy.


Jewelers Mutual's personal line is called Perfect Circle. Perfect Circle is the most comprehensive policy that I found. But as I said before it is a replacement policy.

Chubb offers a straight cash benefit policy. But it is more expensive. You can apply through their website, you dont need an agent (I cant believe I just said that)... lol.

Any decent insurer will want a GIA or EGL-USA certified appraiser to appraise it. I think Chubb is GIA only.


There are a couple other replacement policies. And some replacement policies do include a cash benefit alternative under certain conditions.

 

[xrac]

Hello agents! First post!

I recently proposed to a wonderful woman, but now I need to insure her engagement ring. I currently have State Farm for my Condo and Auto insurance. I would have insured the ring through my condominium insurance, except State Farm reserves the right to replace the engagement ring. I want to avoid this as much as possible as I have heard some horror stories with insurance companies forcing sub-par diamonds on their customers.

What I am looking for is a stand-alone insurance policy that will cover just the ring and offer cash if the ring is stolen/damaged/lost. I recently (within the past 2 months) had the ring appraised by a 3rd party jeweler at ~$23,500.

So far, the only agency I know that offers a cash replacement is Chubb, but none of their agents will write me a stand-alone policy. They will only write me a policy if they get my home and auto (which I am not really willing to switch).

Are there any agents on this board that are willing to write me a policy similar to what is described above? As long as the above requirements are met at a reasonable price, I am ready to sign today.

I am located in Irvine, CA.

I will be happy to provide any additional information as needed. Please PM me if you need anything.

Thanks everyone in advance!

They are all wonderful before they say I do.

 

[Mark]

How many carats is a 20k ring?