Renter's Insurance w/ ring

[Spooner]

Cliff's:

- Live in Boston
- Recently purchased an engagement ring
- Realized I do not currently have renter's insurance
- Priced out a plan to include a rider for the ring
- Quoted $537 a year

WTF????

Does that sound right?

 

[Gibson486]

Nice, where did you get the ring?

If you just want insurance for the ring, go to Jewelers Mutual. I live in Cambridge and my ring was appraised for $12.5K. I pay $217 a year.

 

[Spooner]

I ended up getting the ring at JamesAllen.com, as I travel to NYC for work I was able to select diamonds online and view them in person before purchase. Extremely satisfied with the overall process/purchase.

Hadn't realized you can do insurance for it completely separate. The quote I got was for $20k in coverage (15 of that is the ring) coming out to $537

 

[waggy]

wow $500+ for renters? hell i pay $700 a year for homeowners and that is with extra coverage for the basement


btw: have you asked her yet? if not good luck! and enjoy the time before the wedding. in 10 yrs you will know what i am saying hehe

 

[airdata]

renters also covers everything else in case you have a break in or something.

 

[IronWing]

That is pretty high for renters. I pay a lot less for homeowners. Shop around.

 

[rcpratt]

Sounds like a lot. Renters without the ring should be like $100/yr.

 

[Gibson486]

I ended up getting the ring at JamesAllen.com, as I travel to NYC for work I was able to select diamonds online and view them in person before purchase. Extremely satisfied with the overall process/purchase.

Hadn't realized you can do insurance for it completely separate. The quote I got was for $20k in coverage (15 of that is the ring) coming out to $537

Nice. I think JamesAllen is a good place and no hassle. 15K for the appraisal? Did you get a 1.1 ct or something? Or did prices realy go up that much in 6 months?

Jewelers Mutual lets you do it with the just the jewelery. Th only caveat is that they do not cut you a check. They only have you get the ring fixed or replaced and they pay the jeweler directly. So, you cannot be like some people who get the check and do not bother replacing the ring.

 

[ichy]

ROTFLMAO at people paying five figures for a ring.

 

[Gibson486]

ROTFLMAO at people paying five figures for a ring.

Really? Stop trolling.

 

[rcpratt]

Really? Stop trolling.

I think that's legitimate, but to each their own...now I'm sure that is what this thread will turn into, though.

 

[Jeff7]

$15k coverage for a ring?
They may have figured that you've also got a lot of other very expensive stuff.


I don't think I've even got $15k in total assets. (Until I get my new car, assuming it ever arrives at the dealership.)

I got a quote for renter's insurance through StateFarm. (I've also got car insurance through them.)
With discounts, I think it was around $100/year for somewhere around $22k of total coverage.


Edit: $140/year, but then they would give a $100/year discount on the auto insurance I get from them.

 

[Spooner]

Nice. I think JamesAllen is a good place and no hassle. 15K for the appraisal? Did you get a 1.1 ct or something? Or did prices realy go up that much in 6 months?

2.01, cushion ideal cut, VVS2, K; with another .54ct on the setting
http://pics.bbzzdd.com/users/spooner/Ring.jpg

Jewelers Mutual lets you do it with the just the jewelery. Th only caveat is that they do not cut you a check. They only have you get the ring fixed or replaced and they pay the jeweler directly. So, you cannot be like some people who get the check and do not bother replacing the ring.

Hmm... interesting. I'll have to look into this more.

btw Gibson, your avatar needs to be changed... immediately. ha

 

[EagleKeeper]

Renters insurance should be between $15-25/month for 10-15K coverage.

Check with your auto company to try to get a multi-policy discount

 

[ViviTheMage]

I have condo insurance, costs about 35$~ a month...but I also get a 10%~ discount on my auto insurance, so it negates the condo insurance cost.

We have 80k coverage on items, 120k on materials if we had to reubild for a fire/water damage.

If you want to cover your ring, you can contact your insurance company about getting a single coverage policy for a single item. IF you lose it, and all you have is renters insurance, you will be hosed. If she loses it, it will be covered.

 

[alent1234]

I ended up getting the ring at JamesAllen.com, as I travel to NYC for work I was able to select diamonds online and view them in person before purchase. Extremely satisfied with the overall process/purchase.

Hadn't realized you can do insurance for it completely separate. The quote I got was for $20k in coverage (15 of that is the ring) coming out to $537

i bet he got a lot more business after he changed it from the original name

dirtcheapdiamonds.com

 

[slag]

Really? Stop trolling.

Yeah really, and I don't see it as trolling.

I bought my wife's engagement and wedding ring at JCPenny. We were both in college, I paid my way, plus rent, plus insurance, plus everything else, and had to put her ring on layaway. Paid on it for a year also with what money I could scrape up. Sure its small, but I didn't take out a loan on it and paid what at that time was a ton of money for it.

 

[Spooner]

Yeah really, and I don't see it as trolling.

I bought my wife's engagement and wedding ring at JCPenny. We were both in college, I paid my way, plus rent, plus insurance, plus everything else, and had to put her ring on layaway. Paid on it for a year also with what money I could scrape up. Sure its small, but I didn't take out a loan on it and paid what at that time was a ton of money for it.

ok ok ok... no need to turn this into an engagement ring thread - focus on the insurance (which i already think i got my answer). i'm 32, old enough to afford something nice, found the woman of my dreams, and could afford it. move on...

 

[Gibson486]

Yeah really, and I don't see it as trolling.

I bought my wife's engagement and wedding ring at JCPenny. We were both in college, I paid my way, plus rent, plus insurance, plus everything else, and had to put her ring on layaway. Paid on it for a year also with what money I could scrape up. Sure its small, but I didn't take out a loan on it and paid what at that time was a ton of money for it.

Who said he took out a loan? Some of us actually waited to get engaged when we had money. Also, it's an appraisal, not what he paid for the ring.

 

[Spooner]

Renters insurance should be between $15-25/month for 10-15K coverage.

Check with your auto company to try to get a multi-policy discount

this quote is actually through my auto company WITH all the applicable discounts.

I sent them a note saying it's way too high and to get a quote without the ring and research doing that insurance separately

 

[kranky]

The kicker about insurance like that is that in the event of loss, the insurance company will replace it with one of like kind and quality. And they can do that for a lot less than you paid, and for a lot less than the amount of coverage you are paying for. So if you paid $10K for a ring appraised at $15K, and the ring is stolen, the insurance company might have to spend $6K for a replacement since they get stuff at wholesale.

If the appraisal was higher than what you paid, I don't see any need to insure for the higher amount.

 

[Spooner]

If the appraisal was higher than what you paid, I don't see any need to insure for the higher amount.

i think the idea is that if the insurance company is one that cuts a check, you would get the appraised value vs. the purchase price thus leaving you with a decision as to whether you get a better ring or smaller one and netting some profit

 

[dave_the_nerd]

I pay $130 for renters (annually, $5k coverage) and $350 for a couple musical instruments (annually, $25k of coverage), sot hat sounds about right. Maybe a little high but not much.

 

[Born2bwire]

I ended up getting the ring at JamesAllen.com, as I travel to NYC for work I was able to select diamonds online and view them in person before purchase. Extremely satisfied with the overall process/purchase.

Hadn't realized you can do insurance for it completely separate. The quote I got was for $20k in coverage (15 of that is the ring) coming out to $537

I have more than $20K coverage and I pay less than $200 a year. This also includes a rider for jewelry. Have you shopped around? Maybe it's just the area you live in...

 

[sactoking]

The kicker about insurance like that is that in the event of loss, the insurance company will replace it with one of like kind and quality. And they can do that for a lot less than you paid, and for a lot less than the amount of coverage you are paying for. So if you paid $10K for a ring appraised at $15K, and the ring is stolen, the insurance company might have to spend $6K for a replacement since they get stuff at wholesale.

Ummmm, no. Very few insurance companies will actually physically replace the insured item for you. If you have 'replacement cost' coverage and the item is lost/stolen/irreparable you will have to find a replacement yourself that has a cost within your coverage. Once you can prove the cost of replacing the item the insurer will either cut you a check or in some cases cut a joint check to you and the vendor. If you have 'stated value' coverage then you and the insurer agree as to what the value is and if the item is lost/stolen/irreparable you get the stated value regardless of what it would cost to replace.

If the appraisal was higher than what you paid, I don't see any need to insure for the higher amount.

If you buy a ring for $8,000 and it's worth $10,000 you insure it for $10,000 because if it's lost/stolen/irreaparable it's very likely you will need to spend $10,000 to replace it. In other words if you get a deal today (saving $2,000) that's no guarantee you'll get the same deal tomorrow.