Renter's Insurance w/ ring

[Wreckem]

So let me get this straight.

You have $20k in coverage and $15k is for the ring? You are under-insured.

Second, what is probably jacking your rate up is accident/damage liability coverage.

I bet it is high because the quote is for $20k in personal property coverage coupled with $1million(or more) accident/damage liability coverage. Your rates will also be higher than people in other states because is you are in MA.

Personally, I have $35k in personal property coverage and $500k in accident/damage liability and my yearly premium is $250. But I have a separate policy for jewelry which is $60/year.

 

[Wreckem]

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 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.

He is way off on his "wholesale" stuff. Unless hes strictly talking about buying at retail chain stores like Kays where the markups can be up huge.

The ring I bought online last year cost $3500. To replace it today would actually cost $4500. Buying it at a retail store it would have been closer to $6k/$8k respectively.

Most jewelry insurance is replacement cost for like item up to what your last appraisal on record was. They also don't replace it for you. You go to the jeweler of your choosing and get a quote and they cut the jeweler the check. Of course it varies policy to policy and some will cut you the check. Honestly, if I had a $15k ring I would be getting a policy through Chubb.

 

[RKS]

I don't know how much we pay for our jewelry rider but we made a claim on my wife's ring. She works at a hospital and snagged the solitaire. It fell out of the platinum prongs without her knowledge.
I think we received a check in the amount of the replacement value.

 

[Tobolo]

That's not bad at all. Most insurance plans do not cover the ring, so to get both for that price is nice.

 

[sactoking]

That's not bad at all. Most insurance plans do not cover the ring, so to get both for that price is nice.

Most insurance plans will cover the ring but with a sub-limit, so unscheduled jewelry might only be covered up to $1500 or $2500.

 

[DisgruntledVirus]

<-- home/auto (including renters) underwriter

I don't write for your state, but that doesn't entirely surprise me either. Did you have them run the quote without the rider for the ring as well? How much was the ring? It could be that the renters is ~$200/year and the ring rider is ~$300/year depending on price of the ring.

 

[MikeyIs4Dcats]

I have a personal articles policy to cover about 18k in wedding jewelry, it runs $114 a year in addition to our homeowners through State Farm.

 

[VTBigBear]

Allstate in DC area renters insurance starts around $100 for $10000 personal prop coverage and $100,000 liability coverage. Rings can be added to the policy as a scheduled personal property. The cost is roughly 1/100 of the ring, so a $15,000 ring would be around $150 a year. Also Allstate provides replacement coverage with total coverage. (even if you lose it we will cover it for you)

Hope this helps.

 

[VTBigBear]

oh yeah. $500+ is a lot for renters insurance with a $15,000 ring.

 

[JS80]

Self insure yourself and put $500/year in a savings account. If you lose it then just don't wear it for however long until you can get a replacement with the savings.

 

[thegimp03]

I insured my wife's ring when I first got it. I had to send in the jeweler appraisal and AAA quoted me an insurance rate of $16 for every $1,000 spent on the ring.

So in the OP's case with $15k spent on the ring, that'd run about $240 just to insure the ring for a year.

 

[randomrogue]

Renters insurance is generally less than $300 a year. This of course depends on what you own and how much you cover. I think I paid $15 a month when I rented and that included a bit extra to cover my computer since at the time they only covered up to $1000 or something for computers and mine was worth more. It also covered flood damage which was the main reason I got the insurance in the first place - rental company demanded I have rental insurance with flooding coverage. No I didn't own a waterbed.

 

[EMPshockwave82]

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

I pay $100 per year with 30k in coverage for renters.

 

[MikeyIs4Dcats]

Self insure yourself and put $500/year in a savings account. If you lose it then just don't wear it for however long until you can get a replacement with the savings.

so let's do the math.

PA policy @ 125/yr
Self insure @ 500/yr

Lose ring after 10 years: $1,250 or $5000. Your choice.

 

[Gooberlx2]

That's about what we paid per year for renter's in Florida, except we had 30K coverage and the jewelry rider. Unless crime in your area is that bad, I can't imagine renter's insurance in Boston costing more than somewhere that occasionally experiences hurricanes and floods.

So yeah, shop around.

 

[alkemyst]

ROTFLMAO at people paying five figures for a ring.

ROTFLMAO at someone that just stated there weak spending power.

OP, first there is often a penalty for someone that rents and insuring high-end items.

$20k is a lot for a 'rider' that is basically covering something amounting to cash. Very easy to report a loss and get rid of something like this.

Other things that affect your rate are deductible...even a 10-15% deductible can drastically reduce insurance premiums.

Also is this a per theft policy or also loss/damage? The latter can be much more expensive.

Also keep in mine a 'store' appraisal is often not accurate...they often target 'retail' value and not true street value.

Your credit score also has a huge affect on these kinds of insurance.

Usually about 1% of replacement value is typical for a loss/theft rider for jewelery, in higher risk areas it could be as high as 4% For me

http://www.jewelersmutual.com/FreeQuote.aspx?id=2349 is one of the better companies and gives free quotes.

 

[alkemyst]

Renters insurance is generally less than $300 a year. This of course depends on what you own and how much you cover. I think I paid $15 a month when I rented and that included a bit extra to cover my computer since at the time they only covered up to $1000 or something for computers and mine was worth more. It also covered flood damage which was the main reason I got the insurance in the first place - rental company demanded I have rental insurance with flooding coverage. No I didn't own a waterbed.

A basic renter's (or homeowner's policy), puts an extremely low value on the amount of coverage for jewelery. Sometimes not more than $200-300 even if you are covered for 6 figures in content coverage.

 

[EMPshockwave82]

ROTFLMAO at someone that just stated there weak spending power.

Weak spending power or THEIR actual knowledge and respect for money?


If she needs you to give her a $20k ring for you to prove you love her then she doesn't give a shit about you.


Also if you spend 20k on a ring why are you worrying about $500 / year of insurance?

 

[alkemyst]

Weak spending power or THEIR actual knowledge and respect for money?


If she needs you to give her a $20k ring for you to prove you love her then she doesn't give a shit about you.


Also if you spend 20k on a ring why are you worrying about $500 / year of insurance?

That's where those without money don't understand things like this.

The OP was questioning if it was a fair price...usually this kind of thought process on purchases lends itself to having more money in the future.

Of course the guy that makes $2k a month thinks that means he can afford a $2k TV more often than not.