Diamond ring for my home

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PostPosted: Sat Oct 11, 2008 4:41 am   Post subject: Diamond ring for my home  

Hi,

Is there any insurance to cover my diamond ring? Would it come under the cover of my home owners?

Crossbreed


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PostPosted: Sat Oct 11, 2008 5:46 am   Post subject:   

Hi,

The home owners or the renters insurance would certainly cover your diamond ring in proportion to your losses arising out of a theft. There could some exceptions in terms of personal belongings eg. jewelry. So, I'd suggest you go through your policy papers very carefully and make sure that everything is okay.

Purpleheaded08


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PostPosted: Sat Oct 11, 2008 7:17 am   Post subject:   

Hi, there are a couple of good choices for you whenever you see that the worth of your ring has crossed the limit of your home insurance or renters insurance. One such option is to buy a floater for your ring which offers a particular coverage calculated upon its appraised value.



Another option would be to buy any stand-alone coverage which is dedicated to safeguard your worthy possessions. You'd just need to get the ring evaluated by an authorized jeweler if you're gonna opt for a floater or for that matter a stand-alone policy. Caromel_merquez


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PostPosted: Sat Oct 11, 2008 7:29 am   Post subject:   

Homeowners policy offers coverage upto a certain limit to precious items and artifacts or antics, but often times that may not cover the entire value of the product and imposes a certain limit upon the available compensation(which is $1,000 for the jewellery). Hence, you may need to purchase additional coverage or floater to cover the item for its true value. Some insurance companies offer riders by the name of diamond ring insurance to protect your precious piece of jewellery.



You may find that the rider offers three different coverage level- actual cash value, replacement value and agreed value. The most frequently available coverage is the replacement value coverage, where the insurance company replaces your lost ring at the lowest price that they can negotiate.

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PostPosted: Sat Oct 11, 2008 8:43 am   Post subject:   

Hi Crossbreed



There is a chance that your diamond ring will be covered under homeowners/renters insurance, but only to a certain extent, may be for loss due to theft. Mostly the insurance companies have limitations when it comes to covering your jewelry under homeowners/renters insurance. However, you may purchase a floater policy to protect your diamond ring based on its appraised value. Such floaters usually also don't have deductibles. If you can shop well, may be you can be lucky enough to find a company that provides a stand alone policy for your diamond ring without you having to own homeowners insurance.

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PostPosted: Sat Oct 11, 2008 8:50 am   Post subject:   

I must also mention that you must get your diamond ring appraised for its dollar value. Your premium will be calculated on the basis of the appraised value in case you choose to purchase a floater or endorsement.



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PostPosted: Sat Oct 11, 2008 10:04 am   Post subject:   

I have an inland marine policy on my rings...as mentioned your HO policy will have a limit on the amount it will pay for your ring...an inland marine will be a stated amount (based on the appraisal) and frankly better perils..



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PostPosted: Sat Oct 11, 2008 10:28 am   Post subject:   

An inland marine policy can be opted as a rider to your homeowner's/renters policy and cover all types of risks making it a more lucrative option Smile. Being a floater policy, it may not have deductible. Check with your insurance provider Smile

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PostPosted: Sat Oct 11, 2008 7:13 pm   Post subject:   

The answer to this question is based on how your policy is set up. Go over it carefully. The company I worked for would have many who have the jewelry scheduled on the policy as covered. Some home ownes would simply say it fell off their wrist and the adjuster would pay for its replacement, but just so you know, not all insurance companies work this way. If you feel you have several pieces of jewelery that needs to be covered, call your agent to find out how that company works to take care of this for you. Ask what different options of jewelry coverage they have.

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PostPosted: Sat Oct 11, 2008 7:22 pm   Post subject:   

So if you have jewelry that is worth a few cents does this mean you have to get it appraised? I have always heard of making a list of all your valuables and keeping it in a safe place. I personally keep mine stored in my e-mail. This way if there is ever a fire or any other unlucky occurence all I have to do is go to a computer and sign into my mailbox. There are probaly a thousand other ways to keep records but I thought this would be a good idea.

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PostPosted: Sun Oct 12, 2008 11:28 am   Post subject:   

The only time you really have to have an appraisal is if the item is scheduled (stated amount)...



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PostPosted: Sun Oct 12, 2008 2:03 pm   Post subject:   

Sorry I don't mean to sound stupid but I guess if you don't ask you will never learn..So a stated amount is per say..My ring was worth x amount of dollars? If you had a copy of a reciept does that give you evidence of the value?

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PostPosted: Sun Oct 12, 2008 6:36 pm   Post subject:   

There are NO stupid (geniune) questions...a state amount or scheduled item is one that is insured for up to or a certain amount...for instance i have a inland marine policy on four pieces of jewelry my husband bought for me 3 rings one necklace...each one has it's own stated amount (10k, 3k, 500 whatever) each also has it's own appraisal...if they are stolen I collect that amount....(that's on a inland marine)....a receipt would work if they aren't scheduled and you say have a fire....and maybe on theft..the problem with HO policys is most have a limit on certain property (jewlery fire arms, collectables) for 1k limit for the peril of THEFT some maybe on other perils as well...that's why I got the inland marine when he bought me this really nice (big) rock for our 11th anniversary (we were really broke on the 10th! haha)...because I knew if it were stolen I'd get 1k only and it is worth substantially more than that..



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PostPosted: Mon Oct 13, 2008 1:45 am   Post subject:   

Thanks for explaining. Congrats on the rock. I will have to let my hubby read this post LOL. So now that I understand that part how do you get an "inland marine"? Is that a name of an insurance company or what? I do have alot of jewelry that is worth something. It was my hubbys favorite gift up until the accident and funds kind of got tight.

Another thing that really has been upsetting me is why my insurance company never explained these things when we got our policy. I have learned soo much from here (by asking questions). I have never felt so underinsured in my life.

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PostPosted: Mon Oct 13, 2008 9:18 am   Post subject:   

No an inland marine is a 'type' of policy, like an auto or boat, or home....it's a goofy sounding name I'll certainly agree...and it's perils are much better...for instance my inland marine policy costs about 100 a year for a total of I think 20k in coverage....mine even covers 'mysterious disappearance' of the rock...meaning if a diamond falls out...you'll want to check around on both the premiums and the coverages....



(my husband likes buying jewelery too, finally got to a point I had to say, 'look this is sweet and all and I love ya' but no more' LaughingWink )....



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