Submitted by blindmike95 t3_11n2b63 in personalfinance
Wondering whether we should pay for insurance for our engagement and wedding rings. Wife's engagement ring: paid $2970, appraised at $3650 Our wedding bands: $890 each
Our options are:
- Use a company like Jewelers Mutual for $60. Claims do not appear on CLU report or affect renters/homeowners insurance premiums.
- Get a personal articles policy from State Farm for $60. Claims show up on the CLU report. Benefit is that State Farm sends you a check rather than paying the jeweler directly, so you can go wherever you want and get whatever you want for a replacement.
- Schedule the rings on our Amica renters policy for $30/year. Claims show on the CLU report, affect future homeowners/renters rates, and any claim-free discounts. Amica would send a check in the event of a claim.
Would you all say insurance for these pieces is worth it? If so would you agree that a company like Jewelers Mutual would be the best option?