If you lose your engagement ring and its insured, will the insurer replace it?

Question

I am so shaken up right now. I lost my ring an hour ago and i am not in the area to call the insurer. Has this happened to anyone and if so, what did you do?

Answer 1

That's what insurance is for. Call them, make sure that losing it is part of your coverage.

Answer 2

They should but some tend to throw "The Small Print" at you.

We had an £800 bike stolen (I know, not a ring but bear with me...).  The insurance Co said they would replace "Like for like", I asked them to explain and was told that if there was a similar standard bike for £150, that's all the money they'd give us.

You also need to check your policy, in practically all claims you need to pay a portion of the payout, for us it was £100 and this gets deducted from the cost of the money the insurers send you.

Some insurers send a cheque, others will send non-exchangeable gift vouchers.

Also, report it to the Police to get a Crime Number. It's unlikely to be found and handed in, but you have a little extra proof of your loss.

Answer 3

They'll replace it and my insurance company didn't even up the rates.  They will if I have another claim in the next 2-3 years though.

It has to be listed on the coverage though (more than likely|).  Usually it'll have the description, size, color, etc.... and they'll either replace it or give you a check.

Answer 4

It depends on how you have it insured, and on what state/country you're in.  In most U.S. states, you can have the ring insured on what's called a personal inland marine policy, or personal articles policy or you can add that coverage as a floater to your homeowner's or renter's insurance.  If that is how you insured it, then you should have provided them with a receipt or appraisal and they'll cover the full purchase price (maybe the replacement cost, but maybe not) and you may or may not be subject to a deductible depending upon the plan you chose.  Also, these types of policies cover all risks, so simply losing it is covered.

Now when you say it's insured, if you mean that you have Homeowner's or Renter's insurance, then the ring is almost definitely not covered for loss, only for listed perils like theft, fire, wind, etc.  Even if it was covered, you'd be subject to your deductible.

So, it really depends upon how you insured it.  If you have personal inland marine or personal articles coverage than you should be absolutely fine...although it's still unfortunate.

Answer 5

I have had a jewelry business.  So I have a lot of experience here... Not all insurance companies are the same.  BUT - if you had the ring insured and usually this means you had to have a receipt and a written appraisal (to get a rider on personal property) -- and the ring was insured at the real replacement value of the ring (this is usually a little more than you paid b/c if you were to custom order an exact replica it usually would cost a little more) -- the insurance company will do one of 2 things.  They will either give you a check to replace the ring (this is less common) OR give you a choice of reputable jewelry stores or jewelers to replace the ring.  They will then pay the jeweler direct.  Good luck!  And remember your relationship is more important than the ring!  Don't forget it!

Answer 6

Well if its insured, your insurance company will pay you what it's worth. They might be suspicious though, because there have been cases of people hiding their rings and claiming they lost them. You can use the money they give you to buy a new ring. I hope this calms you down.