Question:

Is $1.50 per $100/yr a good rate for diamond ring insurance in a big city?

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I don't own or rent a home. I was looking at Jeweler's mutual as an option. Since I'm in a big city (Chicago) the rate is higher.

Is $1.50 per $100 a good rate for the city I'm in?

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6 ANSWERS


  1. I purchased that same insurance when I first got married (again, I was a broke student at the time & didn't own or rent a home and lived in Minneapolis). I have a modest approximately 1/3 carat ring.

    What I came to realize after paying premiums year after year after year for the past 6 years is that there is highly unlikely anything will actually happen to your ring if you're careful--and as long as it isn't huge and showy. (I use public transit daily and haven't had a problem... but then again, mine isn't one of those 2-5 carat showpieces some ladies wear). I stopped insuring it last year--and kind of wish I had the premiums back!


  2. I answered this question of yours before. I was quote $3 a month for every $2500 in value....so we pay almost $14 a month for mine. YOU need to call around. 1.50 a YEAR is not going to insure your ring. But call around and check. Don't ask us, we're not your insurance company.

  3. That's not bad. Mine is approximately $2 per $100.  

  4. I live in Chicago and was just quoted $14 per $1000 of value to cover my jewelry on our homeowner's policy.  So, I'd say the rate you were quoted is fair.

  5. I don't know how this breaks down per $100 but my ring was appraised at $6000 replacement value, and we pay $80 per year to insure it.  The deductible is $300 I think.  We live in the 4th largest city in Ontario, Canada.

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