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Now lets get insurance!

Well I guess I kinda got straight to the point with that title huh?

If you follow me on a social media or know me in person this isn’t news to you. But it’s news to on and I figured it was time to let the cat out of the bag.

I’ve been involved with Khomari, finance’ for 3 years and 8 months and he’s is definitely one of the best things to ever happens to me. He changed my life and changed my perception of love. Because of him I truly know what it feels like to be loved. And while this sounds completely materialistic, I love my ring.

I love my ring because it’s exactly what I wanted, and that is a reminder that Khomari actually listens to me.

You see back in 2010 I went on a cruise with my parents and during that trip I learned about Tanzanite. Since then, I’ve done my research on Tanzanite and the role the Tiffany company has played in the popularization of the stone, never the less, I fell in love with Tanzanite stones and decided then and there that I wanted my wedding ring to be a Tanzanite. I told this story to Khomari once we started to get serious and low and behold he surprised me with a Tanzanite engagement ring on August 30, 2014.

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He purchased the ring from Zales and opted for their Lifetime Jewelry Protect Plan (LJPP). As he is a man of little words (and questions) he didn’t realize that the LJPP has its limitations. After my sleuthing I found that the LJPP only covers the following repairs and services by Zales:

  • any prong or mounting
  • re-tipping of prongs
  • replacement of damaged earring backs
  • spring rings on gold chains and bracelets
  • refinishing
  • polishing
  • stone tightening
  • chain and bracelet soldering
  • cultured pearl restringing
  • replacement of lost or chipped gemstones and diamonds

Further more this service does not cover theft, mysterious disappearance, loss or damage other than that incurred in normal wear.

Basically they don’t cover all of the stuff that would probably happen and cover everything that probably wont.

We needed something more and Perfect Circle Insurance was the answer.

I love insurance. I’m all about being insured. It’s funny because I partnered with Perfect Circle by Jewelers Mutual to host an event in New Orleans during the Financial Bloggers Conference (FinCon) and during our initial conversations I didn’t have any jewelry I cared to insure, I just believed in cost-effective insurance. But once I received my ring I realized how wonderful Perfect Circle (PC) is. We decided to insure my ring with PC not because of my previous working relationship with them, but because of the value. I believe in paying for piece of mind when it makes sense and PC made sense.

For $30 a year I got the following:

  • Worldwide Repair and Replacement Coverage: Comprehensive jewelry protection against loss, theft, damage or mysteriously disappearance (unexplained loss). Coverage also includes loose stones while they are being set by your own jeweler. Standard homeowners’ policies may only provide limited jewelry protection. Other insurance policies typically don’t cover loose stones.
  • Same Kind and Quality: Repaired or replaced jewelry will be virtually indistinguishable from the original, especially important with name-brand jewelry.
  • Use Your Preferred Jeweler: No need for multiple estimates from various jewelers.
  • No Deductible Required: And no limits on the value of coverage. A minimum annual policy premium is $25.
  • Automatic Coverage: Customers with an existing policy from Jewelers Mutual enjoy up to 30 days of automatic coverage (subject to a limit of up to $10,000) on any newly acquired jewelry items.

I loose things. There’s a lot going on in my mind and I would be devastated if I lost my engagement ring. It didn’t cost an enormous amount of money, but it means so much to Khomari and me that $30 a year ($2.50 a month) is a piece of mind I am willing to pay for.

Whats next? A My Fab Finance Wedding !!!

Stay tuned for my wedding planning on a budget post and the steps we are taking to save our coins during this process.




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Created by nationally recognized millennial money expert Tonya Rapley, My Fab Finance is a leading financial education and lifestyle blog for millennials who want to become financially free and do more of what they love.