topic Re: Jewelry Insurance Question in Jewelry

Jewelry Insurance Question

Ainhisg — Thu, 29 Feb 2024 23:13:52 GMT

If you have or had a jewelry insurance policy, I have a question.

We just switched insurance companies. I had a separate jewelry policy with our former company, but I knew it wasn't enough coverage due to the increase in gold prices and from inheriting pieces from my mother. I needed to set up a policy to get it going, so the insurance agent and I chose $10,000 worth of coverage increasing what I previously had.

I had to provide a detailed list and photos of my jewelry to him so that the policy could start. I had most of the jewelry receipts, so I knew grams, carat weights, and so forth, and was able to find similar items online. Wow! Did I get sticker shock! A 26 gram 14k gold 5mm omega necklace was $650 when my ex-husband bought it in 1998. Now? A similar weight and width is $2200.

The list I provided him far exceeded the $10,000 limit, which we knew it would...but I sure didn't expect the list to exceed it by so much. I still have to get appraisals on any item that is $3000 or more, and I will get that process started next week.

My question is this...my current list has every piece of jewelry I own that is $500+. Do most people only insure things that are $1000+, $2000+, or??? Most of it was either purchased by my ex-husband or received from my mother when she passed, so I truly know that I am blessed to have this situation with which to deal. I certainly could never have afforded most of it on my own. As an aside, in case anyone is wondering, it is a separate jewelry policy with the word "marine" in it, but that's all I can remember. It is $119 with zero deductible for $10,000 coverage, which I think is reasonable. It covers theft, loss, etc.

All advice and experience is welcome! TIA!

Re: Jewelry Insurance Question

SharkE — Thu, 29 Feb 2024 23:28:29 GMT

Re: Jewelry Insurance Question

elated — Thu, 29 Feb 2024 23:34:00 GMT

Why not get a safe deposit box in the bank? It will save you money and it will remain safe. Do you wear it? Just a thought.

Re: Jewelry Insurance Question

SharkE — Thu, 29 Feb 2024 23:39:07 GMT

That's a 1ct diamond solitaire insured for 10 large cost me 160 a yr. 14 kt white gold. That's on it's own policy

rest of my stuff is included in the house policy insured for

1500 per piece. To low, but, I don't live in a major city and don't expect to get robbed. LOL Most they will pay for these items together is 10,000 like a fire or something like that. I got Travelors. Have a security system too.

My insurance this yr. went up almost a thousand. I live in

Tx. and you never know when a fire will break out. I pay 7300 a yr for a nice home and a 2020 Toyota van and a outside pole barn.

Insurance covers liability, etc. Think it's 500 deductible and 50 for car glass. It's high, but, if I would lose my house I'd have no place to go. I'd rather pay it and feel secure.

Home is valued between 400,000-and whatever is the going price. 2 1/2 acres in cul de sac area. I'm insurance poor. LOL

Re: Jewelry Insurance Question

CelticCrafter — Thu, 29 Feb 2024 23:42:19 GMT

@Ainhisg wrote:
If you have or had a jewelry insurance policy, I have a question.

We just switched insurance companies. I had a separate jewelry policy with our former company, but I knew it wasn't enough coverage due to the increase in gold prices and from inheriting pieces from my mother. I needed to set up a policy to get it going, so the insurance agent and I chose $10,000 worth of coverage increasing what I previously had.

I had to provide a detailed list and photos of my jewelry to him so that the policy could start. I had most of the jewelry receipts, so I knew grams, carat weights, and so forth, and was able to find similar items online. Wow! Did I get sticker shock! A 26 gram 14k gold 5mm omega necklace was $650 when my ex-husband bought it in 1998. Now? A similar weight and width is $2200.

The list I provided him far exceeded the $10,000 limit, which we knew it would...but I sure didn't expect the list to exceed it by so much. I still have to get appraisals on any item that is $3000 or more, and I will get that process started next week.

My question is this...my current list has every piece of jewelry I own that is $500+. Do most people only insure things that are $1000+, $2000+, or??? Most of it was either purchased by my ex-husband or received from my mother when she passed, so I truly know that I am blessed to have this situation with which to deal. I certainly could never have afforded most of it on my own. As an aside, in case anyone is wondering, it is a separate jewelry policy with the word "marine" in it, but that's all I can remember. It is $119 with zero deductible for $10,000 coverage, which I think is reasonable. It covers theft, loss, etc.

All advice and experience is welcome! TIA!

I think it depends on what you can afford replace on your own if you had to, not what someone else would do.

Re: Jewelry Insurance Question

Ainhisg — Thu, 29 Feb 2024 23:47:49 GMT

@elated wrote:
Why not get a safe deposit box in the bank? It will save you money and it will remain safe. Do you wear it? Just a thought.

I have a safety deposit box but still feel like I would need to insure it as we live in tornado alley.

Re: Jewelry Insurance Question

Ainhisg — Thu, 29 Feb 2024 23:55:56 GMT

@CelticCrafter honestly, some of it I would miss, some of it...not so much. So I'm not sure how much I would replace even with the insurance money. But I sure don't want to have the more valuable pieces not covered. We live in the city, and even though we live in one of the best areas of town, there is still rising crime in our area. And then I have to consider fire and tornadoes.

Re: Jewelry Insurance Question

SilleeMee — Thu, 29 Feb 2024 23:57:14 GMT

If you have homeowners insurance, jewelry is covered under the personal property section but you need to check the limits and increase it if needed.

Re: Jewelry Insurance Question

Ainhisg — Thu, 29 Feb 2024 23:57:19 GMT

@SharkE you have a beautiful ring! Wow! Your homeowner's insurance is a pretty penny, but a person has to have adequate coverage.

Re: Jewelry Insurance Question

SharkE — Fri, 01 Mar 2024 00:06:05 GMT

Yeah, insurance are weasals. LOL We had a cheap o policy back when my tight husband was alive and when the roof had hail damage they didn't want to pay it. We ended up paying half ourselves.

Travelers is dang good insurance, but, like everything you get what you paid for. We had 2 small claims and they took care of it, no questions asked, no dickering and we could choose where to take the van.

Shoot just the windshield on a Sienna 2020 van was over 2000 !! I paid 50 on it and rest of it was taken care of.

Now, that the spouse is dead I don't want no cheap O

policy. First class or nothing. I don't have kids to nickel and dime me to death , so, sure that makes a difference. Will is made.

Re: Jewelry Insurance Question

SharkE — Fri, 01 Mar 2024 00:22:42 GMT

Our cheap O policy never went up ........mmmmmm strange. When we needed them we found out why it never went up they wasn't gonna pay for nothing anyway, so, we was paying 2,000 a yr (yrs ago) for

the fun of it.

Re: Jewelry Insurance Question

jlkz — Fri, 01 Mar 2024 00:28:47 GMT

@SharkE

Last February while we were in FL, our 2020 red Sienna was totaled. Because of the impact of Hurricane Ian that destroyed Sanibel and North Fort Myers, we couldn't buy a used car anywhere.

New Siennas, whether here in FL or back home, wouldn't be available until the Fall. Repairs if feasible would not make it to the schedule until August. However, because all the air bags were deployed and the likelihood of unseen undercarriage damage once the van was examined repair was out of the question.

Long story short, we had opted for the more expensive value of the van and not the Blue Book ( ? ) value. Bottom line, the car insurance paid the full cost of a new van plus the cost of renting a van to drive home as well as all taxes.

Your idea to go with the top of the line insurance options will pay off but I hope you never need it. Be safe.

At our age, we went with a top of the line Subaru Outback XT with all the safety options.

Re: Jewelry Insurance Question

SharkE — Fri, 01 Mar 2024 00:36:34 GMT

Glad to hear it ! If it seems to good to be true, it is !

No way, my deceased husband would pay what I'm paying, but, I don't want to have money in the bank and live in a ghetto.

He just wanted to save every nickel. There's a happy medium.

Re: Jewelry Insurance Question

Ainhisg — Fri, 01 Mar 2024 00:48:47 GMT

@SilleeMee wrote:
If you have homeowners insurance, jewelry is covered under the personal property section but you need to check the limits and increase it if needed.

Yes, we have homeowner's insurance. I know there is some coverage, as he mentioned it. The policies don't go into effect until Tuesday, so we don't have the hard copy policies nor are they online yet for me to see. I will call him tomorrow to verify what the personal property section says.

Re: Jewelry Insurance Question

Janey2 — Fri, 01 Mar 2024 01:08:30 GMT

I was told years ago only insure what would be a hardship for you to replace.

Re: Jewelry Insurance Question

SaveTheTurtles — Fri, 01 Mar 2024 01:32:07 GMT

@Ainhisg I have jewelry as part of my regular homeowners insurance covered up to $10k and then I have our wedding rings and a ring I inherited from my mom scheduled separately so with that you pay so much per $1k of appraised value. If you are not wearing your jewelry and don't plan to it will be less expensive to keep in a safe deposit box.

Re: Jewelry Insurance Question

Ainhisg — Fri, 01 Mar 2024 01:48:30 GMT

@SaveTheTurtles wrote:
@Ainhisg I have jewelry as part of my regular homeowners insurance covered up to $10k and then I have our wedding rings and a ring I inherited from my mom scheduled separately so with that you pay so much per $1k of appraised value. If you are not wearing your jewelry and don't plan to it will be less expensive to keep in a safe deposit box.

@SaveTheTurtles I am going to call tomorrow to see what amount is covered under the homeowner's policy. Then I could insure the more expensive pieces with the separate policy. Thank you for telling me that you do it that way. I have a safety deposit box, but I live in tornado alley so still feel like I would need insurance on any pieces kept there.

Re: Jewelry Insurance Question

SaveTheTurtles — Fri, 01 Mar 2024 02:15:04 GMT

@Ainhisg wrote:
@SaveTheTurtles wrote:
@Ainhisg I have jewelry as part of my regular homeowners insurance covered up to $10k and then I have our wedding rings and a ring I inherited from my mom scheduled separately so with that you pay so much per $1k of appraised value. If you are not wearing your jewelry and don't plan to it will be less expensive to keep in a safe deposit box.
@SaveTheTurtles I am going to call tomorrow to see what amount is covered under the homeowner's policy. Then I could insure the more expensive pieces with the separate policy. Thank you for telling me that you do it that way. I have a safety deposit box, but I live in tornado alley so still feel like I would need insurance on any pieces kept there.

I hope my experience helps you determine how to do it. Yes, it makes sense to have all insured given where you live. Different insurance companies may work it differently too but your agent should be able to provide you with the best option for your needs. Good luck.

Re: Jewelry Insurance Question

amyb — Fri, 01 Mar 2024 11:41:46 GMT

I think mine is not a separate policy but a "list" attached to my homeowner's. I don't know if I'm using the right terms. I have State Farm. I think it does have a term I can't think of now...

I had a similar situation to yours...not only do I have my own fine jewelry gifted or bought over the many years, but then inherited my mom's and I also have grandmother pieces too...and they hadn't been reappraised for about 20 years...so I did all that 2 years ago after mom passed.

To answer your question they advised anything over $500.00. My items had gone up substantially too, as 20 yrs is too long and also how gold had gone up.

Not sure what I pay, or how my policy works, but I think you only wanted to know about amounts I insured.

I don't put them in a safe deposit box because, while I don't wear it all all the time, I do wear a lot of it in rotation, and want access to it. If it's just there for "investment" and safe keeping, then that is a good idea.

Re: Jewelry Insurance Question

annie-g — Fri, 01 Mar 2024 13:47:47 GMT

Get a Cannon upright gun safe, bolted to the floor. Best insurance policy there is. If u live in Texas or tornado alley. They will not move. Saved my jewelry from a home theft in Dallas years ago. Cannon brands are the best and if damaged in a fire or flood, the Company will replace the safe free. We were in hurricane Harvey in our second home and had 22 inches of water in the house and safe, and I got a bigger and brand new safe free, with free delivery. Can't beat that.