topic Re: Do you insure your expensive jewelry? in Jewelry

Do you insure your expensive jewelry?

------ — Mon, 07 Jul 2014 16:15:42 GMT

Or do you just hope for the best?

And if you insure do you go through your homeowners or use another insurance co?

I'm asking because I have a piece I would like to insure but am not sure it's worth the premium.

Re: Do you insure your expensive jewelry?

depglass — Mon, 07 Jul 2014 16:19:06 GMT

Our homeowners insurance requires a rider that amounts to 10% of the value per year. So every ten years you have rebought your collection. So I don't.

Re: Do you insure your expensive jewelry?

------ — Mon, 07 Jul 2014 16:21:32 GMT

10%… yikes! I can understand why you wouldn't.

Re: Do you insure your expensive jewelry?

151949 — Mon, 07 Jul 2014 16:23:50 GMT

My grandfather was a jewelry designer - he made my grandma a breathtaking set for their 50th anni and then after she had passed he took the stones from it and made me a ring - tiffany bridge with 2carat on the top and 5 ,1/4 c under the bridge, set in platinum. I don't even wear it - all the stones are the best money can buy because they were for the love of his life, the woman he adored. I keep ir in our safety dep box and wear the 1/2 c my DH gave me when we got engaged. Anyway, I do have that valuable ring insured on our homeowners policy - and proof of it's value is already with the insurance co.in case we would ever lose everything in say a flood or a tornado. Though I am certain it is much safer in the bank's vault than it would be in my home - we do live in a hurricane area and we do get tornadoes too, so best to keep valuables insured. I feel that ring is our safety net against any financial disaster.

Re: Do you insure your expensive jewelry?

ChynnaBlue — Mon, 07 Jul 2014 16:24:06 GMT

Talk to your insurance agent and get an estimate. "Expensive" is a relative term, so I don't know how much you're looking at. It definitely would not be worth the expense or the hassle for me to insure my own jewelry collection and I'm much more worried about my computers.

Re: Do you insure your expensive jewelry?

lizzief — Mon, 07 Jul 2014 16:26:05 GMT

We had a homeowners policy that wouldn't insure jewelry, and the quote for a separate policy was more than the policy for the house! We have recently changed companies and I am in the process of getting appraisals for another quote. I will probably insure just the most valuable pieces. It's scary not having insurance, but the premiums are ridiculous!

Re: Do you insure your expensive jewelry?

Hoovermom — Mon, 07 Jul 2014 16:26:09 GMT

Yes, talk to your insurance company. I know that the prices vary.

Re: Do you insure your expensive jewelry?

------ — Mon, 07 Jul 2014 16:30:48 GMT

I did speak to my agent about a rider. He was out of the office and wasn't able to get me an on-the-spot quote but warned me that it would be expensive.

Re: Do you insure your expensive jewelry?

henderson — Mon, 07 Jul 2014 16:31:36 GMT

I insure some items (wedding rings, bracelets, diamond pendant, etc.) with Jeweler's Mutual. They have a website online. Everything must be appraised before you can get insured with them. They determine their fees by your state and county. Say if you live in Los Angeles, you pay more than if you lived in a small town like Tucson, Ariz.

Re: Do you insure your expensive jewelry?

Sylanne — Mon, 07 Jul 2014 16:33:39 GMT

The truth is I don't own what I consider to be expensive jewelry; that is items that have a price point of over 1000.00 per piece.

As far as mid-price point items; while I own them I just don't have a lot to make it worthwhile for added insurance costs.

If my things were lost, stolen, or damaged I would be upset for the sentimental value of the items, not the replacement cost----which I would never do.

Re: Do you insure your expensive jewelry?

------ — Mon, 07 Jul 2014 16:34:59 GMT

On 7/7/2014 henderson said:
I insure some items (wedding rings, bracelets, diamond pendant, etc.) with Jeweler's Mutual. They have a website online. Everything must be appraised before you can get insured with them. They determine their fees by your state and county. Say if you live in Los Angeles, you pay more than if you lived in a small town like Tucson, Ariz.

I will check them out. Thank you!

Re: Do you insure your expensive jewelry?

smarty — Mon, 07 Jul 2014 16:37:18 GMT

Add up the value of your jewelry (what it would cost you to replace it) and if that is greater than the coverage offered by your homeowner's policy then you should have a conversation with your insurance broker about your options. You should also review what your standard policy covers in case of loss...it might not be what you think it is! There are many options even with a standard homeowner's policy so an annual review is always worthwhile. You really should treat your insurance broker as part of your financial health team.

Re: Do you insure your expensive jewelry?

------ — Mon, 07 Jul 2014 16:43:05 GMT

On 7/7/2014 smarty said:
Add up the value of your jewelry (what it would cost you to replace it) and if that is greater than the coverage offered by your homeowner's policy then you should have a conversation with your insurance broker about your options. You should also review what your standard policy covers in case of loss...it might not be what you think it is! There are many options even with a standard homeowner's policy so an annual review is always worthwhile. You really should treat your insurance broker as part of your financial health team.

Hi smarty, Thanks for the help. My agent will call me back this morning. I will be sure to ask re. my current HO policy.

Re: Do you insure your expensive jewelry?

Kathlen — Mon, 07 Jul 2014 16:43:30 GMT

No - for a variety of reasons.

Re: Do you insure your expensive jewelry?

chrystaltree — Mon, 07 Jul 2014 16:51:09 GMT

I insured three very expensive pieces but I'll probably won't re-insure when coverage ends. It's incredibly expensive. We have come coverage on our homeowners, additional jewelry coverage is pricey. I insured two diamond and emerald pieces that I inherited from my mother, who inherited them from her mother. I also insured a 4ct eternity band that my husband gave me on our 20th. Gorgeous but it's really to big to wear. Those pieces live in our safe deposit box.

Re: Do you insure your expensive jewelry?

Perkup — Mon, 07 Jul 2014 16:52:25 GMT

No. Not necessary. I don't care for expensive jewelry - I can find costume pieces that look just as good and don't cost a fortune. Owning "stuff" has never been important to me. If someone took my entire collection, it wouldn't upset me very much other than knowing that I might have to look for some replacements.

Re: Do you insure your expensive jewelry?

Qulia — Mon, 07 Jul 2014 16:59:34 GMT

We absolutely have a rider on our homeowners insurance for my jewelry and one specifically for my wedding set. It was affordable and well worth the peace of mind should our house get robbed or destroyed in a disaster. This sparked a conversation with my husband and we couldn't remember if the rider covered loss, so we'll be reviewing that. We should also do a review to make sure the coverage is adequate given my tendency to add pieces to my collection. Thanks to the OP for bringing up the topic and for the helpful answers within this thread.

Re: Do you insure your expensive jewelry?

ennui1 — Mon, 07 Jul 2014 17:18:34 GMT

Yes. I insure the cars, and the jewelry is worth more.

But I am thinking about just getting a safe.

Re: Do you insure your expensive jewelry?

VegasBusinessWoman — Mon, 07 Jul 2014 17:27:52 GMT

I have to agree with those who find the expense prohibitive. I talked with my homeowners agent and nearly fell over dead at the annual price she quoted. Consequently, I keep my best jewelry in a safe when I'm not wearing it.

Re: Do you insure your expensive jewelry?

expatgal — Mon, 07 Jul 2014 17:40:41 GMT

On 7/7/2014 VegasBusinessWoman said:
I have to agree with those who find the expense prohibitive. I talked with my homeowners agent and nearly fell over dead at the annual price she quoted. Consequently, I keep my best jewelry in a safe when I'm not wearing it.

Ditto. I don't think most people realize just how expensive jewelry insurance really is.