Jewelry

[SilleeMee]

 I agree about getting a safe deposit box and that will help save money otherwise spent on insuring it. Another option is to bury it in a secret hole somewhere in the ground but be sure to give the location to someone you trust in case you can't get to it. I have some valuables placed inside a water-tight 5-gallon bucket. The hole I dug is deep enough to bury it with just a small amount of dirt on top of the lid to access it easily. No need to dig the entire thing out to get to the inside.

[Ainhisg]

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@amyb wrote:

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.

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@amyb thank you so much for your experience and guidelines! I wear/plan on wearing most of the jewelry once it is appraised, repaired, cleaned, etc.  The pieces I don't/won't wear?  I like to look at them from time to time and think about Mom and remember. <3  

[Ainhisg]

@annie-g my husband has several guns, and we've talked about a safe, but there is no room in our current home or garage for one. We hope to move to a different house within the next 2-3 years with room for one then.  That being said, aren't they only fireproof up to a certain degree?

[SharkE]

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@SilleeMee wrote:

 I agree about getting a safe deposit box and that will help save money otherwise spent on insuring it. Another option is to bury it in a secret hole somewhere in the ground but be sure to give the location to someone you trust in case you can't get to it. I have some valuables placed inside a water-tight 5-gallon bucket. The hole I dug is deep enough to bury it with just a small amount of dirt on top of the lid to access it easily. No need to dig the entire thing out to get to the inside.

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Wow! sounds like what they did during the Civil war

People always talk about safes, ok, if you got kids and your hiding your guns.  If somebody breaks in your house and holds a gun to somebody's head your probably gonna open it anyway.

[Ainhisg]

@SharkE you know, I never thought of that!  (someone holding a gun to your head making you open the safe, so a safe really isn't safe)  Probably because we don't have one is why I never thought of it, although my husband and I have talked about getting one for his guns if we're lucky enough to move to a home that has room for a gun safe. I guess I just assume someone will break in when we're gone.   

[SilleeMee]

@Ainhisg 

Someone I know is a gun enthusiast. He constructed false walls inside one of his closets and behind them are his gun safes placed there out of view. No one would know he had any guns unless he told them. Same can be done with a traditional safe.

[Shanus]

@Ainhisg   I only insure the jewelry I wear on a regular basis. I provided the insurance company with an appraisal and photos of only those pieces. Gold jewelry, etc. that I never wear, but want to keep for the granddaughters are in a safe. When they receive it, they can insure it for themselves. 

Appraisals are quite expensive, but help provide adequate coverage in case of theft or loss while wearing the jewelry. Most companies now only replace the jewelry for a similar piece at that cost. They used to give cash amounts and let you purchase a replacement.

[Still Raining]

Or get a fire proof, water proof gun safe bolted into a cement slab.  Just make sure it is big enough for the whole family 🤣

[Ainhisg]

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@SilleeMee wrote:

@Ainhisg 

Someone I know is a gun enthusiast. He constructed false walls inside one of his closets and behind them are his gun safes placed there out of view. No one would know he had any guns unless he told them. Same can be done with a traditional safe.

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What a great idea!

[Ainhisg]

OP here...my word.  I knew I came to the right place to ask my questions!  All of you have given me a lot to think about along with a list of questions I asked my agent this morning along with follow-up questions that I am waiting for him to answer.  lol

After you were kind enough to answer my inquiry, I wanted to let you know what I have found out.  I can get a rider on my homeowner's policy for $14 a year (cheap) that will cover $5000 worth of jewelry--stolen/fire/tornado.  We have a $2500 deductible, so obviously, I will only receive benefit from this if the house is destroyed in some way or many things are stolen from the house way over the $2500 deductible cost.  But!  I have a list of things that equal that amount that I did not turn into the original policy.  These are things that cost $400 or less.  I have to take photos of them and make an inventory but are to keep those myself God forbid something happens.  

As far as an actual jewelry policy, mine is going to be amended, because I have to get eppraisals on a few pieces no matter how much it costs.  I know the jeweler will be able to tell me which pieces are likely more than $3000, and those are the ones on which I need appraisals.  I thought the yearly coverage was reasonable for $25,000 worth of coverage:

0 deductible:  $298
$250 deductible:  $274
$500 deductible:  $253

Thanks, again!  And if anyone has anything to add, please feel free.  I want to make sure I've thought of everything.  @Shanus I hadn't thought about whether they would just pay cash or want replacement pieces.  Waiting on a response from my agent!  That may determine exactly what I insure and what I don't.  ETA:  I heard from my agent, and they give cash for lost/stolen pieces.  Whew!  So much easier!