Jewelry

[ScrapHappy]

This was 20+ years ago.  I looked into insuring my engagement and wedding rings.  It was some ridiculous high number.  I on't remember the number but I do recall thinking, geeze in a couple of years I could buy a new one with what the insurance would cost.  It's a little over a carat diamond and my wedding band is diamonds too.  I do know this:  appraisal value and insurance value(what it will cost to be a new one) are totally different.  My good friends niece had a home robbery.  Stole all her jewelry (not engagement and wedding rings, she was wearing them) but everything else.  She called her insurance company.  She had home owners coverage and a rider for jewelry.  The lady from her insurance company recommened she shouldn't even bother making a claim because once she does, her insurance will sky rocket.  

[Ainhisg]

@ScrapHappy thank you for sharing this.  The main jewelry policy is a completely different policy from my homeowner's called an Inland Marine policy.  I will ask about the policy costs increasing in price if I use it.  Thank you for that idea!

[SharkE]

I'm home most of the time. I should get a gun even with a security system. I sleep behind a dead bolt door with 2 locks.

My theory is my security should let me know if somebody is breaking in. After that I hit the phone.

Some people said "get a dog". I don't want the smell and the cost and responsibility, etc.

I'm afraid I'll kill myself if I got a hand gun. LOL

I'll end up in nursing home one day so don't have that

long to worry about it. Sell off all my valuables before

I go in.  

[annie-g]

Yes, the Cannon gun safes are fireproof for 1 hour or more.  Some of the newer ones are even longer.  Hopefully the fire dept won't take an hour to get to your house.  All of our important papers are in ours also.  On the Cannon web site, there used to be videos of perils that have happened to owners safes and about all of them stood up to the task.  

[Fressa]

I have a seperate jewelry insurance policy. I did the pictures and appraisals and receipts as well. My policy has the select seperate items that are the most expensive listed and the other jewlery pieces are lumped together in a general statement. I still had to provide receipts for those but did not do a $1 for $1 insurance rate on them. Insurance rates (especially on jewelry) seem to vary more than on other objects. I based the total insurec on a 50-65% value of the "special pieces and about 25% of the lump sum of the other pieces. It was just a cost decision for me. There is still some chance that the original insurance policy would cover something depending on the circumstance. Remember these rates could increase in the coming years .

[Ainhisg]

Thank you, @Fressa .  I had $5000 worth of pieces that cost $400 or less that I didn't cover with the jewelry policy but got a policy rider on my homeowner's for $14 a year.  I had to take pictures and value it and am to keep that myself--no need to submit it to insurance unless I make a claim.  And a claim will only happen if the house would be burglarized or destroyed by fire or tornado, since our deductible is $2500. So that's done.

As for the jewelry policy, after it was officially underwritten, it is $311 a year as written with no deductible.  But I still have to have appraisals done, and I am going to give a 14k pocket watch and chain to my sister and hope to sell the jeweler some earrings and a ring, so my inventory will go down.  I am paying monthly until the appraisals are done, and I know what I'm keeping.

I've done a lot of research since posting this question about the pros and cons of where to store jewelry.  Safe deposit boxes aren't tornado, flood, or fire-safe. They aren't insured. In my area of the country, it would be a tornado or fire, but since the bank has sprinklers, there could be water damage.  The article said to store everything in plastic bags in the box for further protection.  Then there is also the possibility of theft from the safe deposit boxes.  Not sure how that would happen, but I watched several YouTube videos on this and read articles. And then safes in the home are iffy because of fire, tornadoes, and flooding, too.  A person better buy a good safe or gun safe that's rated for over 1700 degrees for an hour! And as @SharkE pointed out, a thief could have a gun and make you open the safe, so there's that.  I think @SilleeMee's suggestion to bury it in the backyard makes the most sense!  

 

[SilleeMee]

@Ainhisg 

Years ago I had a safe deposit box at my bank. Had that for many years until the bank closed their doors for business! That's when I got a 5-gal bucket and dug the hole. 

Pirates, and other treasure people, got it right back then.

[Fressa]

I used to have a safe deposit box but discontinued that option when the rates went too high. The inconvience was a pain. I found a safe that was fire and water safe. I usually don't store my items in there unless we are away. I have GermanShepherd dogs so they are a good source of home pertection for normal errands. I have also stored some of the "special" items in rooms that aren't normally checked by intruders.(den, office, bathroom, pantry, closests. A gun safe is also a good place. My policy is around $460 but I also have some coats and family items included. Sounds like you got a good policy for you items.