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Respected Contributor
Posts: 2,912
Registered: ‎03-09-2010

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!

Honored Contributor
Posts: 36,449
Registered: ‎08-19-2010

Re: Jewelry Insurance Question

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Esteemed Contributor
Posts: 5,891
Registered: ‎06-09-2010

Re: Jewelry Insurance Question

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.

Honored Contributor
Posts: 36,449
Registered: ‎08-19-2010

Re: Jewelry Insurance Question

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

Honored Contributor
Posts: 9,417
Registered: ‎03-09-2010

Re: Jewelry Insurance Question


@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.

Respected Contributor
Posts: 2,912
Registered: ‎03-09-2010

Re: Jewelry Insurance Question


@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.  

Respected Contributor
Posts: 2,912
Registered: ‎03-09-2010

Re: Jewelry Insurance Question

@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.

Honored Contributor
Posts: 36,221
Registered: ‎05-22-2016

Re: Jewelry Insurance Question

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.

Respected Contributor
Posts: 2,912
Registered: ‎03-09-2010

Re: Jewelry Insurance Question

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

Honored Contributor
Posts: 36,449
Registered: ‎08-19-2010

Re: Jewelry Insurance Question

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.