jewelry insurance?

cbee817 · January 2014

DH and I are starting to accumulate some nice pieces of jewelry/watches and the rider on our homeowner's insurance is not great.

Does anyone have insurance for their jewelry- if so, with who, how much is covered, yearly premium, etc? If not, is it because you think it's a waste of $?

Thanks!

vlagrl29 · January 2014

I don't think it's a waste. It's actually pretty inexpensive. we have them on our personal articles policy. We had them appraised which is way more than what we actually bought them at. They need to be appraised for your insurance agent so he can put it value on your policy. We have 4 rings on ours.

brij2006 · January 2014

We have a few things scheduled onto our homeowners policy, and it's very reasonably priced. What I love about scheduling the items individually is that they they cover "mysterious disapperance." Aka, I can't find it. It also then has a $0 deductible instead of your policy deductible.

I just looked it up, and we have my wedding ring scheduled for $4,500 and we pay $28 a year for the coverage.

That's cheap peace of mind to me.

You can actually purchase policies outside of your homeowners insurance. They are called "Inland Marine" policies. You can find that through any local agent.

maple2 · January 2014

We looked into jewelry insurance after getting married because DH was given an expensive engagement ring for me that had been his grandmother's. Our coverage estimate was around $20/month through State Farm as an addition to our renter's insurance. In the end we decided not to get it because if something happened to the ring we would not replace it with something equivalent in monetary value. We have since inherited some other pieces of jewelry, and we have also chosen not to insure them because, again, we would not replace them if they were lost. In your situation, with jewelry that I had purchased and that had more sentimental or monetary value to me, I might reconsider.

hoffse · January 2014

We don't insure mine, but that's because the place we bought them at will self-insure for loss of the diamonds if you bring them in for a free cleaning/tune up every 6 months. They don't insure for loss of the entire ring or theft, but I don't travel with them, and I hide them when I'm not wearing them, so I'm not particularly worried about that. That said, a separate policy would be nice because I don't always get into the jeweler for a tune up every 6 months. I do worry about the diamonds falling out now and then because I'm pretty hard on my rings.

We will probably insure them when we finally buy a house as a scheduled item. The quote we were given by state farm to insure through our renters policy was high-ish... but the guy told me that's because a lot of people live in an apartment, and theft is more common there. That makes total sense. He said the quote would be a lot lower if we owned a house.

So I think we'll do it then. We will also insure our instruments at the same time. Those are actually worth more than our cars at this point.

CuriousKiddosMama · January 2014

We do have a rider on my ring, and a couple other items. I don't know exactly how much it is anymore, but it was very cheap for the piece of mind when we got it.

Jennycolada · January 2014

We just added it to our homeowner's insurance. It's relatively inexpensive and totally worth the piece of mind!

MommyLiberty5013 · January 2014

maple2 said:

We looked into jewelry insurance after getting married because DH was given an expensive engagement ring for me that had been his grandmother's. Our coverage estimate was around $20/month through State Farm as an addition to our renter's insurance. In the end we decided not to get it because if something happened to the ring we would not replace it with something equivalent in monetary value. We have since inherited some other pieces of jewelry, and we have also chosen not to insure them because, again, we would not replace them if they were lost. In your situation, with jewelry that I had purchased and that had more sentimental or monetary value to me, I might reconsider.

MommyLiberty5013 · January 2014

maple2 said:

We looked into jewelry insurance after getting married because DH was given an expensive engagement ring for me that had been his grandmother's. Our coverage estimate was around $20/month through State Farm as an addition to our renter's insurance. In the end we decided not to get it because if something happened to the ring we would not replace it with something equivalent in monetary value. We have since inherited some other pieces of jewelry, and we have also chosen not to insure them because, again, we would not replace them if they were lost. In your situation, with jewelry that I had purchased and that had more sentimental or monetary value to me, I might reconsider.

dragonstarjk · January 2014

I pay $34 per year for my engagement/wedding set. This is through the same place we have our home and auto insurance. It covers lost/stolen/misplaced/broken. I will probably never need it, but if I were to lose my ring when traveling, I would be very happy that I paid the insurance that year! I think it's worth it for my peace of mind. I probably would not pay for it for a piece of jewelry that was worth under 1K, just because that would be relatively easy to replace.

jtmh2012 · January 2014

I probably would not pay for it for a piece of jewelry that was worth under 1K, just because that would be relatively easy to replace.

We haven't covered anything yet and I agree that for individual pieces, the default coverage on our homeowners policy would cover it except for maybe the wedding jewelry. The part that has us looking into it is that we're only covered for something like $2500 for the entire collection. So if somebody were to break in and steal everything then we wouldn't get enough to replace everything.

MrsD2006 · January 2014

We have insurance on my engagement ring, I think it's around $250 a year but the ring is worth over $20K.

dragonstarjk · January 2014

jtmh2012 said:

I probably would not pay for it for a piece of jewelry that was worth under 1K, just because that would be relatively easy to replace.
We haven't covered anything yet and I agree that for individual pieces, the default coverage on our homeowners policy would cover it except for maybe the wedding jewelry. The part that has us looking into it is that we're only covered for something like $2500 for the entire collection. So if somebody were to break in and steal everything then we wouldn't get enough to replace everything.

I hadn't thought of that, but you're right-that does put it in a different perspective. I think if the collection is significantly over the $2500 that would be covered, I would want to get insurance.

jewelry insurance?

Re: jewelry insurance?

Choose Another Board

Search Boards