Would you insure sterling flatware?

hoffse · June 2014

Hi all,

H and I are talking through home insurance, and we've gotten down to items we want to schedule. We know we will schedule our instruments (they are more valuable than our cars), and our wedding bands/e-ring simply because we wear them everyday and might lose them.

I'm on the fence about our sterling flatware. We received pretty much a complete set for wedding gifts, and it's pretty valuable. One the one hand, if somebody breaks into our house and steals something they will probably go for the TV. On the other hand, if they think to look in the china cabinet they'll find a full set of sterling that's waaaaay more valuable than the TV. Criminals usually aren't the brightest people you'll meet, but still.

Obviously this isn't like our wedding rings which might get lost. And it's really unlikely to get damaged without some greater damage to our dwelling. But it's probably the third most valuable thing we own - after our instruments and our cars.

What do you think?

maple2 · June 2014

DH and I decided not to schedule any items that we wouldn't replace if they were stolen, regardless of their value. For us that would include flatware, but we tend to have less attachment to things that a lot of other people. For example, we did not cover my engagement ring, which is a family heirloom and worth way more than either of us would ever have been willing to pay (I told DH he could make me an engagement ring out of a twist-tie).

hoffse · June 2014

Yes, our blanket policy would cover it, but I probably need to check for mysterious disappearance. I don't think a regular thief would be smart enough to find it, but my dad swears that thieves look in the bedroom, the dining room, and the freezer. Who know if he's right, but if so then there's a possibility it could be stolen. It's in a flatware chest, so it's pretty portable. I just have this vision of forgetting to lock the door and somebody walking right in and taking it.

uncreatedsnow · June 2014

Haha, we had a thief come through the Frat House last semester and we have cameras so we could follow him through. He definitely looked in the Freezer(s) which I thought was really weird.

smerka · June 2014

I think you're underestimating thieves. With metal so valuable recently, they would probably grab the silver over a tv. It's easier to carry, can be sold for scrap, you're less likely to notice it missing (until the next holiday), etc. it goes back to the question - Would you replace it if it was stolen?

hoffse · June 2014

Yeah you're probably right that I'm underestimating thieves. I think it's because I had a purse snatched once, and the guy was obviously just looking for cash. The police found my purse in a dumpster a week later and all the cards, ID, car keys, everything was still there. The guy that grabbed it was obviously either desperate or just dumb. But I guess I can't expect them all to be like that.

Thing is, I don't know that we would replace it if we were paying cash for it. Sterling is craaaaazy expensive, even when purchased second hand through estates. Ours is an heirloom set that had a few pieces filled in by some extremely generous guests. I can't imagine going out of pocket to replace it. Maybe we would if it was insured though.

@uncreatedsnow, I can't believe the guy looked in freezers. I thought my dad was being paranoid...

Wulfgar · June 2014

Nope, a lot of people keep cash in the freezer since they don't think that thieves would look there. Also, a career thief will know where hidden safes are.

hoffse · June 2014

Wulfgar said:

Nope, a lot of people keep cash in the freezer since they don't think that thieves would look there. Also, a career thief will know where hidden safes are.

See, I've always thought people should install safes the concrete floors of garages and basements. Put them in while the concrete is wet. Technically, still accessible if the thief really wants to get it. But it would make one hell of a noise when they tried to cut it out.

I never in my life would have thought of the freezer.

vlagrl29 · June 2014

we don't. everything in our house is included in the blanket policy. The only items we have scheduled in personal articles are my instruments and our expensive rings. DH has all his business equipment scheduled in his business insurance.

brij2006 · June 2014

The silver would be covered under your personal property. If a thief takes it then it is covered under "theft," which is a covered peril. Mysterious disappearance is different and would be if you lost it. I highly doubt you would lose the silverware, since it will likely never leave your house.

hoffse · June 2014

brij2006 said:

The silver would be covered under your personal property. If a thief takes it then it is covered under "theft," which is a covered peril. Mysterious disappearance is different and would be if you lost it. I highly doubt you would lose the silverware, since it will likely never leave your house.

Thanks - what if (for example) we accidentally left the door unlocked, somebody walked in and took it, and therefore there was no evidence of a break-in? Would an insurance agency treat that as a theft or mysterious disappearance?

brij2006 · June 2014

hoffse said:

brij2006 said:

The silver would be covered under your personal property. If a thief takes it then it is covered under "theft," which is a covered peril. Mysterious disappearance is different and would be if you lost it. I highly doubt you would lose the silverware, since it will likely never leave your house.

Thanks - what if (for example) we accidentally left the door unlocked, somebody walked in and took it, and therefore there was no evidence of a break-in? Would an insurance agency treat that as a theft or mysterious disappearance?

It's still considered a theft because it was taken from your property.
Although be sure to lock your doors. It's sad to say, but I've heard of a police department not charging for "breaking and entering" because the door was unlocked. The items were still covered due the theft, but the criminal was not charged because the door was unlocked.

hoffse · June 2014

brij2006 said:

hoffse said:

brij2006 said:

The silver would be covered under your personal property. If a thief takes it then it is covered under "theft," which is a covered peril. Mysterious disappearance is different and would be if you lost it. I highly doubt you would lose the silverware, since it will likely never leave your house.

Thanks - what if (for example) we accidentally left the door unlocked, somebody walked in and took it, and therefore there was no evidence of a break-in? Would an insurance agency treat that as a theft or mysterious disappearance?

It's still considered a theft because it was taken from your property.
Although be sure to lock your doors. It's sad to say, but I've heard of a police department not charging for "breaking and entering" because the door was unlocked. The items were still covered due the theft, but the criminal was not charged because the door was unlocked.

Got it, that makes sense! We do lock our doors, but I'm sure we will forget someday. If that's how insurance companies define theft then the regular policy should work. Thank you!

Would you insure sterling flatware?

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