Best way to insure to wedding jewelry??

[kelmel]

Should jewelry be added to a homeowner's policy or should it be insured through a company that specializes in insurance for jewelry?

 

[kenny]

I don't insure my gems but have been reading on PS for 10 years and have noticed that many use Jeweler's Mutual.
Others use Chubb ... though reports of Chubb seem to be declining.
Others put it on their homeowner's policy.

I think what's best for you depends on the value of the items and what state you live in and the terms and conditions of your insurance company.

I'd call your homeowner's insurance company and Jeweler's mutual and get quotes and compare all the fine print, especially whether they cut you a check or pay directly to the vendor when you find a replacement.

 

[kelmel]

Thanks for your input!

 

[LoveLikeCrazy]

Jewelers mutual, or USAA valuable property insurance (if you have USAA)

 

[ame]

I have Chubb but they no longer write jewelry only policies. Based on previous family experiences with riders on homeowners, there's no way I'd do that. I haven't been a fan of my homeowners company anyway, so relying on them for these pieces would not be ideal. Jewelers Mutual would be what I'd suggest, and make sure everything is properly valued and identified so that you're properly covered. And keep track of that stuff every year. Make sure any increases in value are tended to.

 

[kelmel]

Thank you! Do I need a new appraisal each year? How can I keep track valuation and make sure I am properly insured?

 

[heididdl]

Plymouth Rock I have a rider for my jewelry.......I hope you don't have to have a new appraisal every year lol you'd go broke. I just got my stone re GIA certified as it was originally done in 1980 and I wanted it to be on their web site. Then I had it reappraised but honestly i didn't send in the new appraisal as it was appraised at like $36000 and now $45000 and I don't want to pay the extra premiums. So if anything happens to it I hope that the more recent GIA certification will help an equal replacement.

 

[diamondseeker2006]

I'd check diamond prices every 3-5 years and see how they compare to your individually purchased lab graded diamonds. You can do that very easily here on the Diamond Search or go to a vendor site such as James Allen or Blue Nile that list thousands of diamonds. If I see diamond prices maybe 20% above the insured value of my stone, I'd get a new appraisal. Diamond prices do not always go up, but sometimes you'll have a year where they go up sharply (then maybe a decline following). If you insure with an inflated appraisal, you always have a cushion for rising prices anyway. However, you are overpaying insurance premiums if your valuation is more than about 10% above what you paid.

 

[ame]

Thank you! Do I need a new appraisal each year? How can I keep track valuation and make sure I am properly insured?

Every 3 is probably good unless there's a HUGE market adjustment.