Above how much is worth insuring?

[Kissmark]

Just wondering, about how much per item do you think is worth insuring?

My FI and I have a couple of items that are between 3K and 4K (watch, necklace), and we wear them on a almost daily basis.
Now I''m wondering whether I should get them insured as well...

 

[Lorelei]

I think it generally comes down to if you can replace them without feeling the pinch financially, then insurance isn't necessary. If it would be difficult to afford to replace them, then insurance is worthwhile.

I don't know if you have seen these links from the other thread, but here they are in case you want to find out more!

www.jewelersmutual.com

www.chubb.com

 

[Tacori E-ring]

Date: 8/2/2007 5:31:45 AM
Author: Lorelei
I think it generally comes down to if you can replace them without feeling the pinch financially, then insurance isn''t necessary. If it would be difficult to afford to replace them, then insurance is worthwhile.


I don''t know if you have seen these links from the other thread, but here they are in case you want to find out more!


www.jewelersmutual.com


www.chubb.com

I 100% agree!

 

[Ellen]

I agree with Lorelei as well.


The only thing I would add is to consider whether you would replace the piece if lost or stolen.

i.e. I have 3 sentimental rings that I have inherited. If they were to be lost or stolen, I would not replace them, as they''re irreplacable. So I don''t insure these, and take the gamble on needing to spend money should they be damaged.

 

[fleur-de-lis]

There are quite a few factors to consider when trying to answer the Q:

--Might there be coverage under your homeowners/renters insurance? (Some policies exclude jewelry from coverage, and others allow jewelry up to a certain dollar value. Thus, for some, a rider or separate policy might be necessary for that 30K engagement ring, but the 2K watch would be allowable/covered under the main policy. Call your agent.)

--Can you afford to self-insure? (For many people-- let''s assume a young professional couple-- saving up the equivalent of two months'' gross salary takes quite some time, thus a lost e-ring would be hard to replace out of pocket; ergo, insurance is necessary. Having a $2K watch stolen at the gym or a $2K necklace break while in the ocean would, for a DINK couple, be sad. However, if the couple has a combined 6 figure income +, they probably could get a replacement watch nearly immediately.)

 

[Cehrabehra]

Date: 8/2/2007 5:11:59 AM
Author:Kissmark
Just wondering, about how much per item do you think is worth insuring?

My FI and I have a couple of items that are between 3K and 4K (watch, necklace), and we wear them on a almost daily basis.
Now I''m wondering whether I should get them insured as well...

you get insured what you cannot (or are unwilling to) afford to replace. Odds are against something going wrong, but if they do can you replace it?

 

[kcoursolle]

I tend to insure things that are over $1500. I have a ring that is about 1k that I debated whether I should insure or not and I decided not to. I don''t have an extremely large collection of jewelry though so my premium is not that high.

 

[Pandora II]

My house insurance covers anything up to $3k. Anything I own over that price is insured with a top-up policy.