Anyone here WITHOUT insurance on their jewelry?

[Steel]

ain't no way i'm paying the insurance Co. to insure $10K worth of jewlery for $220 per yr.

DF your input in previous insurance threads was instrumental in my decision not to insure. I used to pay well over €250 (?) per year to insure 3 items; the rest were uninsured. Even at that I had trouble even getting insurance. The Irish companies didn't believe my jewellery was so expensive and had no concept of certified diamonds never mind D's. So I was already frustrated and knew full well that in the event of a loss these idiots would send me down to the B&M to 'pick out something nice' aka uncertified POS. So I leapt last year and only have 1item insured (under my house policy). Everything else is uninsured and as of today I'm ok with it. So far I'm up about €500. Can anybody say DBTY?

 

[mayerling]

My e-ring is not insured (it's my only piece of jewellery actually worth something). I wanted to get it insured but FH thinks it would be a waste of money.

 

[gemgirl]

I insured my first ering with Chubb and paid $360 a year for about $12K of coverage. I just upgraded and the quote is now $670 I was ok with $360 but am balking at $670. I don't know if I can go without but just can't swallow forking out that much for something I may never use.

Ha! It is $1,095 with My insurance for my ring!!! It's crazy!!!

Amey, I hate to say to anyone "you've got to do it" but in your case, because you'd never be able to just go out and buy another ring like yours, "you've got to do it!". It's less costly if you tack it onto your homeowners policy. Check with that company too, after you close on your new house.

Good luck today my friend!! It's going to be a GREAT day!

 

[that_someone_special]

I believe part of the price difference may be whether the insurance company reimburses you with a check or with a "similar" diamond.
The policies that just give you cash are a lot pricier (or so I hear) than those that just replace your diamond (I'm assuming the company has whole-sale connections to get a diamond of similar stats to replace yours, so it would cost them much less compared to writing you a check for the full insured retail amount).

For example, if you insured a 2 ct Whiteflash Ideal cut with a replacement policy, if you lost it, the company may only be obligated to replace it with another diamond that matched in size and color and clarity, not necessarily cut quality. At least, these were the things I was warned about when looking at policies.

I need to look into this. Like heck I'm going to get a piece of gravel if that were to ever happen!

I figured mine was low due to the other outrageous limits we have on everything.
lol

 

[Jennifer W]

I'm probably in the minority, but I've received more in payments from my insurer than I've paid in premiums, by a long way. We had a burglary a while back and these guys were professional. They took jewellery, but they also took antiques, rugs and actual furniture. My claim for all of that was worth a lot more than I ever paid the insurers, although I do live in an area where insurance is relatively cheap.

My insurer settles jewellery claims with gemcheques, which can be used with most jewellers, but it took a bit of a fight to get that instead of vouchers for chain B&Ms. My PSA for anyone who buys from overseas would be to keep receipts for VAT and customs duty (or equivalent) so you can prove that you paid it and how much it was - that's part of the claim.

I take the view that either I underwrite a risk or pay an insurer to underwrite it for me. If I can afford to replace something or just live with the loss, then that's my risk. If I can't, then I pass the risk onto an insurer. So I have significant things such as cars, buildings and high value jewellery insured, while less valuable things are not insured. It's a balance between cost and risk, I suppose.

I lost a diamond earring when I was out yesterday, and right now, although I'm upset about it, knowing it was one of the things I chose to insure is making a difference.

Jen

 

[rhbgirl24]

My E ring, diamond necklace, earrings and my grandmother's e ring are all insured. Yes this is a what if scenario, but Id rather have them covered than not. IMO. Mine gives cash payout, which was important for my completely custom ring. I didn't want them getting me something similar.

 

[vanderaf]

At this time only my e-ring is insured because my dh does not want to pay the premium. Well, last month my 1.08 carat diamond pendant fell off my neck and I had wished it was insured because I can't afford to replace it at this time. I have decided that I better add on my 1.50 carat diamond studs. I have other jewelry that if I lost I would be ok. I am still sad over my pendant but there are worse things in life so I will get over it.

 

[HappyNewLife]

My partner's ring is insured, but only because it's way loose on her (she won't let me put sizing beads in, and it can't be resized). It's not super expensive, so the insurance policy isn't too bad. I'll probably only insure if for a year-- by then she will know how to keep an eye on her ring (she's not used to wearing any jewelry and it's comfort-fit, so she can hardly tell if the ring is on or not). My e-ring that I'm getting in the next few weeks won't be insured. I'm careful with my stuff and if I lose it, oh well. The diamond was from a previous marriage anyway

 

[Amethyste]

I insured my first ering with Chubb and paid $360 a year for about $12K of coverage. I just upgraded and the quote is now $670 I was ok with $360 but am balking at $670. I don't know if I can go without but just can't swallow forking out that much for something I may never use.

Ha! It is $1,095 with My insurance for my ring!!! It's crazy!!!

Amey, I hate to say to anyone "you've got to do it" but in your case, because you'd never be able to just go out and buy another ring like yours, "you've got to do it!". It's less costly if you tack it onto your homeowners policy. Check with that company too, after you close on your new house.

Good luck today my friend!! It's going to be a GREAT day!

THank you so much Sweetie!!! I have the house key in my hand!!!!

I know... i will do it. with all the expenses right now, i just didn't want to spend more for a littl while... Now that I have a home, I'll see if they'll insure me. They declined last year - but that's partly because my ring was worth more than my renter's insurance policy... That's kind of a funny thought...

 

[luv2sparkle]

I only insure my e-ring. My eternity, five stone, and yellow and pink diamond ring are not insured. Right now I am wishing that
I had insured my tanzanite ring because I just found a big ol' scratch on the table. I hope it can be polished without damaging
the setting but knowing my luck, probably not.

I wouldn't want to pay for my stone again, so that is the only thing I insure. It is still a chunk of cash though.

 

[MAC-W]

I have insurance but only for some of my items.

My w-ring is valued at over $25K so thats insured, as are a few other rings, but anything below about $5k are only covered by my normal house insurance. I dont see the need to insure those seperately even though my house insurance will only pay out $2k per item if not separately stated. I figure I can handle a $3k loss but not a $25K loss.

The more valuable jewellery is insured cos those pieces are also gifts I plan to pass on to my daughters (once they pry them off my cold dead fingers LOL) and I would be upset if they didnt get to expereince the joy that I get from them. My girls have already picked out various pieces they want and I would be upset if they didnt get to enjoy them eventually, so to me insurance is a must.

I kind of take the view that if I have insurance I wont need it but if I dont I will. Does that make sense?

 

[justginger]

I'm with Jennifer - I've received much, much more from insurance payouts than I have paid in premiums. I'm sure the insurance company will still be ahead over the duration of my lifetime though (or at least, I hope they will -- having insurance incidents is NOT fun). In this year alone, I've received nearly $20,000 in insurance money. I think my premiums were around $1100. Only another 18-ish incident-free years to make up the rest of that $20k.

So, needless to say, I'm a fan of insurance - be it on my house, possessions, or car. When I've busted myself with overtime to save pennies for something, I want to make sure my "investment" is protected. I understand that purchasing insurance is gambling that something WILL go wrong, but it seems that in my life, that's a pretty sure bet and the alternative is much pricier.

 

[LGK]

As far as other types of insurance go, with cars I'm positive my husband and I have received far more money than we've ever paid out. We totalled a brand new Honda in 2001, a Geo Prism in 2007, and a *bunch* of claims on the Prism prior to being totalled (that car was an insane trouble magnet). And the RX8 has been completely repainted once after it was keyed all over, and two new doors after a random loose tire rolled down a hill and mangled the side. And a bunch of other claims over the years, mostly related to break ins- probably a half dozen windows and stereos over the years. The Honda had someone rip the entire dashboard out and eff up the whole electrical system when they (incompetently) tried to steal it.

Funny thing is? Never been in any accidents, except the Honda totalling incident (which wasn't our fault). All the claims were for parked car hit & runs or break ins, including the totalling of the Geo. (Found it strewn across an entire block- how the other car was able to drive away I don't know...)

Needless to say we pay for low deductibles and don't bitch about the cost of car insurance

If I had to guess, probably at least $40,000 in insurance pay-outs on cars. Probably more.