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Do you insure all your jewelry?

PierreBear

Brilliant_Rock
Premium
Joined
Mar 21, 2016
Messages
1,260
Hi PS Friends,

I hope ya'll had a good weekend. I recently came back from vacation and luckily only brought my eternity wedding band with me on the trip. Surprisingly, it has changed to a slight oval shape and I suspect it's because of holding onto the subway rails so tightly, which I don't have to do on a daily basis over here! I never had this piece insured since it wasn't worth very much. However, I am wondering if that's the right mentality to take? With our cars, we generally do limited liability only if the value is under a certain amount. So we took that same mentality with rings, thinking that whatever amount we would save on the annual premium, we would just fix the ring if damage were to occur. So far the engagement ring is insured but I'm not sure if we should insure my 5 stone band (2 ct total). It seems pretty sturdy so I don't think there will be much wear and tear. Any guidance? How do ya'll decide what to insure or not?

Thanks in advance!
 

Alex T

Ideal_Rock
Premium
Joined
Oct 24, 2012
Messages
4,988
All of my jewellery that is worth more than £2k is listed on my home & contents insurance policy.

Just for reference, it might be worth sending your eternity back to the original vendor to be checked. My full eternity went oval 4 times in less than 4 years. On 3 of those occasions I had my fabulous local jeweller sort it out, but on the 4th occasion I sent it back to the original vendor. Whilst it was x-rayed & found to have porous platinum which had left the cast weak, they washed their hands of me & refused to help because a third party (my local jeweller) had made repairs to their product.

Send it back to the place you bought it asap & good luck!
 

kmarla

Brilliant_Rock
Premium
Joined
Feb 8, 2013
Messages
684
My higher value engagement ring is insured separately through Jeweler's Mutual. I have jewelry coverage to a value of $10,000 through my homeowners insurance. It's not a separate rider but part of the standard coverage. You should doublecheck your policy to see if you have something similar. Sorry to hear about your ring.
 

kenny

Super_Ideal_Rock
Premium
Joined
Apr 30, 2005
Messages
28,175
No, none of it.
I don't like insurance.
Insurance is gambling, and as with all gambling the odds are with the house.

I 'self-insure'.
All the money that would have paid for things like extended warranties and every kind of insurance not required by law gets put into the bank, actually investments.
Over 50 years that has added up quite nicely.

If I have a loss I'll pay for replacement with that account.

I'm also not a fan of fear, or of the mind that I must prevent unknown bad things from happening to me.

Could something horrible happen to me?
Sure! But it never has, and probably won't.
I'll take me chances.
If a large enough loss occurs I'll lower my standard of living and be a person with less wealth.
As a kid I spent years living in poverty; I survived.

If insurance gives you peace of mind, buy it.
Self-insuring gives me peace of mind.
People vary.
 

redwood66

Ideal_Rock
Premium
Joined
Aug 22, 2012
Messages
7,008
I only have my "big" diamond ring insured and it is a scheduled item on my homeowners insurance. Other jewelry is 10K limit on that policy. My ring is covered for loss, theft, breakage, etc. and is about $120 a year with the purchase value and they have a copy of the GIA report and many pics. I do have to update the pics since I have changed the setting 3 times. :lol:
 

distracts

Ideal_Rock
Premium
Joined
Oct 11, 2011
Messages
5,495
No, the only things I have insured are my engagement ring, my pink spinel ring, and my husband's wedding ring. They'd all take over several thousand dollars to replace and are also the items with the most sentimental value, so the ones I would be most distraught about losing and most emotionally need the reassurance of insurance.

What worries me is theft of my entire collection, which I wouldn't be able to replace without insurance. I have plenty of pieces that aren't really worth insuring on their own because if I lost one or two, I could replace them easily, but if I lost them all, that would be a problem.
 

Dancing Fire

Super_Ideal_Rock
Premium
Joined
Apr 3, 2004
Messages
31,548
Nope, none, b/c I can't afford the insurance.
 

AprilBaby

Super_Ideal_Rock
Premium
Joined
Jul 17, 2008
Messages
10,621
I only have my engagement ring, my eternity and my bracelet insured. The rest are not worn as much.
 
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