Do you insure all your jewelry?

[PierreBear]

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!

 

[Ally T]

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]

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]

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]

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.

 

[distracts]

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]

Nope, none, b/c I can't afford the insurance.

 

[AprilBaby]

I only have my engagement ring, my eternity and my bracelet insured. The rest are not worn as much.