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Do you insure all your jewelry?

Discussion in 'RockyTalky' started by Mamabean, Feb 28, 2019.

  1. Dancing Fire
    Super_Ideal_Rock

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    by Dancing Fire » Mar 4, 2019
    Not hindsight. I'm just not fearful of losing my ring. Even if I did I'm not gonna die. It would cost us more to insure our jewelry than to insure our two cars per yr. It just don't make sense to me. Heck, I don't even purchase flood insurance on our house.
     
  2. Dancing Fire
    Super_Ideal_Rock

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    by Dancing Fire » Mar 4, 2019
    Yes it is possible, but the odds of that to happen is very slim. I would be more worry if it was a princess cut. In fact I had a stone recut w/o insuring the stone.
     
    Last edited: Mar 4, 2019
  3. Mamabean
    Ideal_Rock

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    by Mamabean » Mar 4, 2019
    Good to know! I always worried during the setting process!
     
  4. Wewechew
    Brilliant_Rock

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    by Wewechew » Mar 4, 2019
    I thought jewelers took on the risk when they worked on stones? (not talking about re-cutting, but setting)
     
    


    


  5. kmoro
    Brilliant_Rock

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    by kmoro » Mar 4, 2019
    This is what I’m wondering about. You would think the jeweller would want the stone to be covered one way or another. If he damaged it, he would be on the hook, right? I would expect the jeweller to have insurance to cover it or to demand it’s insured by the owner before doing work. Does anyone know about this?
     
  6. kmoro
    Brilliant_Rock

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    by kmoro » Mar 4, 2019
    Fair enough. Really what you’re paying for with insurance is peace of mind. If you don’t need peace of mind (because you already have it), then it makes sense to me. If I lost my ring, I would miss it terribly and would not be able to replace it .... and if I add up the cost of insurance over 20 years, it’s still far far less than the cost of what I have insured (unlike the math with dental and pet insurance, for example). For you it’s a waste of money, to me it’s worth every penny. :twirl:
     
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  7. Mamabean
    Ideal_Rock

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    by Mamabean » Mar 4, 2019
    I had a ring done last year and the jeweler wouldn’t set it unless it was insured. It was so it wasn’t a problem but it bothered me because he would be off the hook if he was careless. DK sends an insured label to you and it’s covered under his policy at the shop. He then ships it back insured..so I feel very comfortable..
     
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  8. Diamond Girl 21
    Rough_Rock

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    by Diamond Girl 21 » Mar 6, 2019
    Great topic! I've actually been thinking a lot about this lately. Right now, I just have a few of my most expensive pieces insured. I can't afford to insure everything because the premiums are so high. That being said, I do feel more comfortable wearing the pieces that are insured. What's a girl to do??? Sigh
     
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  9. Missie1
    Rough_Rock

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    by Missie1 » Mar 6, 2019
    I totally understand because I’m at the point now that I evaluate adding additional items baSed on if I can afford to insure them. I have few more items on my list that I want then I will be complete. Are you using home owners to insure or a separate policy like JM.
     
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  10. embdiva
    Rough_Rock

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    by embdiva » Mar 6, 2019
    My insurance agent (ALLSTATE) told me to only use a jeweler that is insured/bonded to work on large stones. If they chip or in any way damage the stone, they are liable.
     
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  11. Diamond Girl 21
    Rough_Rock

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    by Diamond Girl 21 » Mar 7, 2019
    I've used my homeowner's in the past, but decided to switch a few years ago to JM. It seems to be the most comprehensive coverage.
     
  12. Missie1
    Rough_Rock

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    by Missie1 » Mar 7, 2019
    The struggle is so real. Heck my JM premiums are more than my homeowners premiums. Who knew going in that maintenance was so expensive
     
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  13. Diamond Girl 21
    Rough_Rock

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    by Diamond Girl 21 » Mar 7, 2019
    Exactly, I was completely shocked! For now though, I feel it's best to keep certain pieces insured. The rest rest will have to sit in a bank vault. :lol-2:
     
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  14. Mamabean
    Ideal_Rock

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    by Mamabean » Mar 7, 2019
    I would never wear my jewelery unless I can get to it...and I don’t want to get a floor mounted safe for this house because I will be moving one more time to be near my son and daughter-in-law..so I keep mine in the hollow of the crown molding in the top of my kitchen cabinets. They’re really high up and you need a ladder to get up there. I only put the jewelry roll there when I’m out of town. When I’m home I keep it in an empty large parchment box next to my aluminum foil and baggies. Good luck to them coming into my house with my psycho dog here though! :lol:
     
  15. FireMonkey
    Shiny_Rock

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    by FireMonkey » Mar 7, 2019
    This made me smile --- when a relative passed away a few years ago, we knew to go through things carefully, as she hid her valuables in various places. We found a diamond necklace in a band-aid box, rings rolled up in socks, etc. It was a literal treasure hunt. :))
     
    


    


  16. Mamabean
    Ideal_Rock

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    by Mamabean » Mar 7, 2019
    That’s me....BUT I told my daughter-in-law where I hide things in case of my demise! :lol:
     
  17. Missie1
    Rough_Rock

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    by Missie1 » Mar 7, 2019
    We have floor safe cemented into basement that I store everything Im not wearing.
    We have a floor safe cemented in that I keep everything in at home.
     
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  18. Mamabean
    Ideal_Rock

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    by Mamabean » Mar 7, 2019
    I like that idea!
     
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  19. Diamond Girl 21
    Rough_Rock

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    by Diamond Girl 21 » Mar 7, 2019
    Those are great hiding places. I have an alarm, but I need to get more creative with my hiding places. As for my dog....she'd probably lay on her back for some belly rubs!:mrgreen2:
     
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  20. Laila619
    Super_Ideal_Rock

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    by Laila619 » Mar 7, 2019
    Same. I wasted a lot of money on jewelry insurance, and stopped. I have an alarm system, good doors and locks, do not lose my pieces, and nothing is that expensive anyway. If I *did* somehow lose something, it would not be a huge loss.

    Eta: the majority of my pieces are vintage family heirlooms. Not expensive but more sentimental than anything. If lost, they couldn't really be replaced with something similar today. It wouldn't be the same, meaning-wise.
     
    Last edited: Mar 7, 2019
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  21. RosieR
    Shiny_Rock

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    by RosieR » Mar 8, 2019
    I think some things are really worth insuring. It does have a safety clasp, but I don’t think I would comfortably wear my (5.7 carat) diamond tennis bracelet daily without insurance. It’s one of my favourite pieces of jewellery.
     
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  22. Taylorbug!
    Brilliant_Rock

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    by Taylorbug! » Mar 8, 2019
    I lost my 3 ct diamond bracelet this morning at my house......Haven't found it yet, but hopeful I will when I get home from work this afternoon. If not, thank goodness it is insured!
     
  23. Mamabean
    Ideal_Rock

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    by Mamabean » Mar 8, 2019
    I hope you find it..Fingers crossed! Let us know if you find it! I agree some very expensive pieces should be insured..My engagement ring and larger studs will stay on..The others I may take off but I’m not adding anything..
     
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  24. Drm1grl
    Rough_Rock

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    by Drm1grl » Apr 3, 2019
    I wouldn’t wear my valuable pieces without insurance. Last year, I forgot to take out my diamond studs on a boat ride. I lost one of them on a secluded beach. I was absolutely sick - but insurance found a GIA match and replacing the stud ended up being easy. That said, I now only insure over $5k pieces.
     
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  25. CheeSauce
    Rough_Rock

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    by CheeSauce » Apr 3, 2019
    Oh this is an interesting topic since I will be getting my engagement ring soon and will need to decide if I want insurance! Do appraisals for insurance take into consideration if a diamond is super ideal cut or ACA? If they just go by GIA I would imagine they may appraise it for the same amount as an “expert” selection diamond.
     
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  26. Mamabean
    Ideal_Rock

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    by Mamabean » Apr 3, 2019
    They want the report so they have the specs and can kind of match what you have..I think some companies pay out but my insurance company replaces the diamond so that’s scary to me. I think you can reject diamonds until you get one you like but they won’t take into consideration that your diamond is a super ideal...At least that’s been my experience with talking to mine. I have a Tiffany pendant that I plan on taking off because it cost way more than I know I could get at Whiteflash because I didn’t know any better then. They won’t replace it with a Tiffany diamond so I’m paying way more in insurance because of the high appraisal.
     
  27. Wewechew
    Brilliant_Rock

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    by Wewechew » Apr 3, 2019
    I believe your appraisal needs to specify that it is a branded stone in order for the insurance company to replace it with another branded stone.
     
  28. headlight
    Brilliant_Rock

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    by headlight » Apr 3, 2019
    I insure my diamond ring (GIA RB 3X, 2.01, E, SI2), an estate piece diamond inline bracelet all with transition cut diamonds in platinum, a pendant with an emerald cut .86 ct, VS2, G, Ex/Ex Polish & Symmetry set in diamond halo made to order by Beverley K, and my grandmother's diamond stud earrings I inherited that are RB 2.65 ct EACH (yes, 5.3 ctw!) G color, VS1. My husband complains that all he works for is to pay insurance premiums lol. I have a lot of other fine jewelry (husband spoils me!) but there's no way we could afford to insure the higher value items (or I'd have to sell some of it to afford the insurance lol!).
     
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  29. Mamabean
    Ideal_Rock

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    by Mamabean » Apr 3, 2019
    Did you find your bracelet?
     
  30. Taylorbug!
    Brilliant_Rock

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    by Taylorbug! » Apr 3, 2019
    @Mamabean Thanks for asking...i did find it....with a broken clasp and a couple of chipped baguettes. :(. It’s with DK being repaired!
     
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