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insure everything or just the big stuff?

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ebonykawai

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For people that insure their jewelry, do you insure pretty much everything, including smaller anniversary bands and the like, or do you insure just the big ticket items? Is there a monetary amount that you insure over? For instance, definitely the $10,000 diamond ring, but not the $700 micro pave band, etc. Thoughts?

I'm trying to decide what to include. Thanks!
 

Hudson_Hawk

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I have a similar and somewhat related question. I have several pieces (4 ct sapphire drop earrings, .3 RB solitaire, .3 EC pendant, pearls, and other items) which need to be appraised for insurance purposes. I know when my bf buys my Ering he's going to have it sent out for independant appraisal. Should I send these other items with it and have them appraised by the same person? Do most B&M stores have appraisal services in house?
 

chrono

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I look at it this way, if you can replace those items easily (as in without hurting your wallet), then no insurance is needed. As far as I know, smaller/lesser priced items are usually not insured.
 

FacetFire

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My e-ring is the only piece of jewlery that we have insured. I have debated insuring my 1.5 ctw studs, but I just can''t decide...
 

jcrow

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i think under renter''s insurance or homeowner''s insurance, there is an amount included to insure jewelry. i don''t remember the figure off hand, maybe 2k? then on top of that you get a rider for large $$ jewelry items.
 

jcrow

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hudson, i remember asking a local jeweler about appraisals. it was years ago, but i was quoted $75 for up to 3 items. i think.
 

asscherisme

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I insure any item that costs over $2,500 to replace because my homeowners includes $5,000 un itemized up to $2,500 per single piece.
 

RockDoc

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While it certainly makes sense to save premium money for smaller items, if you have a burglary and they take everything, the amount can be fairly substancial.

It is very wise to insure items that could be lost easily even if they are less valuable. It is relatively easy to lose earrings and bracelets, especially if the clasps aren''t adjusted periodically.

A significant note about general coverage for non scheduled items :

Most policies that have "blanket coverage" for jewelry do not cover all types of losses. It is very common that the loss must be a PROVABLE THEFT. This means it isn''t covered for breakage,damage, mysterious disapearance ( theft with out evidence of a break in).

In order to have complete coverage, the items need to be scheduled and a separate premium charged. In that most premiums range from 1%-3% a few thousand dollars of coverage, can cost very little to insure.

Another hint...... think about your coverage amount for contents in your home. Few people realize just how much is there that you don''t realize the total value of. Take for instance SHOES. How many pairs of shoes do you have, and how much would it cost to replace alll of them with new ones. At prices from $ 50-$300 per pair - that adds up if you have a lot of those items. Commonly insurance companies provide a percentage of the home value for the contents. With the average house valued at $200K, they have usually a stated coverage of $ 100K for contents. Take an inventory, and add up all the items. You might be very surprised at how much is inside your home. Also consider the costs of replacing these are New to replace Used. While a used pair of shoes, isn''t worth much, the cost of buying new ones can be very costly.

Policy terms and conditions vary with different states and types of policies, so best to carefully review your policy.

Hope this helps.

Rockdoc
 

oldminer

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Its good to have records of your property for providing descriptions in case of loss to insurance companies or the police. It probably is a waste of money to insure every last item of jewelry becuase the rates are high compared to the importance of the items and the cost of other, somewhat more important insurance coverages. I have had folks come to me who had no health insurance that were totally consumed by the thought that they could not own expensive jewelry without covering it with insurance. Yes, its important to protect your assets, but not at the expense of health care or liability coverages which really can make or break you.

I recommend that homeowners alarm their houses. Get a contractor, one you trust, to install a wall or floor safe, but DO NOT have the unit alarmed by the alarm company. You really don't want their employees to know right where the nice things are kept. Just alarm the room and the access to where it will be installed and then ALWAYS USE THE ALARM system when you ar out or at home when going to bed for the night. If you have a properly installed safe and a good alarm system you are cutting the chances of a robbery or burglary by a very large factor. Lock your doors with dead bolt locks and keep closed windows locked and alarmed. Let your neighbors have an unlocked house for burglars to easily enter. Play it safe and spend way less on jewelry insurance because you just won't need to itemize every item.

A feature of jewelry is that it is a very privately owned commodity. There is no title work or other paperwork filed with the State. You can give it readily to your future heirs and family any time you wish and it is not readily discovered. You may need to file gift taxes for such events, but that is up to the taxpayer and their situation. However, if you carry insurance coverage every listed items is a known commodity. It is discoverable with little problem by any taxing authority. Its the same with credit card or debit card purchases. When you use these things all the time you are building a perfect model of how much you spend, what you buy and even how much you earn. While it is no one's business, using these modern conveniences go right into your private world for any authorized party to examine.

These issues of privacy are not a major concern of most people, but I know of quite a few clients who do consider these facts before buying insurance. It does not make them avoid appraisal work, but they definitely do not insure every single item they own.
 

kev_800

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Jan 27, 2007
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Date: 2/15/2007 11:52:13 AM
Author:ebonykawai
For people that insure their jewelry, do you insure pretty much everything, including smaller anniversary bands and the like, or do you insure just the big ticket items? Is there a monetary amount that you insure over? For instance, defeinitely the $10,000 diamond ring, but not the $700 micro pave band, etc. Thoughts?

I''m trying to decide what to include. Thanks!
That is a question which will have a different answer for almost everyone and it depends on how risk adverse you are.

You need to get a hold of your homeowner''s policy and take a look at it to figure out if jewelry is covered, to what extent, and if any further requirements need to be met in order to qualify for coverage in the event of a loss.

I know I will be calling up my insurance agent the day I get my e-ring back in the mail from the jeweler and having it scheduled on my homeowner''s policy with a jewelry rider... some insurance companies allow you to add a different ''jewelry coverage form'' with different (and more friendly) terms in exchange for the higher premium. For instance, depending upon where you live, you can probably get $15,000 of coverage for ~200/year.
 

Modified Brilliant

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Think about taking digital photos of your jewelry items and putting them on a CD.
Also, store your appraisal information on a CD.
It''s a great source of future reference and identification. But store the CD in a safe
place, preferably with a family member not living with you. We all remember hearing how important paper
documents were destroyed during Hurricane Katrina.

www.metrojewelryappraisers.com
 

FireGoddess

Super_Ideal_Rock
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Jan 25, 2005
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Not that it''s the right thing to do, but I only have a stand alone policy for my ering. Renter''s does cover some jewelry I think, and all my pieces are significantly less costly than the ering.
 

diamondseeker2006

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I am redoing my jewelry insurance at the moment. I put the two most valuable items, e-ring and studs, on a Chubb policy. I have a few other items like a tennis bracelet and a couple of rings insured under homeowners. I don''t insure items under $2500 or so.
 

diamondringlover

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I have a jewelry rider on my home owners insurance for my smaller stuff, it covers stuff like fire and theft, but I do have a personal property rider for my wedding rings...I have a sister that accidentally threw her rings out a car window (long story), they were valued at over $10,000, she did not have insurance...now she has no wedding rings and she cant afford to replace them..we all do stupid stuff at some time in our lives, please anyone who has valuable stuff, please insure it.
 

Garry H (Cut Nut)

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1. I advise clients to always insure things with catches or things that can break and get lost .
2. Rings that you leave at home / in hotel rooms etc, but maybe not rings that you wear every day
3. insure all fragile gems, including square rectangular diamonds with exposed girdles and high 4 claw rings etc, opals, tanzanite, emeralds etc

List small trinkets and watches by photocopying all together on a photocopier - scalled 1:1 representation. Leave 1 at work and a copy at home.
 

ebonykawai

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Date: 2/15/2007 9:13:44 PM
Author: diamondringlover
I have a jewelry rider on my home owners insurance for my smaller stuff, it covers stuff like fire and theft, but I do have a personal property rider for my wedding rings...I have a sister that accidentally threw her rings out a car window (long story), they were valued at over $10,000, she did not have insurance...now she has no wedding rings and she cant afford to replace them..we all do stupid stuff at some time in our lives, please anyone who has valuable stuff, please insure it.
Oh, how awful!! That would haunt me forever.
 

Stone Hunter

Ideal_Rock
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Date: 2/15/2007 7:31:41 PM
Author: Modified Brilliant
Think about taking digital photos of your jewelry items and putting them on a CD.
Also, store your appraisal information on a CD.
It''s a great source of future reference and identification. But store the CD in a safe
place, preferably with a family member not living with you. We all remember hearing how important paper
documents were destroyed during Hurricane Katrina.

www.metrojewelryappraisers.com
We problably all need to do a household inventory. Katrina took away everything for many people. This month we''ve had tornadoes level houses here. Everything was gone. A CD in a different place might be useful. A tool for dealing with insurance.
 

Larissa

Shiny_Rock
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Jul 20, 2006
Messages
276
I don''t have anything insured. It used to be convered on my renter''s insurance if I lost/broke/it was stolen it within the home. The renters covered single items up to $1,000 for jewellery (or maybe it was $1,500, don''t remember).

I only had 3 piceces of value, but can''t see insuring any of them because of the expense to get them appraised and insured:
e-ring - cost about $1,350
w-band - cost about $950
stud earring - .40 total - unsure of value, but not very high (maybe $400), lost them recently
 

jcrow

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Date: 2/16/2007 10:27:15 AM
Author: Stone Hunter

Date: 2/15/2007 7:31:41 PM
Author: Modified Brilliant
Think about taking digital photos of your jewelry items and putting them on a CD.
Also, store your appraisal information on a CD.
It''s a great source of future reference and identification. But store the CD in a safe
place, preferably with a family member not living with you. We all remember hearing how important paper
documents were destroyed during Hurricane Katrina.

www.metrojewelryappraisers.com
We problably all need to do a household inventory. Katrina took away everything for many people. This month we''ve had tornadoes level houses here. Everything was gone. A CD in a different place might be useful. A tool for dealing with insurance.
i believe insurance companies can provide you with a brochure that lists all items in a household that may or may not apply to you. on the side of each item is a blank for you to fill in the amount each of these items costs. it helps you realize what you have and figure out the $ amount of coverage you need. very useful.

after katrina, i too took pics of all of my items - jewelry and other and put them on cd in a safe.
 
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