Is it worth it to insure jewelry of lesser value?

[ysj99]

I have a pair of 1/3 ctw platinum diamond studs and a pair of small platinum hoops that I wear every day. The studs are from Blue Nile, a graduation gift from my parents, and are the preset ones. Is it worth it to insure these pieces of jewelry? I don''t have a certificate for these diamonds and I feel like it may not be worth it to spend $50-100 to appraise a pair of $400 earrings.

Your opinions please! My thanks in advance.

 

[Allison D.]

In most cases, I''d say no, it''s probably not worth it.

It really depends on what the premium would be and whether or not you''d be able to replace them out of your pocket comfortably in the event of loss.

 

[Lady_Disdain]

Insure what you can''t afford to replace is a usual guideline. $400 earrings are expensive, but not irreplaceable so I don''t think they justify the expense of appraising and insuring.

 

[MichelleCarmen]

Hi,

I wouldn''t ensure $400 earrings. My thought would be insuring anything over $1,000. That''s when I consider jewelry to go into the truely "expensive" category and worth getting a current appraisal.

 

[vespergirl]

It''s not worth it - I have a pair of 1.16 cttw diamond studs, a .5 ct diamond solitaire and my .5 cttw wedding band that I sometimes worry about, but decided not to insure. My home insurance covers "general jewelry items" for up to $5000, and I paid around $2000, $1800 & $1800 respectively, so hopefully even if I lose all they would mostly be covered. It would also not be a huge hardship to replace them, so I figured it''s better to just take the chance, and assume I won''t lose them.

My ering was way more of a major purchase, so we definitely insured that, because I don''t think that my husband would be happy to have to replace that out of pocket

 

[Rosa]

Hi there, vespergirl makes a good point - you should check your homeowner''s or renter''s policy. I bet there is some allowance for jewelry that would cover your stuff.

 

[LGK]

I don''t have any of my smaller items insured, just the ering & rhr. Unless something is well over $1000 I just don''t bother. Plus, Jewelers Mutual doesn''t insure antique diamonds in antique settings, just antique diamonds in modern settings, which sorta exempts all my smaller jewelry anyway... but I wouldn''t do it even if I could. It''s not worth the hassle or expense of appraisal.

 

[ysj99]

Thank you everyone for your reply! This is such a helpful forum. I will definitely look into insuring this on FI''s homeowners insurance.

 

[Rhea]

Check if they are covered under your general policy on your home owners or rental insurance. I don''t have any items seperately insured. Even though we couldn''t afford to replace them, all are under $1,500 and it''s just not worth it to get them appraised.