Is your e-ring UN-insured?

[Pandora II]

Mine was insured before it even left the manufacturer - all risks globally as a rider on my household insurance.

I am an insurance nut - I hate not being covered for anything.

My mother had some jewellery stolen when she was on holiday a few years ago - sadly as it was antique it wasn''t replaceable, but the appraisal came out at way more than my father had spent initially so she and I had a wild time in the Lanes in Brighton (fab jewellery district) spending the cheque!

 

[Independent Gal]

I have a friend who comes from a VERY wealthy family with some seriously valuable pieces. She says her family never insures any jewelry as a rule, and the good pieces are kept in a safe deposit box unless worn. Why? For tax purposes. Should someone pass away, the jewelry doesn''t "exist."

If only my family had such problems!!!!

 

[Harriet]

Date: 7/16/2007 12:15:36 PM
Author: dtnyc
It was un-insured because my then-fiance, now husband never had it insured. I wasn''t able to get renter''s insurance on my old NYC apt. and he never bothered w/ a chubb or jeweler''s mutual policy because the old jeweler who made my ring said that as long as I didn''t take it off (which I rarely did) there was no point.

As far as a re-set goes, it''s not a short term thing- want to have it down by end of Jan ''08. Not a complete re-styling, keep the 6 side stones, but I want claw prongs and the whole thing ''lowered''- it''s v. high right now and not practical.

Me too!

 

[Harriet]

Date: 7/16/2007 12:17:10 PM
Author: diamondfan
Harriet, I am sure being in the industry your dh sees one side, but think about even the small chance something happened. My hubby is very practical as well but knows even if the risk is slight, if something were to happen I would want a new ring for sure so why make things more stressful? Especially with metals and diamond prices seeming to escalate all of the time. If you can just go out and replace it with the same thing, or close to it, and he would agree to do so, fine, but it seems penny wise and pound foolish. You can also hope you never get sick, but if you do, having insurance is certainly a help. No one plans on these things, but hey, you never know. Also, my hubby has been interested in trip insurance, we take some very costly trips and if we could not go for any reason, it makes some sense, though we have never gone to that point yet.

Good one! He's used that on me, and I shall return the 'compliment.'
He doesn't believe in trip insurance either.

 

[Harriet]

Date: 7/16/2007 12:20:06 PM
Author: Pandora II
Mine was insured before it even left the manufacturer - all risks globally as a rider on my household insurance.

I am an insurance nut - I hate not being covered for anything.

My mother had some jewellery stolen when she was on holiday a few years ago - sadly as it was antique it wasn''t replaceable, but the appraisal came out at way more than my father had spent initially so she and I had a wild time in the Lanes in Brighton (fab jewellery district) spending the cheque!

I''ll tell the other half about your mother''s experience.

 

[Harriet]

Date: 7/16/2007 12:28:45 PM
Author: Independent Gal
I have a friend who comes from a VERY wealthy family with some seriously valuable pieces. She says her family never insures any jewelry as a rule, and the good pieces are kept in a safe deposit box unless worn. Why? For tax purposes. Should someone pass away, the jewelry doesn''t ''exist.''

If only my family had such problems!!!!

Lol.

 

[diamondfan]

The one flaw obviously is things that are not replaceable, but most of my stuff is new and not from a family member from years ago, so it works for me.

 

[Cehrabehra]

Date: 7/16/2007 10:43:48 AM
Author:Harriet
My DF thinks the probability of damage/loss is too low to warrant insurance. But, mine is being re-set this week, and risk-averse me is concerned about chipping.

I wouldn''t base my insurance decision on probability - I would base it on replacabilty. Can you afford to replace it IF you were to be the one to drop it and have it break? I have some rings that are under $500 and they aren''t insured.... I could replace them without breaking the bank, but you have almost 50k sitting on your finger if I recall and if you can afford to lose all of that, then by all means, take the risk!

 

[Madam Bijoux]

Harriet, I didn''t get hurt - just a minor cut on one wrist.

 

[dtnyc]

Date: 7/16/2007 12:19:43 PM
Author: diamondfan
Dtnyc, you still could smack it or be held up, not to be nuts but a friend''s mom was robbed in Century City, California, in the day time getting into her car by a well dressed man who had been watching her all day and struck when he had the moment to do so. I still would insure it, because with my luck, some odd weird thing would occur, the one in million...

DF- it is insured now. Once DH and I were living in the same place, we got our auto policies rolled together and got a proper renter''s policy.
Having it insured was something I asked DH to do several times and I always pointed out to him that since he was in grad school I had him on my medical and dental through work so it was his job to get the ring insured but he never did. This is going to sound awful but I figured if something happened it would be his family stone that he didn''t have insured, after I took care of the medical and dental (and he needed a root canal) I clearly articulated to him that the ring was his job.

 

[Harriet]

Date: 7/16/2007 12:42:32 PM
Author: Cehrabehra
I wouldn''t base my insurance decision on probability - I would base it on replacabilty. Can you afford to replace it IF you were to be the one to drop it and have it break? I have some rings that are under $500 and they aren''t insured.... I could replace them without breaking the bank, but you have almost 50k sitting on your finger if I recall and if you can afford to lose all of that, then by all means, take the risk!

He''s taking replaceability into account as well. As someone who hates losing even a few bucks, I''m going to have to put my foot down.

 

[Harriet]

Date: 7/16/2007 12:55:27 PM
Author: Madam Bijoux
Harriet, I didn''t get hurt - just a minor cut on one wrist.

I''m glad that was it.

 

[Mara]

it's insured. it was uninsured for a while back when it was worth less. i figured we could replace it with relatively little stress if anything happened to it then. but now it's worth much more than we'd be comfortable shelling out of pocket if something happened to it or it was lost or stolen. so i insured it. insurance is fairly expensive, like $450 a year, and probability i'll use it is very low i would imagine, but i feel much better knowing that if anything happens to it, i don't have to worry at all.

 

[Nicrez]

Harriet, I once did a cost-benefit analysis on insuring a 2ct stone. It was actually interesting to see that in 12 years, based on the characteristics of the stone and the insuanrce premium, if you paid it to an interest bearing account at a rate of 3% or better, it would be a wash out. Sounds smart to not pay it right? Not really. Consider the fact that within those 12 years something goes horribly wrong, like a loss, a robbery, a chip, a fire (yes diamonds can be damaged), or even a clearly random misshap. You will be out the full amount immediately. That money could be going to paying off a debt or to a higher rate investment vehicle like a 401K or stocks, but now it goes to buying ANOTHER diamond ring...

Tell DF that if he did a ammortization of the cost to the premium and paid that insurance until the cost of the stone was at less than half (although diamond price increases are unpredictable) of the insurance value, then I say ditch insurance if he really wants at that point and just start putting it in a bank at the highest yield he can. But peace of mind has no price...

DF must be in investment banking....(lol) I say that because most of the investment bankers I know are the ones who have the big stones with no insurance. They think it's cutting a useless corner, and in the end, they likely have never had to insure anything. I am in an industry of insure or lose your shirt. Just recently I heard of a contemporary getting mugged on al elevator and the inconspicuous shopping bag (with diamonds and jewlery) was stolen.

Clearly everyone agrees insurance is necessary. I'm saying it's like having health insurance. Sure nothing may ever make you sick, but one random accident and you try paying that bill of thousands of dollars...

 

[Cehrabehra]

Date: 7/16/2007 1:57:57 PM
Author: Nicrez
Harriet, I once did a cost-benefit analysis on insuring a 2ct stone. It was actually interesting to see that in 12 years, based on the characteristics of the stone and the insuanrce premium, if you paid it to an interest bearing account at a rate of 3% or better, it would be a wash out. Sounds smart to not pay it right? Not really. Consider the fact that within those 12 years something goes horribly wrong, like a loss, a robbery, a chip, a fire (yes diamonds can be damaged), or even a clearly random misshap. You will be out the full amount immediately. That money could be going to paying off a debt or to a higher rate investment vehicle like a 401K or stocks, but now it goes to buying ANOTHER diamond ring...

Tell DF that if he did a ammortization of the cost to the premium and paid that insurance until the cost of the stone was at less than half (although diamond price increases are unpredictable) of the insurance value, then I say ditch insurance if he really wants at that point and just start putting it in a bank at the highest yield he can. But peace of mind has no price...

DF must be in investment banking....(lol) I say that because most of the investment bankers I know are the ones who have the big stones with no insurance. They think it''s cutting a useless corner, and in the end, they likely have never had to insure anything. I am in an industry of insure or lose your shirt. Just recently I heard of a contemporary getting mugged on al elevator and the inconspicuous shopping bag (with diamonds and jewlery) was stolen.

Clearly everyone agrees insurance is necessary. I''m saying it''s like having health insurance. Sure nothing may ever make you sick, but one random accident and you try paying that bill of thousands of dollars...

it would be 60 years before I bought back my stone/ring LOL

 

[Harriet]

Date: 7/16/2007 1:24:55 PM
Author: Mara
it''s insured. it was uninsured for a while back when it was worth less. i figured we could replace it with relatively little stress if anything happened to it then. but now it''s worth much more than we''d be comfortable shelling out of pocket if something happened to it or it was lost or stolen. so i insured it. insurance is fairly expensive, like $450 a year, and probability i''ll use it is very low i would imagine, but i feel much better knowing that if anything happens to it, i don''t have to worry at all.

Thanks! I''ll give DF the peace-of-mind argument.

 

[Harriet]

Date: 7/16/2007 1:57:57 PM
Author: Nicrez
Harriet, I once did a cost-benefit analysis on insuring a 2ct stone. It was actually interesting to see that in 12 years, based on the characteristics of the stone and the insuanrce premium, if you paid it to an interest bearing account at a rate of 3% or better, it would be a wash out. Sounds smart to not pay it right? Not really. Consider the fact that within those 12 years something goes horribly wrong, like a loss, a robbery, a chip, a fire (yes diamonds can be damaged), or even a clearly random misshap. You will be out the full amount immediately. That money could be going to paying off a debt or to a higher rate investment vehicle like a 401K or stocks, but now it goes to buying ANOTHER diamond ring...

Tell DF that if he did a ammortization of the cost to the premium and paid that insurance until the cost of the stone was at less than half (although diamond price increases are unpredictable) of the insurance value, then I say ditch insurance if he really wants at that point and just start putting it in a bank at the highest yield he can. But peace of mind has no price...

DF must be in investment banking....(lol) I say that because most of the investment bankers I know are the ones who have the big stones with no insurance. They think it''s cutting a useless corner, and in the end, they likely have never had to insure anything. I am in an industry of insure or lose your shirt. Just recently I heard of a contemporary getting mugged on al elevator and the inconspicuous shopping bag (with diamonds and jewlery) was stolen.

Clearly everyone agrees insurance is necessary. I''m saying it''s like having health insurance. Sure nothing may ever make you sick, but one random accident and you try paying that bill of thousands of dollars...

Interesting stats, Nicrez. DF was in i-banking. He''s in an even more risk-taking sector now.

 

[Skippy123]

Well, my hubby didn't want to insure my ring but thank goodness we did because I lost mine in our kitchen remodel after 7 yrs of marriage. Also, remember how scared you were over your gold ring, just imagine what would happen if you lost your ering!!
Best wishes getting him to insure it.

Plus it isn't too expensive.

 

[Harriet]

Date: 7/16/2007 3:19:15 PM
Author: Skippy123
Well, my hubby didn''t want to insure my ring but thank goodness we did because I lost mine in our kitchen remodel after 7 yrs of marriage. Also, remember how scared you were over your gold ring, just imagine what would happen if you lost your ering!!
Best wishes getting him to insure it.

Plus it isn''t too expensive.

What was his reasoning? My potential premium is not pretty because of where we live.

 

[Skippy123]

That I wouldn''t loss it but our agent said she saw too many people lose their rings and it is better to be safe than sorry.

If it is a drop in the bucket for FH, then I wouldn''t get it.

 

[Harriet]

Date: 7/16/2007 3:26:16 PM
Author: Skippy123
That I wouldn''t loss it but our agent said she saw too many people lose their rings and it is better to be safe than sorry.

If it is a drop in the bucket for FH, then I wouldn''t get it.

No way is it a drop in the bucket!

 

[jayreneepea]

Mine isn''t insured right now. We tried to insure it a while back, but they wouldn''t insure it loose or in a temp setting. It''s in it''s final home now, so I need to get a new appraisal and get it insured. It has sort of fell to the back burner as we are doing a huge remodel right now and my priorities have shifted from diamonds to tile, granite, paint, windows, stairs, etc.

 

[Skippy123]

Date: 7/16/2007 3:28:57 PM
Author: Harriet

Date: 7/16/2007 3:26:16 PM
Author: Skippy123
That I wouldn''t loss it but our agent said she saw too many people lose their rings and it is better to be safe than sorry.

If it is a drop in the bucket for FH, then I wouldn''t get it.

No way is it a drop in the bucket!

Maybe go w/him and talk to your agent; that should help. It helped us. Now hubby made sure we had insurance right away when I got the new one. Peace of mind

 

[enbcfsobe]

not to beat the dead horse, but I looked at it very similarly to what Nicrez explained. assuming we kept our current jobs, FI and I could replace the ring without too much pain. but i''d rather pay a few hundred per year to have it covered, and forgo maybe 3 nights out, than get stuck paying the whole thing in one year unexpectedly and have to forgo much more (retirement savings, multiple vacations, private school for a kid, home improvements...)
seems like you have some persuasive arguments...good luck!

 

[Fly Girl]

My original e-ring (the 21 pointer) was never insured.

But the day I got my 1.50 ct e-ring, I called up my insurance agent, and got a personal articles binder.

Insurance is worth every penny for the peace of mind. If you want to protect your ring, get the insurance. If you don''t worry, and don''t mind not replacing the lost article, you can save the $$$.

 

[Harriet]

Date: 7/16/2007 3:33:13 PM
Author: jayrenay9
Mine isn''t insured right now. We tried to insure it a while back, but they wouldn''t insure it loose or in a temp setting. It''s in it''s final home now, so I need to get a new appraisal and get it insured. It has sort of fell to the back burner as we are doing a huge remodel right now and my priorities have shifted from diamonds to tile, granite, paint, windows, stairs, etc.

Thanks, and good luck on the remodelling!

 

[Harriet]

Date: 7/16/2007 3:34:11 PM
Author: Skippy123
Maybe go w/him and talk to your agent; that should help. It helped us. Now hubby made sure we had insurance right away when I got the new one. Peace of mind

He had to learn an expensive lesson first.

 

[Harriet]

Date: 7/16/2007 3:48:02 PM
Author: enbcfsobe
not to beat the dead horse, but I looked at it very similarly to what Nicrez explained. assuming we kept our current jobs, FI and I could replace the ring without too much pain. but i''d rather pay a few hundred per year to have it covered, and forgo maybe 3 nights out, than get stuck paying the whole thing in one year unexpectedly and have to forgo much more (retirement savings, multiple vacations, private school for a kid, home improvements...)
seems like you have some persuasive arguments...good luck!

You''re such a lawyer!

Which precedents shall I quote?

 

[Harriet]

Date: 7/16/2007 3:51:09 PM
Author: Fly Girl
My original e-ring (the 21 pointer) was never insured.

But the day I got my 1.50 ct e-ring, I called up my insurance agent, and got a personal articles binder.

Insurance is worth every penny for the peace of mind. If you want to protect your ring, get the insurance. If you don''t worry, and don''t mind not replacing the lost article, you can save the $$$.

Oh, I worry.
Thank you all for helping me develop my argument.

 

[Nicrez]

Harriet, I understand. Insurance in NY is INSANE. Because so is the mugging and loss...

As a matter of fact, in my company (and most on 47th) the largest expenses are Insurance #1, then Shipping or rent. Truly. Insurance is ALWAYS the highest cost. BUT, in your case, I would consider it a necessary evil of having a pricey stone.

he must be into hedge funds! LOL I-bankers all want to cut the insurance costs. Honestly, it''s because of their hedging bets all day long, shorting stocks and playing with numbers they think they have it figured out. Tell DF that in the end it''s going to pay off if you pay as much insurance as HALF the cost of the ring. Thereafter you can just take that SAME amount you spent on insurance premium and put it into an account, should the ring get stolen. If not maybe it''s another piece of jewlery. Insuring is not pittance here in NY, but maybe cut out the cleaning lady and cook at home...

It''s worth it. To me jewlery requires upkeep like a car. Cleanings, updating appraisals, etc. Like buying a Rolex and getting it wound...

Also, look into getting a rider off of your renter''s insurance, or even car insurance. If not, what I learned is tha Jewler''s Mutual was a bit pricer, but had the best coverage. Chubb was a bit cheaper, and decent. Get quotes, or if you have any union or affiliations, try those companies. I have a friend who''s a teacher and she got her ring specially insured through her union...?