Should I insure my studs?

[vespergirl]

I recently acquired a pair of 1.16 cttw diamond studs, and received the appraisal from the jeweler. The studs cost around $2000, and the appraisal is for $2700. Should I insure them like I insured my ering? I have Allstate on my house & jewlery policy, if that makes a difference.

Since the earrings are only insured at $2700, would they be insured under my general homeowners policy? Thought I''d get a quicker answer here than calling Allstate

 

[vslover]

I wouldn''t bother because IMO it would be a bad thing to use your homeowner''s policy for a small claim like $2700...it would be better to just replace them. The hit to your homeowner''s really wouldn''t be worth it and would likely raise your premiums and make it harder for you to get insurance elsewhere. I think it''s only worth it if it''s a substantial amount of money that you couldn''t replace on your own.

 

[MrYoung]

Let me ask you this- when/if you were to ever loose you diamonds, is your jeweler going to charge you $2700 to replace them?


.........Then why are you paying insurance premiums for $2700.00?

A INDEPENDENT ACCREDITED appraisal will give you retail replacement value, not inflated retail value.

Good Luck.

 

[MichelleCarmen]

Yep, I agree with the home owners policy and wouldn't file a claim through that if you lost them because of policy prices. But, I would get insurance on them even if you could replace them on your own because who wants to shell out that additional money when you could instead use it for something else?! I plan to get insurance for my earrings and pendant as soon as I get organized, but will do it through seperate insurance (and will insure for how much I paid).

Where did you get your studs? Sounds like you got an amazing deal!

 

[vespergirl]

Thanks everyone! I think I''m going to skip the insurance. I haven''t lost a piece of jewelry since I was 10 years old, so I''m hoping that I''ll keep up my lucky streak, and not bother with the insurance.

The earrings are from Mervis, but I probably wouldn''t recommend buying from them - I had some issues with several custom settings that were ordered & came in wrong. I actually "traded down" my 2.25 ct asscher for a 2.01 ct RB, and had $1800 that I had to spend to break even on my trade-in. So, the earrings (G color I1 1.16 cttw martini set) were tagged at $2100 but they gave them to me for $2000. The earrings are beautiful, but I had a hassle dealing with them, so I probably wouldn''t go back there.

 

[Italiahaircolor]

I am a firm believer in insuring all my jewels. I find that the premium is so small when insuring jewelry that it just makes sense. You never know what will happen...and it''s always better to be safe then sorry.

 

[MichelleCarmen]

oooh, that's right. I remember your post now. Sorry, I have a terrible memory! lol

That sucks that you had issues with the settings, but good that you love the earrings. I've never lost anything either (knock on wood) but fear the my DH will forbid me (lol) from buying more earrings if I loose mine. lol I'm just kidding, but if I did loose them, I'd probably be stuck with buying lower color stones the second time around so I'd be spending less! I probably wouldn't even tell my DH if I lost one of my earrings and just replace the missing stone. Isn't that horrible?

Italiahair - which insurance co have you gone with? My earrings were $1900, so I'm not sure which company to go with. That isn't much money in the sceme of things, but a lot for earrings, IMO.

 

[Fly Girl]

I have a personal articles policy from State Farm and I just put everything like that on it. I put the kids'' laptop computers and cameras (just got my college girl a DSLR for Christmas that she is taking back to school) on it too. Gives me peace of mind, and makes me a better mother since I''m not harping on them all the time to be careful with expensive stuff. And, I have been known to lose jewelry.

 

[vespergirl]

Thanks for all of the feedback everyone! I think I may call Allstate & ask them what they recommend, and what would happen to my premium if I lost the earrings. I really appreciate your comments!

 

[mrssalvo]

I filed a claim with allstate when there was damage done to my e-ring stone and my rate did not go up at all. Maybe if you have more than one or two, but just for my one, it stayed exactly the same.