Those w/ jewelry insurance...

[DiamondsNPearls]

How do you have it set up? With your homeowners insurance? Separately? Also, if you don't mind sharing how much you're paying so I can get an estimate as far as quotes go...is all of your jewelry insured? Only certain pieces? Thanks so much.

 

[OcnGypZ]

Premiums are predicated upon where one lives. So what I pay in my city, can vary greatly from where you live.

 

[mommylawyer]

I have an "inland marine" policy attached to my homeowner's policy for my jewelry. As mentioned above, the premium will vary by location.

 

[MeowMeow]

I have jewellers mutual and agreed. Premiums are definitely based on where you live. If you store in a bank vault or have a security system can possibly earn you a discount too. I don't think we pay more than 100 a month. I think it's actually lot less to insure my engagement and wedding rings plus one or 2 other peices super important to me. I remember the price being surprisingly low to me when they told me what we will pay for the year because it was closer to 100 when I still lived in Florida just for my engagement ring. But yeah you would definitely need to call for a quote and chat with them to know for sure.

 

[MMtwo]

I insure 4 pieces through a Jewelry Insurance Company. The rate works out to about 1 dollar for every 118 in value insured per year. We live in a rural setting. We looked at homeowners, but it didn't cover as many possible losses.

 

[Ally T]

Mine are listed separately on our home insurance, which as others have said, varies greatly depending on where you live & your security systems. I am also in the UK so my price will have no bearing on yours.

I only insure my pear cut due to the rarity of its specs & subsequent value, despite only being a smidge over 1ct, my eternity ring & my Great Aunts antique pearl cluster, which also crosses the threshold of what is covered on our policy under general jewellery.

 

[kb1gra]

I have jewelry-specific insurance. Costs about 2% of insured value per year.

 

[rungirl]

I am looking into jewelry insurance now also. I recently lost a diamond stud earring and didn't have insurance. I replaced the diamond and had both reset (previously screw backs which I would never trust again, now guardian backs). I'm planning to insure the pair just in case.

I will probably go with a jewelry-specific insurer like Jeweler's Mutual (I was already able to get a quote from them online). My concern with adding jewelry coverage to my homeowner's policy is that in the unfortunate event that I need to use it, I'm afraid it will count as one strike against my homeowner's policy. I don't want to put my homeowner's insurance policy at risk.

 

[MamaBear]

I have pieces insured through our homeowners policy. I recall it wasn’t a lot and my husband was comfortable with the coverage.

 

[Gemly]

I am looking into jewelry insurance now also. I recently lost a diamond stud earring and didn't have insurance. I replaced the diamond and had both reset (previously screw backs which I would never trust again, now guardian backs). I'm planning to insure the pair just in case.

I will probably go with a jewelry-specific insurer like Jeweler's Mutual (I was already able to get a quote from them online). My concern with adding jewelry coverage to my homeowner's policy is that in the unfortunate event that I need to use it, I'm afraid it will count as one strike against my homeowner's policy. I don't want to put my homeowner's insurance policy at risk.

This was exactly my concern.

 

[boxbits]

This thread might be helpful for anyone who is choosing between insuring their jewelry through their homeowner's insurance and a jewelry specific insurance company: https://www.pricescope.com/communit...cialty-jewelry-insurance.253431/#post-4652000

As for cost, I echo what everyone else has said about cost being contingent upon where you live.

 

[rungirl]

This thread might be helpful for anyone who is choosing between insuring their jewelry through their homeowner's insurance and a jewelry specific insurance company: https://www.pricescope.com/communit...cialty-jewelry-insurance.253431/#post-4652000

This is a very helpful thread, thank you.

 

[ls430FL]

Another Jewelers mutual customer here. It's not very expensive at all and you can do agreed value. Price will vary based on the value of your item(s). Definately worth it. I thought about going through homeowners insurance but I was afraid of rate hikes if there was a claim and I have also heard of people having issues with getting proper value when making claims through homeowners insurance.

 

[headlight]

Way better to have jewelry be insured by jewelry-specific carrier to ensure you get replacement of like for like. You can select a deductible comfortable for you to make the premium affordable. You can easily get a quote online just by plugging in the info. There are different carriers but jewelers mutual is the best. I have a large diamond ring and large diamond pendant (my 2 branded Brian Gavin Ags 000 diamonds) with JewelersMutual. I have my 3x ring and an emerald cut in a pendant with GemShield. And I have an estate in line bracelet still on our homeowners policy with farmers that I’m in the process of moving to a jewelry specific carrier.

 

[autumngems]

I had mine insured with Jeweler's Mutual before I sold it and my daughter has hers with them as well.

 

[RunningwithScissors]

I use Jeweler's Mutual for my CBI diamonds - my e-ring and my diamond studs. Because these items max out Jeweler's policy, I insure the rest of my jewelry with my homeowners insurance, Traveler's.

I don't trust homeowner's insurance to adequately reimburse me for my CBI diamonds or any other important or specialty jewelry. I had a major claim a few years ago for my house (we had a pipe burst and it flooded our entire downstairs.) We had to wrestle our homeowner's insurance company for almost 2 years to recoup most of our loss. They nickled an dimed us throughout the entire process and we had to fight them every step of the way. The designer/builder who helped up redo our house told us that it wasn't just Traveler's. They had seen the same thing and even much worse with all the major homeowners companies.

 

[Dancing Fire]

I have jewellers mutual and agreed. Premiums are definitely based on where you live. If you store in a bank vault or have a security system can possibly earn you a discount too.

In this case you wouldn't need insurance...

 

[MeowMeow]

In this case you wouldn't need insurance...

Haha i would still insure anyway because it lives there most of the year but it does get taken out and worn soooo lol.

 

[SandyK]

Related question, if that is okay — I’m thinking about buying a stone with a GIA cert from 2016 from a PS vendor; the stone was traded in and the vendor says condition is unchanged, but would I need a more current GIA report for insurance through someone like Jeweler’s Mutual? (I’ve only ever done it through my homeowners policy)

 

[AprilBaby]

I have mine to jewelers mutual and I think I pay 1% a year of the total value. It’s not that bad and I lost the piece once and they replace it with a better piece than I had. you need a current valuation to send them via a photograph. Otherwise if you just purchase the piece you can send them the sale slip.

 

[jasper]

Jewelers' Mutual's rates (as a percentage of the jewelry value) are higher if the value is above $ 15,000 than if it is below $ 15,000. AprilBaby's rates are typical for most of the United States, but some metro areas have much higher rates. You can call Jewelers' Mutual to get more details. Their staff are very knowledgeable and friendly.

A general rule for insurance: Only insure those things that it would be painful to pay for out-of-pocket. If you can afford a $ 1,000 homeowners' insurance or healthcare deductible, consider only insuring jewelry items that cost more than $ 1,000 each (unless you store multiple modest items together, and their aggregate value is above $ 1,000).

Some banks are putting limits on their liability for safe deposit boxes. My bank has a limit of $ 25,000, and completely disclaims liability for some kinds of contents.

A safe deposit box is a good place to put papers, such as diamond certificates and back-up copies of one's will. By the way, most banks have severe restrictions on access to the safe deposit boxes of people who have recently died. It is important to let one's next of kin know where to find a non-safe deposit box copy of one's will and funeral wishes.