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What is your value cut off for insurance purposes?

ls430FL

Rough_Rock
Joined
May 28, 2020
Messages
41
I have jewelry insurance on large important pieces but I am curious what is your value cutoff for when you decide to add a piece to your policy for an additional premium or not? For example, I have recently bought my wife another eternity band for stacking purposes. It's of good size with a value of around $4,000 and an insurance value of $6750 from my local trusted jeweler. Would you insure this piece for $100ish a year? Of course much large more expensive piece have insurance I am just curious what value makes you decide to add a piece to your policy or not. Thank you
 
I weigh the replacement cost plus risk of expensive damage in deciding to insure. I would probably insure an eternity band which have a tendency to go out of round or otherwise be damaged and need extensive repair. I don't insure things like a DBTY bracelet for ~1k.
 
I’ve got Chubb. Jewelry is included in homeowners up to $5000/item. Over that I have my things scheduled.
 
I’ve got a separate policy for jewelry items on our homeowners insurance. Anything over a few thousand dollars and I insure it. I’d rather have peace of mind than take a gamble.
 
I definitely do not insure smaller items. I insure my two most worn and most valuable pieces as they have the most opportunity for loss or damage..diamond stud earrings and my engagement ring stone. So I am technically not insuring things under $20k, which means most of my jewelry.

If the item cost $4000, that is the insurance value. Never insure for more, because that insurance company is certainly not going to spend $6k to replace an item that is worth $4k. That's just money in the insurance company's pocket if you overpay in premiums. $100 is way to much per year to insure a $4000 item. Mine is about $1 per $100 of value, so I'd consider it at $40, but certainly not at $100.
 
Yes, good point. See what your insurance company will cover and how that relates to your items. I was shocked that our homeowners policy covered only $1500.00 total if the items weren’t a separate item when I inquired. And required our deductible before payout! It is cheap for me to add coverage and worthwhile. Each policy is different....
 
Zero, because I don't insure valuables.
I hate insurance and don't carry any insurance not required by law or my mortgage bank.

I see insurance and gambling.
Customer is gambling they'd have a claim.
The Insurance company is gambling they won't.
That'd be fine except the I. company sets the odds and ensures the premiums are plenty to pay every claim, all their employees, their rent, utilities and multi-trillion dollar golden parachutes for their execs.

As always with gambling the odds are with the house.
No thanks.

I invest the money I would have paid for premiums and a zillion optional/extended warranties, which I always refuse.
50 years of doing that results in an attractive portfolio balance.

People say insurance gives them peace of mind.
Looking at my balance gives me peace of mind.
It also gives me a wonderful feeling of rebellion for sticking it to the man.

I also resent how insurance companies manipulate us using fear - much like religions do.
 
I was about to like your post, Kenny, but you had to add that last little bit. :roll:

Only insure things that would absolutely need to be replaced, and only those that you cannot afford to replace. Kenny is pretty much right that on less expensive items, save that $100+ each month (per item that you'd want to insure) in an account you label "Jewelry Insurance". Then if you ever have a loss and need to replace, use those funds. It's self-insuring rather than enriching the insurance company.
 
Kenny and me are probably the only two idiots who doesn't insure their jewelry. Not only just paying the premiums every yr, but you'll also need to get it reappraised every few yrs, so more money down the drain. About every 5-6 yrs I just use the money that I saved on insurance to buy another piece of jewelry.
 
I was about to like your post, Kenny, but you had to add that last little bit. :roll:

Oh Noes! You don't like my post?
WHAAAAAAAA! :cry2:
Actually ... Psssssscht! :rolleyes:

What you belittle as the "little bit" is the most important thing I'll ever have to say in this stupid friggin ignorant world, currently self destructing.

Thanks for drawing attention to how religions, like insurance companies, cleverly suck money out of the masses by stoking invented fears.
Religions and insurance companies result in regular monthly/weekly payments to these institutions of fear-fanning extortion. :nono:
Shame on them!
 
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I don’t insure everything. I didn’t insure the ring in my avatar or my cushion halo...I did insure my 2.78 ACA...I already insured my bezel diamond bracelet so I kept that on..My 3.04 pair of studs were pricey so I insured them...I have a smaller pair of studs 1.90 that I’m thinking about taking off my rider. I have other diamond earrings I just never got around to insuring...and I decided against insuring them too.. I already took off my Tiffany pendants. I’m very careful with my jewelry..so I think the risk is low...If I lose something I would be upset but I am willing to take the chance..
 
Saving the insurance premiums can be a good thing if you are disciplined enough to save it in a separate account. However, depending on how much you put away in an account per year, it could take quite a few years to accumulate enough to pay for an expensive diamond. If you have managed to save 15k and lose a 30k diamond, you would have to come up with another 15k to replace it. Insurance is a gamble but a necessary one for most of us if you plan to replace an expensive item out of pocket.

I don't insure everything either but I do cover my most expensive pieces. It allows me to wear and enjoy them without fear of losing or damaging them. For me, it is worth it. It is a personal decision for everyone to make and we all have different thresholds of what would be an acceptable loss. As for the pieces I don't insure, I might never replace them or might choose another piece of jewelry instead.
 
When I checked out jewelry insurance, it was so high that the premiums would equal the cost of the jewelry in about ten years so I said forget it.
 
What you belittle as the "little bit" is the most important thing I'll ever have to say in this stupid friggin ignorant world, currently self destructing.

I'd recommend drinking but my guy cut me off, no doubt jealous of my success at it!

So now I recommend trying to maneuver your way into one of the states where marijuana is legal. That is what I am trying to do. You're welcome. :)
 
Thank you all for the replies and for the extra bit about actual paid value vs appraised value. Makes total sense. I appreciate you all.
 
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