When to get jewelry insurance?

[Dreamgirl]

Hello all!

I was wondering when it''s appropriate to get insurance on jewelry. Like, at what value of a piece would you say more than likely require insurance? $500, $800, or are we talking well over $1,000? I''m also not sure how jewelry insurance works so I''m *assuming* you pay multiple payments per year or is it a one time thing or am I all wrong here?

Thanks in advance...

 

[D&T]

maybe you can chat with touchstone and see what they say, think about the premiums as well as the deductible, and are you willing to pay out for those if the items are in the hundreds of dollars? I don''t know what the minimum is, but just say for example sake, you have a piece of jewelry costing $500, and deductible is $250 but you pay a $20 premium/month so in 12 months you''d pay $240, but something happens to the ring and now you want to make a claim - so after 12 months you paid out $240 plus you have a $250 deductible, so you''re out $490 for a $500 piece of jewelry, was it really worth the premiums? - also read the fine print with those companies, if you make one claim even if its minor, will they drop you? just throwing it out there, (just giving a scenario although premiums are likely to be much less) I didn''t get any insurance on my first e ring or my jewelry which were about $3000 for the ering set, and other pieces probably only combined to $7k, but now I have insurance just for my ering and wedding band about 10k. The replacement policy is less, but Cash out policy will be considerable more like with Chubbs, and they have a min of $10k through Touchstone, in most states they dont'' have stand along policies unless it is $100k worth of jewelry (I know I tried to call for one in AZ)

 

[Dancing Fire]

in our area it cost $220 per $10,000 of coverage.

 

[Dreamgirl]

Date: 6/19/2009 12:53:44 AM
Author: D&T
maybe you can chat with touchstone and see what they say, think about the premiums as well as the deductible, and are you willing to pay out for those if the items are in the hundreds of dollars? I don''t know what the minimum is, but just say for example sake, you have a piece of jewelry costing $500, and deductible is $250 but you pay a $20 premium/month so in 12 months you''d pay $240, but something happens to the ring and now you want to make a claim - so after 12 months you paid out $240 plus you have a $250 deductible, so you''re out $490 for a $500 piece of jewelry, was it really worth the premiums? - also read the fine print with those companies, if you make one claim even if its minor, will they drop you? just throwing it out there, (just giving a scenario although premiums are likely to be much less) I didn''t get any insurance on my first e ring or my jewelry which were about $3000 for the ering set, and other pieces probably only combined to $7k, but now I have insurance just for my ering and wedding band about 10k. The replacement policy is less, but Cash out policy will be considerable more like with Chubbs, and they have a min of $10k through Touchstone, in most states they dont'' have stand along policies unless it is $100k worth of jewelry (I know I tried to call for one in AZ)

Wow! You perfectly summed it up for me. That all makes complete sense and just what I was looking for. Seems like it''s not worth it to get insurance on something in this price range. I''m glad to know. Thanks for your help! I really apreciate it.

 

[D&T]

Date: 6/19/2009 11:30:27 AM
Author: Dreamgirl

Date: 6/19/2009 12:53:44 AM
Author: D&T
maybe you can chat with touchstone and see what they say, think about the premiums as well as the deductible, and are you willing to pay out for those if the items are in the hundreds of dollars? I don''t know what the minimum is, but just say for example sake, you have a piece of jewelry costing $500, and deductible is $250 but you pay a $20 premium/month so in 12 months you''d pay $240, but something happens to the ring and now you want to make a claim - so after 12 months you paid out $240 plus you have a $250 deductible, so you''re out $490 for a $500 piece of jewelry, was it really worth the premiums? - also read the fine print with those companies, if you make one claim even if its minor, will they drop you? just throwing it out there, (just giving a scenario although premiums are likely to be much less) I didn''t get any insurance on my first e ring or my jewelry which were about $3000 for the ering set, and other pieces probably only combined to $7k, but now I have insurance just for my ering and wedding band about 10k. The replacement policy is less, but Cash out policy will be considerable more like with Chubbs, and they have a min of $10k through Touchstone, in most states they dont'' have stand along policies unless it is $100k worth of jewelry (I know I tried to call for one in AZ)

Wow! You perfectly summed it up for me. That all makes complete sense and just what I was looking for. Seems like it''s not worth it to get insurance on something in this price range. I''m glad to know. Thanks for your help! I really apreciate it.

you''re welcome, sorry if i was rambling on. I would totally get insurance though if in the thousand dollars range, but you have to be the judge on that, I teeter when its even $2000 but if you lumped up many more $2k pieces well then maybe you might want to, hope that makes sense. I know its those risk analysis that you have to do which is a bugger like life insurance

(completely more complicated, but same idea)

 

[Dreamgirl]

No not at all! You've been most helpful. It's also helped me in making a purchase decision...I very much appreciate it!

 

[mayachel]

I would also look into any homeowner''s/renter''s insurance and how it may already cover smaller purchases. We found that going with that was enough to cover quite a bit.

 

[that_someone_special]

Date: 6/19/2009 2:29:39 AM
Author: Dancing Fire
in our area it cost $220 per $10,000 of coverage.

So for a $60,000k that would be.. $1320?? Arg! Where are you??? I was hoping for $100/ $10k.......................

 

[D&T]

Date: 6/28/2009 3:01:42 AM
Author: swedish bean

Date: 6/19/2009 2:29:39 AM
Author: Dancing Fire
in our area it cost $220 per $10,000 of coverage.

So for a $60,000k that would be.. $1320?? Arg! Where are you??? I was hoping for $100/ $10k.......................

mine cost about $125 for about $9k but it was a replacement policy with NO deductible in AZ, it would cost more if you had a cash out policy depending on deductible.

 

[Dancing Fire]

Date: 6/28/2009 3:01:42 AM
Author: swedish bean

Date: 6/19/2009 2:29:39 AM
Author: Dancing Fire
in our area it cost $220 per $10,000 of coverage.

So for a $60,000k that would be.. $1320?? Arg! Where are you??? I was hoping for $100/ $10k.......................

you need to check for yourself. different location different premium. i live in the getto area so they charge a higher premium.

 

[diamondringlover]

My jewerly rider thru my homeowners policy is about $12 per $1000 with no deductible.

 

[that_someone_special]

Date: 6/29/2009 8:53:42 AM
Author: diamondrnglover
My jewerly rider thru my homeowners policy is about $12 per $1000 with no deductible.

Good to know