Which jewelry pieces to insure?

[MomInstyle]

Hi All,

I have been robbed before and it's not a best experience. Lucky, i did have a good policy.

I am looking to update and add on more jewelry insurance policy. Currently I do have additional jewelry policy with my homeowner policy with amount of $100,800 for annual premium of $958 (that is just for jewelry only). I need to update and if I were insure any piece with amount of $6000 or more, i will have to add another $83,000 to the policy that will increase premium to at least $1500/yr. That is alot! Insured amount is based on the appraisal replacement value.

I ran the quote online w/ Jewelers Mutual and it will be even more expensive. How do you determine which not to insure and what to insure? Which pieces do you insure?

 

[doberman]

I don't insure anything under x dollars where x is the amount I could spend with a negligible impact on my finances. Insurance premiums are $$. Only my most expensive pieces are insured - but that insurance has been needed twice. Basically we are willing to pay for peace of mind, knowing that bad stuff can happen.

 

[bcavitt]

Our store tells customers the following:

• Don't insure anything that is under your deductible amount

• Don't insure anything that would not hurt you financially if it were lost or stolen and you were to replace it

• Insure anything that has enough importance that you would replace it if it were lost or stolen

We had customers that were insuring hundreds of thousands of dollars worth of jewelry and realized that they were paying in annual premiums the value of or even more that the value of some of the items they insured. Most of these customers now have high quality safes to store their valuables. Between this and reducing the number of items they were insuring, they saved a great deal on their insurance premiums.

 

[Ally T]

I use my general house & contents insurance. On there I have listed the items that are worth more than the £2,000 cut off per Jewellery item, so I have listed my engagement ring, eternity ring & watch. Nothing else I have quite hits the £2k mark so is not worth listing due to the increase in premium. I have had to claim for my engagement ring 18 months ago, so it was lucky it was listed

 

[Dancing Fire]

Hi All,

I ran the quote online w/ Jewelers Mutual and it will be even more expensive. How do you determine which not to insure and what to insure? Which pieces do you insure?

None!...Can't afford the premium.. .. $270 per $10k of coverage..

 

[missy]

I've only insured my ER. As DF wrote that's all I can afford to insure lol.

Sorry about your thefts. Do you have a safe? At least that will make it more difficult for the criminals if not 100% secure.

 

[denverappraiser]

Our store tells customers the following:

• Don't insure anything that is under your deductible amount

• Don't insure anything that would not hurt you financially if it were lost or stolen and you were to replace it

• Insure anything that has enough importance that you would replace it if it were lost or stolen

We had customers that were insuring hundreds of thousands of dollars worth of jewelry and realized that they were paying in annual premiums the value of or even more that the value of some of the items they insured. Most of these customers now have high quality safes to store their valuables. Between this and reducing the number of items they were insuring, they saved a great deal on their insurance premiums.

Exactly. You might also contemplate what your own risk profile is like and include in the decision which items you are inclined to wear a lot. An item that remains untouched in your safe or in the bank vault is less likely to be lost than one that you wear frequently and that you take on and off a lot (like earrings).

 

[blingbunny10]

I would insure, in order:
-wedding set (mine and husbands)
-most expensive or hard to replace watches
-most expensive pieces, until....

until I reached $10k. And then look at whether to insure additional pieces, weighing the replacement value against the amount it would drive your premium up. If you have pieces that are worth only a few hundred, and they don't have much sentimental value, I wouldn't put that on the policy if it's going to drive your costs way up.

Do you keep some jewelry in a bank box? Storage/security is another thing to consider when deciding which pieces should be insured.

 

[bcavitt]

Hi All,

I ran the quote online w/ Jewelers Mutual and it will be even more expensive. How do you determine which not to insure and what to insure? Which pieces do you insure?

None!...Can't afford the premium.. .. $270 per $10k of coverage..

WOW! You must live in a high risk area. Most people with JM pay a little more that $1 per $100 of coverage (that's $100 for $10K).

 

[Dancing Fire]

Hi All,

I ran the quote online w/ Jewelers Mutual and it will be even more expensive. How do you determine which not to insure and what to insure? Which pieces do you insure?

None!...Can't afford the premium.. .. $270 per $10k of coverage..

WOW! You must live in a high risk area. Most people with JM pay a little more that $1 per $100 of coverage (that's $100 for $10K).

That sounds more reasonable.

 

[diamondseeker2006]

I have my e-ring and studs insured (and the studs primarily because I think they could be lost moreso than other things). I have several things that I should insure in the $5-10k range but I hate paying the premiums.

 

[texaskj]

Conventional wisdom has always been to insure what you can't afford to replace. Take all the sentimentality out.
Between health, home and auto, SO and I are already coughing up the better part of $6000 a year to insurance companies.
That's a nice vacation or healthy amount for bling.
We've decided when we do get married my ring will be no more than $2000-$3000 because that's our comfort level for replacing something.
You know what your dollar amount is.
While I would love nothing more than a 2-carat OEC or OMC in platinum, I'm sick to death of sending money to insurance companies.


DF, I can see why you don't insure those gorgeous watches. Yee-ouch!