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Jewelry Insurance…. Is it worth it?
Posted on 5/2/24 at 7:54 pm
Posted on 5/2/24 at 7:54 pm
My wife just received a family heirloom piece that appraised at $32k. I have never had any jewelry insurance but think a piece like this may be worth getting it.
Any thoughts/recommendations from the MT?
Any thoughts/recommendations from the MT?
18
Posted on 5/2/24 at 7:58 pm to hottub
It's worth about 25% of that amount.
Posted on 5/2/24 at 8:29 pm to hottub
This may be completely wrong but if you can't replace it yourself then insure it
Posted on 5/2/24 at 8:44 pm to hottub
Jewlers Mutual.
Posted on 5/2/24 at 8:45 pm to hottub
I do it using USAA valuable personal property or something like that… not crazy about doing it but it’s cheap…and if I had to buy another one to replace, I’m sure as hell not spending as much as I did the 1st time without insurance 
This post was edited on 5/2/24 at 8:47 pm
Posted on 5/2/24 at 8:56 pm to hottub
Might be cheaper to keep it in a bank safety deposit box
Posted on 5/2/24 at 9:09 pm to hottub
After 20+ years of marriage, bought the wifey a much nicer engagement ring w/3 emerald-cut diamonds - State Farm appraised and insured it - about 15 years later one of the diamonds apparently came loose and was lost - insurance replaced with a new comparable diamond. We continue to have insurance on that and added a nice pair of emerald-cut diamond earrings. I think it is worth it.
Posted on 5/2/24 at 9:49 pm to hottub
If it’s just going to be in your house, use your property insurance.
If worn occasionally, jewelers mutual.
As someone else said, you could get a safety deposit box and skip the insurance..
If worn occasionally, jewelers mutual.
As someone else said, you could get a safety deposit box and skip the insurance..
Posted on 5/2/24 at 10:39 pm to hottub
You can add a jewelry rider on your home insurance to cover full appraisal value. It’s cheap and worth it imo. Had to use it for a 10k ring and was a simple process.
Posted on 5/2/24 at 11:02 pm to hottub
My wife wears my mother’s (deceased) wedding ring. We insure it.
Posted on 5/3/24 at 5:43 am to hottub
My wife lost our engagement ring after about 12 years. Turned the house over and never found it. Turned in a claim and they sent a couple diamonds to choose from and replaced it with no issues. That was around a $10k ring.
I was actually surprised at how easy it was.
ETA: we have a jewelry rider on our HO.
I was actually surprised at how easy it was.
ETA: we have a jewelry rider on our HO.
This post was edited on 5/3/24 at 5:46 am
Posted on 5/3/24 at 5:47 am to hottub
Appraisal on jewelry isn’t worth the paper it’s written on. It’s only worth what someone is willing to pay for it and unless it has provenance connecting it to someone or something famous it will sell for maybe a third of that appraisal.
Posted on 5/3/24 at 9:24 am to hottub
Had a very similar situation. Wife’s grandmother had died and she wanted her ring as her engagement ring (great news for me ). Like someone else said you can add a jewelry rider to your homeowner’s policy. Want to say it’s probably like $75-100 of my total yearly premium for about $45k worth of coverage.
). Like someone else said you can add a jewelry rider to your homeowner’s policy. Want to say it’s probably like $75-100 of my total yearly premium for about $45k worth of coverage. Posted on 5/3/24 at 9:49 am to hottub
I pay a few hundred bucks a year for a similarly valued piece. Going on almost ten years… Ask me again in a couple decades if it was worth it.
Like all insurance it’s peace of mind. If your wife is sporting this daily, then yes it’s probably worth it. If it’s stuffed in a safe, probably not.
Like all insurance it’s peace of mind. If your wife is sporting this daily, then yes it’s probably worth it. If it’s stuffed in a safe, probably not.
Posted on 5/3/24 at 10:40 am to hottub
Yes, it is super cheap, I have what is called a Valuable Personal Property policy from USAA for my diamond engagement ring and my watch. I need to update the appraisal on mine as the coverage is based on that amount.
Posted on 5/3/24 at 10:57 am to hottub
We use Jewelers Mutual. Our rule of thumb is any piece over $3,500 that is going to be worn at least a few times per year we insure. Rates are super reasonable. Premium is about $500/year for a little over 50k in "appraised" items. Women will inevitably lose shite.
Posted on 5/3/24 at 1:28 pm to hottub
Yes.
My mom has it on her big ring. Around $20,000 worth of insurance . And it’s not that much money annually for it.
She would say it’s worth it .
My mom has it on her big ring. Around $20,000 worth of insurance . And it’s not that much money annually for it.
She would say it’s worth it .
Posted on 5/4/24 at 4:17 pm to hottub
Safety deposit box
Posted on 5/4/24 at 5:51 pm to hottub
We added a rider for my wife’s wedding rings and some of her inherited jewelry to homeowners. Really wasn’t that much to yearly cost.
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