Is your jewelry insured?

[cleo27]

I was honored to receive a ring from my grandmother that was originally my great-grandmothers' aunts' ring. Because it was in the family so long and is gold with a beautiful stone I had it appraised. I was speechless at the value (5 figures). Im guessing I should insure this or lock it in the safe deposit box! It's about $180/ year to insure it.

I'm also thinking I should insure my engagement ring and maybe DH's platinum band too? I'd need to pay to get them appraised. Just curious if most people insure their rings/jewelry.

[queenmama]

Mine isn't but only my diamond engagement ring is of value.

I would insure the family ring and definitely keep it in a SDB! I would be heartbroken to ever lose such a treasure, its monetary worth aside!

Lara

[codex57]

Who gave you the appraisal? Most appraisals are worthless. What's most important is what the insuring company thinks the stone is worth and what they'll do if a loss happens.

I've thought about insuring DW's, but I want to get it tested and fully measured by AGS before I do. That way, I have more specific measurements to get an appropriately equivalent replacement than what a GIA cert provides. Also have to find an insurance company that provides a policy specific enough to take into account the AGS specs.

[cleo27]

Mine isn't but only my diamond engagement ring is of value.

I would insure the family ring and definitely keep it in a SDB! I would be heartbroken to ever lose such a treasure, its monetary worth aside!

Lara



I know... Im not sure i want to keep it in the safe deposit box. My grandmother wore it regularly and truthfully I like to wear it! Definitely will insure it. Maybe I should get a safe for the house.

[TxCat]

Only my engagement ring.

[cleo27]

Who gave you the appraisal? Most appraisals are worthless. What's most important is what the insuring company thinks the stone is worth and what they'll do if a loss happens.

I've thought about insuring DW's, but I want to get it tested and fully measured by AGS before I do. That way, I have more specific measurements to get an appropriately equivalent replacement than what a GIA cert provides. Also have to find an insurance company that provides a policy specific enough to take into account the AGS specs.


I had it appraised by a local jeweler that has been in business for about a century. My family has done business with them for many years and their reputation is excellent. It is GIA certificate. I hope it's not worthless... I paid $100 for it!

[wendibird22]

My engagement ring is insured.

[hillview]

Only my engagement ring.
:yeahthat:

[katydid1971]

I have a rider on our home owners policy for my wedding ring, the rest (nothing very special) is covered with our home owner's insurance.

[codex57]

I had it appraised by a local jeweler that has been in business for about a century. My family has done business with them for many years and their reputation is excellent. It is GIA certificate. I hope it's not worthless... I paid $100 for it!

Wait, is it an appraisal or a GIA cert indicating color, carat weight, etc? Was the main purpose to ascertain a dollar value, or to mark down characteristics?

Have you asked an insurance company whether they'll accept that appraisal? Cuz that's the opinion of who really matters. The typical appraisal you get from a jewelry store (no matter how old) generally states that they think a stone is worth $X amount. That generally doesn't mean anything to insurance companies, as they can get stones for far cheaper than the open market. However, some policies provide for a replacement stone (which is why having as many specs/characteristics as possible can be important) or they provide a dollar amount for you to get a replacement. They have different things they want to see in order to figure out how much you'll get back in case of a loss.

The other issue with appraisals is that they tend to be inflated. Generally to make the customer feel better. However, even if the insurance company accepts that, it may simply be because they can justify a higher premium than really is needed (because they can get replacement stones for much cheaper).

The fact that you paid $100 can be a good sign as the worthless appraisals usually aren't costly and often are free, but I'd still be interested as to what exactly that appraisal said and how they came up with it.

The good news is that over the past several years, diamonds have gone higher in price.

[scrooks]

I have a policy for just my engagement ring.

[WatchingThemGrow]

Yes, and when I lost my wedding band, the insurance company sent me a check to replace it. I haven't done that yet, but I plan on it.

[Liziz]

I have a rider on our home owners policy for my wedding ring, the rest (nothing very special) is covered with our home owner's insurance.

:yeahthat: (the rider is on my engagement ring, not wedding ring but same other than that)

[jgenie]

I have a policy on my engagement ring / wedding ring and some of my other nicer pieces.

[cleo27]

Wait, is it an appraisal or a GIA cert indicating color, carat weight, etc? Was the main purpose to ascertain a dollar value, or to mark down characteristics?

Have you asked an insurance company whether they'll accept that appraisal? Cuz that's the opinion of who really matters. The typical appraisal you get from a jewelry store (no matter how old) generally states that they think a stone is worth $X amount. That generally doesn't mean anything to insurance companies, as they can get stones for far cheaper than the open market. However, some policies provide for a replacement stone (which is why having as many specs/characteristics as possible can be important) or they provide a dollar amount for you to get a replacement. They have different things they want to see in order to figure out how much you'll get back in case of a loss.

The other issue with appraisals is that they tend to be inflated. Generally to make the customer feel better. However, even if the insurance company accepts that, it may simply be because they can justify a higher premium than really is needed (because they can get replacement stones for much cheaper).

The fact that you paid $100 can be a good sign as the worthless appraisals usually aren't costly and often are free, but I'd still be interested as to what exactly that appraisal said and how they came up with it.

The good news is that over the past several years, diamonds have gone higher in price.

Well, it's 5 pages long and goes over approximate replacement cost at retail level for insurance purposes, assumptions and limiting conditions, current metal market, and then mounting and stone attributes with detailed photos.

The purpose was for insurance purposes (if the value was high enough).

[mommyoftwo]

I have several pieces including my wedding set and an heirloom ring from my husband's grandmother insured through our home owners policy. If it's worth $1500 or more, I have it insured.

[arivecchi]

Yes. We insured my wedding set and DH's wedding ring (which we have already replaced once because he lost it).

[123LuckyMom]

I ensure anything worth over $2000.

[codex57]

Well, it's 5 pages long and goes over approximate replacement cost at retail level for insurance purposes, assumptions and limiting conditions, current metal market, and then mounting and stone attributes with detailed photos.

The purpose was for insurance purposes (if the value was high enough).

Ok, that's likely worth $100. It has factors that insurance companies will take into consideration, and it should be actually pretty accurate. The fact that it's 5 pages leads me to think it's not just lip service. Should let you get a fair insurance quote so I'd prolly go ahead and start looking.

However, now it goes back to your original post and the main question. Is it more valuable to you in terms of dollars or sentimental value? If dollars, then I'd insure it and go ahead and wear it. If it's more sentimental, I'd prolly just put it in a safe deposit box (and the rental box fee is possibly tax deductible).

[lizzywednesday]

Yes, my real stuff is insured, which means my wedding & engagement rings as well as a pair of earrings DH gave me for our 4th Christmas together are insured.

We put a separate rider on our homeowner's insurance and it is very reasonable, but it won't be the case for everyone since we are covered by USAA. (While they are a wonderful company, I accept that they are not open to everyone, so I would think that this contributes to their ability to offer such low premiums.)

[khalloc]

All of my valuable jewelry (engagement ring, 2 ct sapphire ring, 1.5 ct emerald ring) are insured as an add-on under my home insurance.

[cleo27]

Yes, my real stuff is insured, which means my wedding & engagement rings as well as a pair of earrings DH gave me for our 4th Christmas together are insured.

We put a separate rider on our homeowner's insurance and it is very reasonable, but it won't be the case for everyone since we are covered by USAA. (While they are a wonderful company, I accept that they are not open to everyone, so I would think that this contributes to their ability to offer such low premiums.)


Actually, USAA is our insurance company too! :)

[cleo27]

Thanks, everyone! I appreciate the wisdom from these boards so much! I'm definitely taking out the insurance on it. Now I need to decide if I'm comfortable wearing it or if I should keep it in the safe deposit box.

[westwoodmom04]

Thanks, everyone! I appreciate the wisdom from these boards so much! I'm definitely taking out the insurance on it. Now I need to decide if I'm comfortable wearing it or if I should keep it in the safe deposit box.

Please wear it, especially once it is insured. It would be a shame to keep it locked away just because it has value.

[indigo99]

When I was looking at ring insurance, I found that most will want to give you a replacement value which isn't necessarily the actual value. If it's a ring or stone that can be replaced then they want to go by the characteristics for replacement (same size, color, clarity etc). There are a few that will let you insure for an actual amount. From what I read, those policies are preferable but harder to come by. I think one was through Chubb, but I'm not sure if that's still accurate info. Obviously, having a policy tied to your homeowners can affect your home insurance if you have to make a claim.

[s7714]

I have a rider on our home owners policy for my wedding ring, the rest (nothing very special) is covered with our home owner's insurance.

:yeahthat:

The insurance agent said the appraisal value wasn't worth much because they'd go on current market value for a stone meeting the same carat, clarity and cut if a replacement value was needed in the future. At least that's how ours works.

[codex57]

Please wear it, especially once it is insured. It would be a shame to keep it locked away just because it has value.

Yeah, if you're gonna insure it, then I'd say just wear it. Otherwise, why insure it at all? You don't really get any enjoyment out of it locked up in a safe deposit box, so why insure it if you're just going to do that.

And USAA is one of the best insurance companies. Even for jewelry if I remember correctly. Not like a "typical" homeowner type company like Farmer's or Progressive. That's a big reason we haven't insured DW's yet. We aren't eligible for USAA and the typical homeowner's rider isn't adequate IMO to insure DW's ring. I haven't checked in a while, but something like what Chubb offers (or at least used to) is more in line with what a pickier person wants.

[codex57]

:yeahthat:

The insurance agent said the appraisal value wasn't worth much because they'd go on current market value for a stone meeting the same carat, clarity and cut if a replacement value was needed in the future. At least that's how ours works.

A lot won't consider cut because the most common reports (GIA and that other crappier one) don't list cut on the reports. At the time I bought it, I had a pretty hard time finding the higher quality cut which is why I don't like most insurance jewelry riders cuz there's no guarantee they'll match the cut quality on DW's ring (another reason we're waiting cuz I'm trying to get her to part with it so I can send it to AGS to get a full blown analysis done; her cut should be either a 0 or 1 on the AGS scale).

[AnnieW625]

I have a rider on our home owners policy for my wedding ring, the rest (nothing very special) is covered with our home owner's insurance.

:yeahthat: I over insured it a bit as well to cover the other very few pieces of jewelry if everything was stolen at once. I wear on a daily basis although those are kind of irreplaceable so I wear them all of the time. I always travel with my jewelry on as well as my mom had jewelry stolen out her suitcase many years ago.

[vludmilla]

My engagement ring and diamond earrings are insured because they would cost a lot to replace. Everything else is covered under homeowner's insurance but the reality is that we would be very unlikely to claim a jewelry loss under HO ins. unless it was a huge loss (like massive theft or fire) because it wouldn't be worth it.

[Zukini]

Yes, definitely insure it and then wear it and enjoy it!

My engagement and wedding rings as well as DH's wedding band are insured as a rider to our homeowners insurance. We also added several of DH's nice watches to the same policy as he wears them daily. Under our regular homeowners coverage, the max per item was like 5k, so for pieces exceeding that we needed to list them on the rider.

I feel sooooo much better knowing they are covered, but am a little sad because in doing so I found out how much DH spent on my rings / or at least the value of them. I kinda liked not knowing... Anyhoo, I wear mine proudly every day except for when traveling to out of the way places where I prefer to either not wear them at all / or leave them in a hotel room, so I simply travel with a plain gold band (value ~$100). I think fine things are to be enjoyed every single day so yes, wear it :wavey:

[lalasmama]

Just found out last night that my jewelry (which is only a ring at this point) is insured! Apparently, our jeweler has insurance available for the first 2 years. After that, we will just add it onto our home insurance.