Jewelry Insurance?

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Jadewah

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Sep 16, 2009
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#1
Now that I am accumulating more items in my jewelry collection, I'm thinking of getting a insurance. I admit, I thought about it before, but I never bit the bullet....

So I need some advice! Do you guys put this on your house insurance? Do you have a separate jewelry insurance? I remember Blue Nile sending me an ad about it when I bought my diamond studs from there. How much does it cost? Is it even worth it? Any insight is appreciated :biggrin:
 
#2
Jadewah said:
Now that I am accumulating more items in my jewelry collection, I'm thinking of getting a insurance. I admit, I thought about it before, but I never bit the bullet....

So I need some advice! Do you guys put this on your house insurance? Do you have a separate jewelry insurance? I remember Blue Nile sending me an ad about it when I bought my diamond studs from there. How much does it cost? Is it even worth it? Any insight is appreciated :biggrin:
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I've done the house policy with a rider for specific pieces, but now I'm going to go with a separate jewelry policy issued by a company that specializes in jewelry alone. They were highly recommended by my jeweler.

For a personal articles floater (for a homeowner's policy addition), the cost is not insignificant, depending upon how much you are insuring and the values of the pieces.

Is it worth it? What would you do if all of your jewelry were stolen? What if your large diamond was somehow cracked? If an heirloom piece is lost, how will you replace it? If any of these bother you, then you should consider insurance. It's kind of the same as asking should you have insurance on any of your personal items or home.
 
#4
Separate jewelry coverage through a company like Jewelers Mutual. Chubb no longer writes separate policies but they were the best for that. I will NEVER do a rider on homeowners. Ever. The coverage isn't good enough, there's too many outs for the insurance company, and too many ways for you to get left holding the bag. There's also too many ways for them to replace with their opinion of "like kind" with you having zero input, and it not really being like kind. With Jewelers Mutual you at least have input and can choose the jeweler.

Regardless of what you go with, make sure you are getting your appraisals redone every year or two. And get educated enough that you know what you have, what you are insuring, and that you're covered enough.
 
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