Jewlery Insurance

[doreenjoy]

Most of my good stuff, I only wear in controlled environments. Going from our car to a valet, to inside nice restaurant to a show in a hotel covered with security cameras. Or a function in a hotel covered with security cameras.

Eeek, this is not me. I wear my most expensive pieces on the subway, on buses, during long walks while I have my headphones blaring....

Not very safe, I know!

But I dress very casually despite having bling on my fingers, so I like to delude myself that no one's paying attention to me.

 

[ame]

I gladly pay premiums because I need to be sure that I can get my stuff replaced. And having needed it, I am DAMN GLAD I paid those premiums. I could never afford what my replacement ended up costing.

 

[doreenjoy]

I keep at least half of my stuff in safe deposit all the time, so I'd never be looking at total loss. Just sayin'.

 

[eye candy]

^doreen, your avatar is the funniest I have seen in a long time. Hopefully that isn't a relative!! That picture is so wrong.

 

[Vintage Leather]

I don't know - I think Doreen's avatar is beautiful. The woman is so confident in her skin, slightly pensive, and wearing beautiful jewels. She's who I want to be in 30-40 years or so.

As for the subject at hand - I dropped jewelry insurance about a year ago. My favorite and more valuable pieces are actually costume - most of which are nearly impossible to replace. I have a jewelry rider on my homeowner's insurance (covers up to 1K per piece) which covers all but 6 of my pieces. As for those six - the cost of insuring for the next 5 years was more than the cost I paid for them ten to fifteen years ago...

 

[musicscrip]

Sorry ladies. I know I am going off topic here but I really want to know what is the % of ring price that you ladies pay for insurance? Is it usually like 2% a year?

 

[doreenjoy]

^doreen, your avatar is the funniest I have seen in a long time. Hopefully that isn't a relative!! That picture is so wrong.

Hey, that's ME!

:lolots:

Just kidding. It's a picture of Alda Merini, the Italian poet quoted in my siggy. I adore her. She endured some brutal things during her life (including time in an asylum) but emerged with her wit and sanity intact. Even after she became a famous poet, she lived in the same rundown, cluttered little house that she'd lived in for years.

I don't know - I think Doreen's avatar is beautiful. The woman is so confident in her skin, slightly pensive, and wearing beautiful jewels. She's who I want to be in 30-40 years or so.

Me too, VL. She clearly is a woman who takes no crap from anyone.

As for the subject at hand - I dropped jewelry insurance about a year ago. My favorite and more valuable pieces are actually costume - most of which are nearly impossible to replace. I have a jewelry rider on my homeowner's insurance (covers up to 1K per piece) which covers all but 6 of my pieces. As for those six - the cost of insuring for the next 5 years was more than the cost I paid for them ten to fifteen years ago...

I'm in the same situation with my jewelry rider. Only a handful of peices aren't covered.

 

[BigPurseSue]

I keep at least half of my stuff in safe deposit all the time, so I'd never be looking at total loss. Just sayin'.

Eeek, this is not me. I wear my most expensive pieces on the subway, on buses, during long walks while I have my headphones blaring....

Not very safe, I know!

But I dress very casually despite having bling on my fingers, so I like to delude myself that no one's paying attention to me.

You made me think more about it. Most of my good stuff, I only wear in controlled environments. Going from our car to a valet, to inside nice restaurant to a show in a hotel covered with security cameras. Or a function in a hotel covered with security cameras.
I never travel with the stuff. Just not important to me to do that. (I'd probably lose it since I'm not used to wearing it all the time.)

Thanks ladies!

Perhaps you guys can help me out here. I inherited a diamond cocktail ring. Don't know the value except that over 30 years ago it was purchased at an auction for about $4K at considerably less than it was worth. I really want to wear it--it has great family memories of the endearing eccentric who bought it and the lovable eccentric who wore it. But where should I wear it?

I've always been a teeny-tiny diamond person. Prefer jewelry I can wear 24/7 doing the things I like to do like gardening, dog wrestling, subway-riding, and napping in the sun. I like jewelry I don't get too bummed about if I wreck. Low-end Macy's stuff.

But WHERE do I wear this? To city council meetings with other roiling neighborhood activists? To League of Women Voter meetings? WHERE? I mean really I would wear it everyday, but it seems too grand for that. It's a ring that says "What happens in Vegas stays in Vegas." How is this going to fit into my lifestyle?

And where should I keep it? I hear that bank safe deposit boxes get broken into regularly. I have a household safe, but is it safe there?? But if I secure it in either place I might not ever wear it, and I am looking forward to wearing it. In fact......I would probably wear it everyday, saying to the world 'Yes I am one of those aging women who wear their flashy cocktail rings to the grocery store because they have no place else to go, but I don't really care.'

Should I insure it? Should I get it appraised? I'm more concerned about losing the memories attached to the ring than the value of the ring. I know I sound stupid, but can you guys offer some advise? What would you do with a ring like this?

P.S. Doreen, I am obsessed with the poet in your avatar and I want to read everything she ever wrote, but I don't want to learn Italian first.

 

[doreenjoy]

I really want to wear it--it has great family memories of the endearing eccentric who bought it and the lovable eccentric who wore it. But where should I wear it?

And where should I keep it? I hear that bank safe deposit boxes get broken into regularly. I have a household safe, but is it safe there?? But if I secure it in either place I might not ever wear it, and I am looking forward to wearing it. In fact......I would probably wear it everyday, saying to the world 'Yes I am one of those aging women who wear their flashy cocktail rings to the grocery store because they have no place else to go, but I don't really care.'

Should I insure it? Should I get it appraised? I'm more concerned about losing the memories attached to the ring than the value of the ring. I know I sound stupid, but can you guys offer some advise? What would you do with a ring like this?

P.S. Doreen, I am obsessed with the poet in your avatar and I want to read everything she ever wrote, but I don't want to learn Italian first.

Hey, I'd wear it to the grocery store, but that's me. I wear my cocktail rings whenever the mood hits me. I wear them out to dinner with friends or my BF. I also wear them to evening parties, even casual ones.

If you're concerned about losing it for sentimental reasons, I'd take a lot of photos of it. If practical, have a jeweler make a mold of the setting in case you ever want to replace it (I did that with my grandmother's wedding ring). I'm not sure if I'd insure it or appraise it, but that's just me. I tend to worry less about monetary loss than sentimental loss.

I keep a lot of my jewelry in safe deposit boxes. I've never heard they are routinely broken into. That's scary. At any rate, I go to the bank twice a month to take new pieces out and put others in. I keep rotating what's in there so I wear all of my pieces regularly.

P.S. - Sue, at least two of Alda Merini's collections of poetry have been translated into English. Check Amazon! There is also a collection of her sayings (Aphorisms, I think it's called) that my signature line is from.

 

[skyqueen]

Perhaps you guys can help me out here. I inherited a diamond cocktail ring. Don't know the value except that over 30 years ago it was purchased at an auction for about $4K at considerably less than it was worth. I really want to wear it--it has great family memories of the endearing eccentric who bought it and the lovable eccentric who wore it. But where should I wear it?

I've always been a teeny-tiny diamond person. Prefer jewelry I can wear 24/7 doing the things I like to do like gardening, dog wrestling, subway-riding, and napping in the sun. I like jewelry I don't get too bummed about if I wreck. Low-end Macy's stuff.

But WHERE do I wear this? To city council meetings with other roiling neighborhood activists? To League of Women Voter meetings? WHERE? I mean really I would wear it everyday, but it seems too grand for that. It's a ring that says "What happens in Vegas stays in Vegas." How is this going to fit into my lifestyle?

And where should I keep it? I hear that bank safe deposit boxes get broken into regularly. I have a household safe, but is it safe there?? But if I secure it in either place I might not ever wear it, and I am looking forward to wearing it. In fact......I would probably wear it everyday, saying to the world 'Yes I am one of those aging women who wear their flashy cocktail rings to the grocery store because they have no place else to go, but I don't really care.'

Should I insure it? Should I get it appraised? I'm more concerned about losing the memories attached to the ring than the value of the ring. I know I sound stupid, but can you guys offer some advise? What would you do with a ring like this?

P.S. Doreen, I am obsessed with the poet in your avatar and I want to read everything she ever wrote, but I don't want to learn Italian first.

Oh, BPSUE...wear your lovely ring!!! Get a current GIA appraisal, might cost a bit but then you could insure it for the proper amount. I used to get a break in my premiums when I kept them in a bank safety deposit box. But you have to call and let them know what item and when you were going to wear it. A real PITA!!! I don't do this anymore and don't know if it's still an option. I have never had any trouble with a bank safety deposit box and I've had one for over 30 years.

 

[Vegas Long Legs]

I'm insured with Jewelers Mutual. The only deductible is $500 on my diamond studs, which are 2 carats each and F color and IF. That is a very small amount compared to their replacement value. I have 5 or 6 other pieces insured with them and there is no deductible for them. I lost a tanzanite pendant necklace and they replaced it for more than it was insured for.

I like this company. Their prices seem to have not risen like jewelry insured with home insurance. Have a 7ct eternity band insured with them, felt the premiums were reasonable & I plan on wearing this ring a lot. Went with a $2500.00 deductable, can replace this ring for less than the appraisal. (Few hundred a year for jewelry insurance, not a big deal.)

Its the bigger more expensive stuff that I don't wear often I'm self insuring.
We have safes, security etc. Decided when we buy things like this, if we can't afford the loss, we shouldn't have them. Just the way we've chosen to do it, not that its right for everyone.

 

[Vegas Long Legs]

BPS - LOL Will you start a thread on dog wrestling? Pre-allergies it was my favorite sport!
Wear that ring where you want to wear it! Just don't hurt the dogs with it.

Do you have a friend whose a trusted jeweler? They will map a ring to make sure you get back what is sent in.

We all should get photos taken like dear Doreen's avator! Love the signature line too.
Its great getting old & appreciating our bodies for the journey we've been through.

 

[eye candy]

Hey, that's ME!

:lolots:

Just kidding. It's a picture of Alda Merini, the Italian poet quoted in my siggy. I adore her. She endured some brutal things during her life (including time in an asylum) but emerged with her wit and sanity intact. Even after she became a famous poet, she lived in the same rundown, cluttered little house that she'd lived in for years.



Me too, VL. She clearly is a woman who takes no crap from anyone.



I'm in the same situation with my jewelry rider. Only a handful of peices aren't covered.

That is a beautiful story and quite a woman! Thanks for sharing. I stand corrected!! And enlightened.

 

[coconut32]

What does "self insuring" mean?

 

[BigPurseSue]

Wow! You guys are a wealth of great advice! Thank you so much!

Hey, I'd wear it to the grocery store, but that's me. I wear my cocktail rings whenever the mood hits me. I wear them out to dinner with friends or my BF. I also wear them to evening parties, even casual ones.

If you're concerned about losing it for sentimental reasons, I'd take a lot of photos of it. If practical, have a jeweler make a mold of the setting in case you ever want to replace it (I did that with my grandmother's wedding ring). I'm not sure if I'd insure it or appraise it, but that's just me. I tend to worry less about monetary loss than sentimental loss.

I keep a lot of my jewelry in safe deposit boxes. I've never heard they are routinely broken into. That's scary. At any rate, I go to the bank twice a month to take new pieces out and put others in. I keep rotating what's in there so I wear all of my pieces regularly.

P.S. - Sue, at least two of Alda Merini's collections of poetry have been translated into English. Check Amazon! There is also a collection of her sayings (Aphorisms, I think it's called) that my signature line is from.

I love the photo and the mold ideas. Think I'll do both.

I find that when I keep jewelry in my safe deposit box I never take it out and wear it. I recently pulled all the family jewelry out of the box--nothing valuable, just keepsake stuff like old charm bracelets, broken watches, and wedding rings so old they're paper thin--and have been putting it into rotation in my jewelry box or repurposing it. Getting old watches fixed, mounting mementos in shadow boxes, gifting things. Hate seeing lovely stuff tucked away in a bank for years and never enjoyed.

If I wore this ring to a girl's lunch it would be gossip for the next 5 years.

BPS - LOL Will you start a thread on dog wrestling? Pre-allergies it was my favorite sport!
Wear that ring where you want to wear it! Just don't hurt the dogs with it.

Do you have a friend whose a trusted jeweler? They will map a ring to make sure you get back what is sent in.

We all should get photos taken like dear Doreen's avator! Love the signature line too.
Its great getting old & appreciating our bodies for the journey we've been through.

VLL, I try to divide my leisure time equally between dog wrestling and dog massage, both of which are tough on jewelry. Especially when we play "dog spa" with the pureed liver cocktails and the dog aromatherapy candles (which are really pet odor masking candles, but don't tell the dogs).

I'm so sorry about the allergies! If I developed allergies I think I would have my sinuses surgically removed.

I'm afraid I don't have a trusted jeweler--this remember, is the land of chain jewelry stores in half-abandoned shopping strips. All the "old trusted jewelers" around here seem to have died off in the last ten years and are being replaced by chain stores. But I'll put out some inquiries and see if I can find someone good.

Oh, BPSUE...wear your lovely ring!!! Get a current GIA appraisal, might cost a bit but then you could insure it for the proper amount. I used to get a break in my premiums when I kept them in a bank safety deposit box. But you have to call and let them know what item and when you were going to wear it. A real PITA!!! I don't do this anymore and don't know if it's still an option. I have never had any trouble with a bank safety deposit box and I've had one for over 30 years.

Thanks, Skyqueen! I plan to get an appraisal and will probably call my insurance company.

What does "self insuring" mean?

I think it means that you tuck away in a bank account the money that you would spend on an insurance policy each year, and hopefully over time you would have enough to replace the item if it were ever stolen?


By the way, Doreen, did a book search for Alda Merini and found that absolutely no public libraries in the Midwest carry any of her titles. But that should not come as a surprise. There are however 150 university libraries worldwide that carry her books (is that all?) and I live within biking distance of one, so hopefully I should be able to obtain a copy soon. I try to avoid Amazon because when books enter my house they never leave.