Jewlery Insurance

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#286
DH and I just bought insurance recently and we had the same debate.
We also have an alarm and safe, but no dog:(

Our house insurance only insures up to 6K worth of jewellary (this is per house).
I think it's pretty standard for Canadian policy to have such a low value...I know that I looked into getting this bumped up but they said I had to do seperate riders for each item.

We're young and new to these things so we were very confused.
We bought a seperate rider for the pieces which holds the most sentimental value.
That would be the ering and my wedding present (gold watch).
I feel like if I lost either I would want/need to replace them.

We own a few more pieces of jewellary (diamond earrings, watches, etc) which we did not insure and the 6K won't cover for sure...
We're hoping if they were stolen they won't all be stolen at once. Not sure how accurate this assumption is.

Love to hear more opinions...I'm going to discuss with DH about a threshold (8K maybe) that we should use in the future.
 
#287
I insure only my high end pieces but put everything in a large safe that is in the hidden room. No one knows of this room but family. If I didn't have that extra security I woud insure anything over $2000.00.
 
#290
Hokaplan said:
Can't they still break into a safe in a house with an alarm system? It is difficult but I think still possible......
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My safe is 8 feet tall and impossible to break in to (unless you have explosives..lol), A good quality safe is a good investment if you have a lot of jewelery and don't want to insure every piece. I insure the most expensive not because I fear a break in but I worry about losing a piece while wearing it.
 
#291
zippie said:
My safe is 8 feet tall and impossible to break in to (unless you have explosives..lol), A good quality safe is a good investment if you have a lot of jewelery and don't want to insure every piece. I insure the most expensive not because I fear a break in but I worry about losing a piece while wearing it.
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I agree about why I insure. While of course it's always possible to have our stuff stolen, it's far more likely we would lose something. I always fear taking my rings off for some strange reason (away from home) and forgetting to put them back on! I left them in a hotel room once, we checked out and made it to the car before I realized. They were right where I left them, thankfully!
 
#292
etk123 said:
I agree about why I insure. While of course it's always possible to have our stuff stolen, it's far more likely we would lose something. I always fear taking my rings off for some strange reason (away from home) and forgetting to put them back on! I left them in a hotel room once, we checked out and made it to the car before I realized. They were right where I left them, thankfully!
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I worry about losing the diamond in my wedding ring or my tennis bracelet, I even have dreams about it :smile1:
 
#295
The thing is, if you are wearing items that total up more than the blanket coverage without itemizing, then it becomes a problem. So if you have it all in the safe, great! But when you take out items to wear, do they add up to what is covered or are they over?

If you only wear a few pieces at a time that are under your limit then you're good, but if you wear more than that then you need to figure out what to insure.
 
#296
I have a mixed policy. My engagement ring is insured stand alone and since it is a Tiffany ring I got insurance that will replace it with a Tiffany branded ring or give me the cash to do so myself. I also have about $5,000 in general insurance that can cover whatever else I want. I recently talked to my agent though and she wants me to send her receipts for a bunch of purchases and insure those item by item as well - like my Cartier watch - which btw is covered for full new replacement, not depreciated value or anything like that.

I think it is important to consider the type of insurance. My policy which is cash-out or replacement for the same brand of ring is more expensive than a 'like-kind' replacement policy. You just need to make sure that you're covered similarly since I know you have some branded pieces.
 
#298
This is such great food for thought everyone, thank you!

Hokeplan - sure they could break into a house with a safe and an alarm... it does help though. :) I think if I lived in an apartment with multiple people possibly having keys to the door for example I'd be more nervous? I guess you just have to try to make it as hard as possible and hope for the best. I also worry about fire - but in that case I worry more about losing the pics of my kids on backup discs than jewelry!

I'm not sure what I'm more worried about - losing everything in the safe outright (to theft or fire) or losing the one precious item I'm wearing when I'm wearing it! I guess it must be the later since I've purposefully NOT worn some things in my safe for fear of them falling off and coming home to find them not on me! Horror!

And yes EXCELLENT point, it's the KIND of insurance that's important ... I made sure my Tiffany ring for example (on Tiffany's advice) will be replaced by the same size/stats ring FROM Tiffany's at current value and will do so for my new one, for my yellow diamond pendant, and victoria bracelet.

Another excellent point - I've already filed a claim for one e-ring that went missing. If I did file another, it had better be a monster claim where I get my money's worth, right? Because I'm sure my rates will skyrocket no matter what. So in that way it's almost like a car accident - if you can swallow the loss, you do... if you just can't you have to take the hit and even possibly get dropped from that co? That would be bad. Sometimes I HATE insurance co's!!! I would never file a claim for something under $10K I don't think on the chance that it would ruin my rating too much. So maybe that's my answer...

It's more the in between things I'm confused about. I will insure my new Cartier pave diamond pendant. But the love bangle? Not sure... if it's off it'll be in the safe... and each VCA piece? I already did insure the 20 motif... I will insure my lotus earrings but not sure about my blue nile studs that I never take out for example as they were only about $4K - that kind of thing is what has me confused!

Part of my concern too is my DH seeing the total of all my insured items on one list - it's like a shopping horror show special! LOL! I would almost do it if it was just me... but I don't think he could take the sticker shock all itemized like that! LOL! And I don't want to go overboard... If I lost ONE thing like one VCA bracelet or a Sydney Evan ring I'd be really mad but not devastated and like Candice said they are pretty sturdy. If I lost my 20 motif VCA or yellow diamond (which is on a delicate chain) I'd be pretty horrified and upset if they weren't insured. Just hard to know where to draw the line!!

There does seem to be a trend here of $5-10K lower limits so that does make me feel like we're on the right track as it were... I guess I should go into this thinking the way I do about car accidents - that insurance is to protect against the truly scary losses like the whole car, or an e-ring, or anything over some set amount all being stolen at once. Hmmmm...
 
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