I actually need to get on this because I have not put any of my jewelry or watches under insurance yet. It isn’t common practice in the country where I’m from but I just moved back to the States last year. If I may ask, would you mind sharing which company you use/trust for jewelry insurance?
I use State Farm, and it's a separate policy. The price is calculated on total amount insured (not per piece insured), and there is a slight discount the more you insure. State Farm is probably not the cheapest; however, I use State Farm as they pay out, no questions asked, and to me, that's what insurance is all about. I don't need the cheapest company. For me, I need a company that delivers on its promise to pay me if I lose or damage a piece. I wear bling everyday, so odds are I will lose or damage something, which I have done both on several occasions.
On what to insure... it's a very personal and individual decision. The general rule of insuring jewelry is the answer to this question...
"If you lose the piece, can you easily replace it within your preferred timeframe?"
The answer will vary for each individual. If the answer is yes, then no need to insure. If the answer is no, then you may want to think about insuring it.
For me, I do not feel the need to insure all my pieces. I insure my higher value pieces, and "higher value" is a different amount for every person based on comfort level. Insuring jewelry can get expensive, I won't kid you on that. However, for me, it's the price I am willing to pay for peace of mind. I have 100% peace of mind and never worry when I wear my bling, any bling... $10K or $100K. Mentally, each piece of bling from a value perspective is all the same to me because I know, if I lose it, it is replaced.
Which brings us to the phrase... "What's the point of buying nice bling if you're afraid to wear it?"
That phrase is often said, but it is not often analyzed... What makes us afraid to wear nice bling?
I would say for most people, the answer is fear of loss. Insurance is a great way to eliminate that fear and allow us to wear our bling, anytime, worry free.
Insuring jewelry and especially what pieces to insure can be complicated, so I would suggest thinking through all the pieces first. Lesser value pieces do not require insurance as one can easily replace it. Higher value pieces should be insured so they can be worn; else they will just sit in a box somewhere collecting dust which is such a shame. Jewelry is meant to be worn.
I want to emphasize what is considered "higher value" to insure is very personal.
I got married shortly after graduating from college. We were young, broke, had college debt, you name it. My husband saved to buy me an engagement ring and surprised me with it. It was not an expensive ring by today's "VCA prices." However, for broke young kids as we were, it was an expensive ring, and it was certainly a lot of money for my husband. Did we insure that little ring? We sure did!
Just my two cents as food for thought.. hope that helps.
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