Jewelry insurance?

[chicagodisneyfan]

I received an expensive gift of jewelry that I am fearful to leave uninsured. Adding to my renters insurance will cost $1,100 a year.

Does anyone have jewelry insurer that they recommend? Thanks all!

 

[DLgal]

I received an expensive gift of jewelry that I am fearful to leave uninsured. Adding to my renters insurance will cost $1,100 a year.

Does anyone have jewelry insurer that they recommend? Thanks all!

$1100 a year for a jewelry rider? That's insane. How much is this piece valued at?

I have about $15k worth of jewelry coverage for like $26/year as a rider to our renters insurance.

 

[HopperFan]

If you don't wear it regularly my first suggestion is rent a safety deposit box and put it there promptly. I'd probably put it there regardless until you figure out the insurance part.

 

[mckennarose]

I received an expensive gift of jewelry that I am fearful to leave uninsured. Adding to my renters insurance will cost $1,100 a year.

Does anyone have jewelry insurer that they recommend? Thanks all!

$1100 a year for a jewelry rider? That's insane. How much is this piece valued at?

I have about $15k worth of jewelry coverage for like $26/year as a rider to our renters insurance.

I have mine on my homeowners insurance. I can't recall how much it breaks down to, but it's not a lot and definitely not near $1,100.

 

[barkley]

$1100 a year for a jewelry rider? That's insane. How much is this piece valued at?

I have about $15k worth of jewelry coverage for like $26/year as a rider to our renters insurance.

seems high to me as well. i just added an extra $100K to our personal property coverage on our homeowners (ran the numbers on some of our collections) and it was less than $100 per year.

op-have you shopped other insurance companies? i thought i would have to do a separate rider policy on the items i needed extra insurance on b/c i assumed they had pretty low caps but i learned that many items had no caps (but w/replacement value it would cost a whole lot more in the event of a catestrophic loss).

If you don't wear it regularly my first suggestion is rent a safety deposit box and put it there promptly. I'd probably put it there regardless until you figure out the insurance part.

i agree. just keep in mind that banks do NOT insure items in safety deposit boxes so while the risk of loss is much lower you likely want to research coverage if it exceeds your existing.

 

[HopperFan]

i agree. just keep in mind that banks do NOT insure items in safety deposit boxes so while the risk of loss is much lower you likely want to research coverage if it exceeds your existing.

Oh I totally agree, I was just saying they need to get it locked up until they get it insured. If that quote is legit it seems the jewelry is either expensive OR they rent in a zone that has a higher crime rate so that will impact the insurance.

There are also different kinds of insurance so perhaps OP should compare ...
- Increase property insurance coverage limit
- Get a floater or rider added on
- Get a standalone policy for jewelry

 

[easyas123]

$1100 a year for a jewelry rider? That's insane. How much is this piece valued at?

I have about $15k worth of jewelry coverage for like $26/year as a rider to our renters insurance.

Agreed - that is a insane amount!

I have two pieces of jewelry I added to my homeowners insurance (just had to get new appraisals done) and it's about the same value as DL's - it's an extra $68/year.

 

[Anthony1971]

First the jewelry needs to be appraised as if you can not provide a certificate it will not be covered unless you can provide a receipt of purchase and always have pictures. With that if it was purchased on a credit card some have insurance for a specific time after purchase. The only other way to insure unless it is a speciality or very high end designer would be though your home insurance. You should shop around some companies simply don’t want to insure jewelry as there have been scams in the past as with most policies unless otherwise stated it is covered outside the house as well if it is stolen.

 

[DLgal]

Oh I totally agree, I was just saying they need to get it locked up until they get it insured. If that quote is legit it seems the jewelry is either expensive OR they rent in a zone that has a higher crime rate so that will impact the insurance.

There are also different kinds of insurance so perhaps OP should compare ...
- Increase property insurance coverage limit
- Get a floater or rider added on
- Get a standalone policy for jewelry

Our renters insurance will not cover jewelry over a $1000 limit under personal property. You have to get a separate rider. I think most renters and homeowners insurances are similar when it comes to that. Probably because you can have your jewelry stolen off your person, while away from home.

 

[barkley]

Our renters insurance will not cover jewelry over a $1000 limit under personal property. You have to get a separate rider. I think most renters and homeowners insurances are similar when it comes to that. Probably because you can have your jewelry stolen off your person, while away from home.

i continue to be surprised that there's no cap on text books and computer equipment b/c if your car is broken into (or your college student's) the contents come under homeowners and/or renters. allot of the smash and grabs involving cars occur around campus areas in our area-they go for the laptops and text books.

 

[DLgal]

i continue to be surprised that there's no cap on text books and computer equipment b/c if your car is broken into (or your college student's) the contents come under homeowners and/or renters. allot of the smash and grabs involving cars occur around campus areas in our area-they go for the laptops and text books.

I mean, we have probably $100k worth of Lego in our house and THAT is covered. But my new $5000 diamond anniversary band required a rider. Go figure. I guess the ring would be on a burglars radar rather than my husband's toy collection...although they would be smart to take the Boba Fett mini figure that is worth almost $4000.

 

[chicagodisneyfan]

It’s a pair of flawless diamond earrings from Graff with diamond jackets that can be added.

I have the sales invoice and another appraisal. Sigh.

Seems like I’m stuck paying the insurance. Earrings seem way to easy to get lost.

Thanks everyone.

 

[CookieandOatmeal]

We insure my jewelry through Jewelers Mutual. They were recommended by our jewelers.

 

[barkley]

I mean, we have probably $100k worth of Lego in our house and THAT is covered. But my new $5000 diamond anniversary band required a rider. Go figure. I guess the ring would be on a burglars radar rather than my husband's toy collection...although they would be smart to take the Boba Fett mini figure that is worth almost $4000.

see now, it's that kind of collectable stuff that i needed the increased amount of insurance for. i FINALLY got dh to do an invantory of his comic books, i made my son do one for his video games/systems and i constantly maintain one for my videos. some of those older games cost a fortune now, dh has a handful of comic books from first runs and my videos...there are a few that are no longer in print (likely never will be) as well as some that have had 'revisions' made wherein there is a premium cost for the original releases.

do you have an invantory of your legos? we had neighbors whose entire basement was devoted to them-i can't imagine trying to remember every set if a loss occured.

 

[DLgal]

see now, it's that kind of collectable stuff that i needed the increased amount of insurance for. i FINALLY got dh to do an invantory of his comic books, i made my son do one for his video games/systems and i constantly maintain one for my videos. some of those older games cost a fortune now, dh has a handful of comic books from first runs and my videos...there are a few that are no longer in print (likely never will be) as well as some that have had 'revisions' made wherein there is a premium cost for the original releases.

do you have an invantory of your legos? we had neighbors whose entire basement was devoted to them-i can't imagine trying to remember every set if a loss occured.

No, we don't. We have photos and have kept all building manuals, but it's also not something that could really be replaced because so many of the sets are no longer made.

If we have a catastrophic loss like a fire, we won't replace them.

 

[SandyinMonterey]

I received an expensive gift of jewelry that I am fearful to leave uninsured. Adding to my renters insurance will cost $1,100 a year.

Does anyone have jewelry insurer that they recommend? Thanks all!

I agree with other posters, seems high. But then again, I don't know the value. My husband has been collecting comic books for over 40 years, among other things. Comic book collection is in the 6 figure range and a rider with our home owners insurance costs $500. Note: I have an insurance broker.

 

[barkley]

No, we don't. We have photos and have kept all building manuals, but it's also not something that could really be replaced because so many of the sets are no longer made.

If we have a catastrophic loss like a fire, we won't replace them.

yeah, i can see not replacing them but having the photos and the building manuals stored offsite can at least get their non replacement value used for determining property loss in the event of a claim. when we had to do a claim at one point we were cut a check for the devalued dollar figure of some personal property but were told we were under no obligation to replace-if we did we could provide receipts and be reimbursed the difference. some stuff we replace, others we did not. a friend had a catestrophic loss that included lots of personal property. they opted to take the devalued figure, not replace and throw the money at an early mortgage payoff.

 

[DLgal]

yeah, i can see not replacing them but having the photos and the building manuals stored offsite can at least get their non replacement value used for determining property loss in the event of a claim. when we had to do a claim at one point we were cut a check for the devalued dollar figure of some personal property but were told we were under no obligation to replace-if we did we could provide receipts and be reimbursed the difference. some stuff we replace, others we did not. a friend had a catestrophic loss that included lots of personal property. they opted to take the devalued figure, not replace and throw the money at an early mortgage payoff.

Yes, I know. It's just not really worth it. If our house burns down, we will claim it and if we get reimbursed easily, great. If not, also fine. This is a collection we plan to just donate at some point.

My husband did lose his platinum and diamond wedding band a few years ago at an airport. We submitted a claim with a copy of the original appraisal from 2001. We were immediately cut a check for MORE than the ring was worth, based in CURRENT replacement value. Apparently the weight of the platinum was the main factor contributing to the value of the ring, and the price of platinum had risen significantly. There was no requirement to buy a replacement, but we did and pocketed the remainder. The original ring had cost $900, we were reimbursed $2800 and bought a $1500 replacement ring.

 

[tasha99]

I agree with other posters, seems high. But then again, I don't know the value. My husband has been collecting comic books for over 40 years, among other things. Comic book collection is in the 6 figure range and a rider with our home owners insurance costs $500. Note: I have an insurance broker.

I'm glad you knew to put a rider on them. I have a friend who didn't, and when there was a plumbing leak in the apartment above his, he lost about $15K in comic books. He had renters insurance, but they wouldn't cover the comics because it was a collection. Now he knows, but too late.

 

[SandyinMonterey]

I'm glad you knew to put a rider on them. I have a friend who didn't, and when there was a plumbing leak in the apartment above his, he lost about $15K in comic books. He had renters insurance, but they wouldn't cover the comics because it was a collection. Now he knows, but too late.

My husband's brother kept them for almost 20 years when we moved across country. When we moved back to the East Coast, one of the first things my husband did was get them to our new home,.