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Jewelry insurance. Is it ever worth it?

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  • Jewelry insurance. Is it ever worth it?

    My wife has a three pieces of jewelry worth about $20k in all. For the past couple years we've paid for jewelry insurance at a cost of approximately $320 dollars annually. Not a great deal of money, but the more I read and learn about finance, the more I see that you should only insure things you can't overcome...life, disability, homeowner's, etc... Jewelry insurance doesn't seem to make the cut. Currently I'm a resident but will be an attending in a year. My question is if anyone out there has jewelry insurance and whether it is something worth having at all...or only in select situations. Thanks.

  • #2
    I dont think having jewelry is worth it. Even the Kardashians think thats wasteful, so I've heard.

    On a more serious note, agree with the only insure with what you cant deal with, thats the basis of true insurance.

     

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    • #3
      We have my wife's wedding rings/bands insured at invoice value (not some over-inflated "appraisal" value). It's not that we don't have the cash to replace it, but I see it as a cost for peace of mind that if something happens it can be replaced.

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      • #4




        My wife has a three pieces of jewelry worth about $20k in all. For the past couple years we’ve paid for jewelry insurance at a cost of approximately $320 dollars annually. Not a great deal of money, but the more I read and learn about finance, the more I see that you should only insure things you can’t overcome…life, disability, homeowner’s, etc… Jewelry insurance doesn’t seem to make the cut. Currently I’m a resident but will be an attending in a year. My question is if anyone out there has jewelry insurance and whether it is something worth having at all…or only in select situations. Thanks.
        Click to expand...


        My husband purchased an outrageously expensive engagement ring (from a non-Kardashian's perspective) after I told him not to.

        At first, we were planning on having an additional rider within our homeowner's insurance policy to insure the ring.

        In the end, we decided against it. We can technically self-insure but I wouldn't spend that kind of money again to replace it (as much as I love it and love what it stands for). It's also very heavily protected so insurance is less of a concern for us.

        For guys who insist on doing this, it is obviously a very nice gesture. But it is worth thinking about how much use your significant other really will derive from such a generous present. My ring currently sits in our safe 90% of the time. I don't wear it to work. I don't wear it on vacations (we actually have a fake knockoff from Amazon that looks very similar for $15). I used to wear it when we went out on weekends although with young kids, it has been a while since we've done this

         

         

         

         

         

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        • #5
          I considered this for my wife's engagement and wedding rings, but then tried to imagine the circumstance under which we would receive a payout.

          Robbery? This seems very unlikely. I'm willing to self-insure against this risk.

          Loss? Yes. She could misplace the rings or drop them in a place where they couldn't be retrieved. This might happen. Then we would call the insurer and put in a claim. What would happen then?

          Would the insurer just willingly hand over the replacement cost because my wife couldn't find the rings? Is that an acceptable reason for a payout?

          Why would they even believe that the rings were actually lost? I can imagine that unscrupulous people could use this as a get-rich-quick-scheme.

          So I asked the agent about this, and she never actually answered my direct questions. She was more agile than a politician. I predicted that I would pay annual premiums forever, but that we would never collect an insurance payout in the event of loss. (We might be paid if we were robbed at gunpoint and interviewed on the six o'clock news.)
          Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried (many) bags for a lovely and gracious 59 yo Cyd Charisse. (RIP) Hosted epic company parties after Friday night rehearsals.

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          • #6


            But it is worth thinking about how much use your significant other really will derive from such a generous present. My ring currently sits in our safe 90% of the time. I don’t wear it to work. I don’t wear it on vacations (we actually have a fake knockoff from Amazon that looks very similar for $15).
            Click to expand...


            You love the ring, and I'll bet it makes your husband happy to know that you love the ring. You might both enjoy it more if you throw caution to the wind and just wear the ring that you both love.

            My wife urged me to buy a cubic zirconia engagement ring. (We're a good match. :-)) Instead I bought a very pretty diamond ring that she loves. I'm sure it is much less valuable than yours, but it's easily the most extravagant purchase that I've ever made. We'd both be upset if she lost it, but not because of the expense.

            The only thing that would be more upsetting is if she never wore it at all.
            Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried (many) bags for a lovely and gracious 59 yo Cyd Charisse. (RIP) Hosted epic company parties after Friday night rehearsals.

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            • #7
              My fiance bought me a ring despite me trying to talk him out of it. I was trying to convince him to use towards renovating the bathroom instead. I think we will insure at least initially. I was never a jewelry person, but the ring is absolutely stunning and I love it. I wear it whenever I can. I don't get having a nice ring and not wearing it...why own it??

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              • #8
                We have it. Not that expensive. One of the side diamonds fell out and they replaced it no questione asked. Ymmv

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                • #9
                  We have it for my wife's wedding ring and anniversary diamond earrings. Gives my wife some peace of mind in wearing those things almost every day despite constantly having to take her ring on and off for the OR. She gets regular compliments on her ring so she loves wearing it every day. Admittedly it's probably not worth it generally speaking, but $320/yr is worth it to me just for the above things.

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                  • #10
                    Just saw this on bogleheads (by bostondan at 8:23 pm today in the thread titled "Jewelry insurance: Is it ever worth it?) regarding insurance payout for a lost ring:

                    A close friend lost her engagement ring yesterday while performing a cardiac catheterization. It must have come off in her glove. She was distraught, but at least comforted by the fact that she had separate insurance for the ring. HOWEVER, the insurance company said they do not cover misplacement, so she gets nothing. I don't consider her loss "misplacement," but she apparently could not convince them otherwise.

                    I guess if you are going to get insurance, make sure it actually covers the situations you want covered. Personally, I would not be financially hurt by loss of my wife's ring, so I do not insure it. If we lose it, and she wants another, we will buy it for her.

                     

                    This is exactly what I was worried about regarding insurance payout.
                    Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried (many) bags for a lovely and gracious 59 yo Cyd Charisse. (RIP) Hosted epic company parties after Friday night rehearsals.

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                    • #11




                      We have it for my wife’s wedding ring and anniversary diamond earrings. Gives my wife some peace of mind in wearing those things almost every day despite constantly having to take her ring on and off for the OR. She gets regular compliments on her ring so she loves wearing it every day. Admittedly it’s probably not worth it generally speaking, but $320/yr is worth it to me just for the above things.
                      Click to expand...


                      Does she have the necklace ring holder? An OB told me about it - it's specifically for rings so you don't need to string it every time. Genius. Emily C is one retailer of them.

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                      • #12




                        Just saw this on bogleheads (by bostondan at 8:23 pm today in the thread titled “Jewelry insurance: Is it ever worth it?) regarding insurance payout for a lost ring:

                        A close friend lost her engagement ring yesterday while performing a cardiac catheterization. It must have come off in her glove. She was distraught, but at least comforted by the fact that she had separate insurance for the ring. HOWEVER, the insurance company said they do not cover misplacement, so she gets nothing. I don’t consider her loss “misplacement,” but she apparently could not convince them otherwise.

                        I guess if you are going to get insurance, make sure it actually covers the situations you want covered. Personally, I would not be financially hurt by loss of my wife’s ring, so I do not insure it. If we lose it, and she wants another, we will buy it for her.

                         

                        This is exactly what I was worried about regarding insurance payout.
                        Click to expand...


                        necklace ring holder!

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                        • #13


                          emily c homepage video 4 23 15

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                          • #14
                            We do not. A loss would make us sad, but day to day life would be unaffected. We do have a top of the line safe...you could buy that and with the savings of a decade of premiums.

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                            • #15


                              My husband purchased an outrageously expensive engagement ring (from a non-Kardashian’s perspective) after I told him not to.
                              Click to expand...




                              My wife urged me to buy a cubic zirconia engagement ring.
                              Click to expand...




                              My fiance bought me a ring despite me trying to talk him out of it.
                              Click to expand...


                              I'm going to guess that this is true of most men (true of me): When a man is in love with a woman and she does not need or expect an extravagant material symbol of his affection (but would appreciate and enjoy it nonetheless), then his desire to purchase an extravagant gift and his joy in giving it increase a hundredfold.

                              Funny how that works. :-)
                              Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried (many) bags for a lovely and gracious 59 yo Cyd Charisse. (RIP) Hosted epic company parties after Friday night rehearsals.

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