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Old 08-24-2016, 10:01 PM   #1
jargon
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Default Insurance on Jewelry

Anyone ever insure a piece of jewelry? I got quoted about 1.65% of the value of an expensive ring per year from State Farm.

Are there better alternatives for this kind of thing?
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Old 08-24-2016, 10:23 PM   #2
car_cursed
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Declare it under homeowners policy?
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Old 08-24-2016, 10:23 PM   #3
blubaru703
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I insure my Rolex for about 50 dollars a year. It's a rather good policy as well. They'll essentially compensate you for its full purchased value if it's stolen or even lost.
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Old 08-24-2016, 10:26 PM   #4
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Quote:
Originally Posted by car_cursed View Post
Declare it under homeowners policy?
Yup45
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Old 08-24-2016, 10:31 PM   #5
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Yup45
This^^
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Old 08-24-2016, 10:32 PM   #6
blubaru703
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This^^
Doesn't this only work if the jewelry is at home when stolen or lost?
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Old 08-24-2016, 10:32 PM   #7
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Declare it under homeowners policy?
Yup45

Double yup apparently.
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Old 08-24-2016, 10:33 PM   #8
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Quote:
Originally Posted by blubaru703 View Post
I insure my Rolex for about 50 dollars a year. It's a rather good policy as well. They'll essentially compensate you for its full purchased value if it's stolen or even lost.
Plus, instead of this^^ you will get replacement value which is often much higher.
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Old 08-24-2016, 10:37 PM   #9
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Quote:
Originally Posted by blubaru703 View Post
Doesn't this only work if the jewelry is at home when stolen or lost?
Don't lose your watch? But yea, I am not sure my homeowners covers it if I just leave it somewhere. BTW if you think you have insurance that covers that please contact me, we can make a fortune 'leaving your watch' in various places.
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Old 08-24-2016, 10:39 PM   #10
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Declare it under homeowners policy?
Yepperz
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Old 08-24-2016, 11:06 PM   #11
jargon
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Great, I'll look into that. The Home Owner's policy - damn I really need to get some of my other stuff on there as well - seems kind of limiting though. I foresee that it's much more likely to lose it outside the house or get it stolen away from home.

I wonder if they have an all-encompassing replacement policy under the home owner's policy in case it is lost/stolen outside the house...
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Old 08-24-2016, 11:29 PM   #12
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Quote:
Originally Posted by jargon View Post
Great, I'll look into that. The Home Owner's policy - damn I really need to get some of my other stuff on there as well - seems kind of limiting though. I foresee that it's much more likely to lose it outside the house or get it stolen away from home.

I wonder if they have an all-encompassing replacement policy under the home owner's policy in case it is lost/stolen outside the house...
txic? i say insurance by smith & wesson.
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Old 08-24-2016, 11:33 PM   #13
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There is a simpler and much more economical solution . . . .






Become a Buddhist and stop worrying about material possessions.
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Old 08-24-2016, 11:36 PM   #14
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Quote:
Originally Posted by blubaru703 View Post
Doesn't this only work if the jewelry is at home when stolen or lost?
If you have a blanket stated amount jewerly/valuable items coverage policy, it will cover loss/damage/theft anywhere. Normally it's an agreed upon amount per item. Jewerly, for example, is best "appraised", and that amount is used for the replacement value.
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Old 08-24-2016, 11:47 PM   #15
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I believe that homeowners will insure a piece of jewelry up to a certain amount. If it is a big money item it has to be appraised and then a special amendment is added to the policy.

I don't have anything that expensive so this is strictly conjecture.
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Old 08-25-2016, 12:06 AM   #16
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If by jewelry you mean firearms, then yes I insure them on their own valuable property policy. About $5-6k worth to replace, covers pretty much everything including stupidity, both in and outside the home, I pay roughly $120/annual.
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Old 08-25-2016, 12:23 AM   #17
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Quote:
Originally Posted by jargon View Post
Great, I'll look into that. The Home Owner's policy - damn I really need to get some of my other stuff on there as well - seems kind of limiting though. I foresee that it's much more likely to lose it outside the house or get it stolen away from home.

I wonder if they have an all-encompassing replacement policy under the home owner's policy in case it is lost/stolen outside the house...
Like etothen said, do you really think there is insurance for just losing stuff?
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Old 08-25-2016, 12:33 AM   #18
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Like etothen said, do you really think there is insurance for just losing stuff?
It's not lost. It's "stolen".
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Old 08-25-2016, 12:46 AM   #19
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Originally Posted by blubaru703 View Post
It's not lost. It's "stolen".
Better falsify that police report!
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Old 08-25-2016, 12:58 AM   #20
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Bingo. FWIW I believe adding a rider for my wife's engagement ring was about the same cost as a separate policy from Jeweler's Mutual.
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Old 08-25-2016, 01:16 AM   #21
jargon
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Quote:
Originally Posted by Badler View Post
Like etothen said, do you really think there is insurance for just losing stuff?
Apparently it's called a valuable personal property policy as Viking mentioned. Try and keep up.

https://www.usaa.com/inet/wc/insuran...kredirect=true

Quote:
Originally Posted by TheViking85 View Post
If by jewelry you mean firearms, then yes I insure them on their own valuable property policy. About $5-6k worth to replace, covers pretty much everything including stupidity, both in and outside the home, I pay roughly $120/annual.

Yeah, that's about the rate I was quoted.

Quote:
Originally Posted by NutBucket View Post
Bingo. FWIW I believe adding a rider for my wife's engagement ring was about the same cost as a separate policy from Jeweler's Mutual.
Interesting. If the rates are near the same, it's probably easier just to keep them all in the same place along with house, vehicles, etc.
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Old 08-25-2016, 01:57 AM   #22
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I have State Farm also... There is limits on different categories of items such as jewelry when it comes to your home owners policy. And in the case of jewelry its limits is relatively small, something like 5k. Plus a others mentioned that small amount of 5k would also be covered only in event of a home event, robbery, fire etc.
My wife's jewelry and some other items value well above the limit of home owners so we had to open a personal property policy as well. Everything is valued and agreed upon adding coverage. If it ever needs replacement for any reason it is covered 100%.

I pay about 1% of the total amount insured on monthly basis. Totally worth it to me.
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Old 08-25-2016, 02:03 AM   #23
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Firearm coverage is also rather low by default. I think with Geico it was like $1500 total. You definitely need to understand all the limits carefully.
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Old 08-25-2016, 05:32 AM   #24
jargon
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Quote:
Originally Posted by VanWo View Post
I have State Farm also... There is limits on different categories of items such as jewelry when it comes to your home owners policy. And in the case of jewelry its limits is relatively small, something like 5k. Plus a others mentioned that small amount of 5k would also be covered only in event of a home event, robbery, fire etc.
My wife's jewelry and some other items value well above the limit of home owners so we had to open a personal property policy as well. Everything is valued and agreed upon adding coverage. If it ever needs replacement for any reason it is covered 100%.

I pay about 1% of the total amount insured on monthly basis. Totally worth it to me.
Thanks for the detailed info. Hrm, maybe I need to get some more policy details. Looks like you are being quoted lower than me. 1% still sounds reasonable.
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Old 08-25-2016, 08:49 AM   #25
Jack
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Quote:
Originally Posted by TheViking85 View Post
If by jewelry you mean firearms, then yes I insure them on their own valuable property policy. About $5-6k worth to replace, covers pretty much everything including stupidity, both in and outside the home, I pay roughly $120/annual.
Please link "stupidity policy". With 2 teenagers, I would make a fortune on the stupidity that occurs in my house.
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