Ring insurance, yes or no?

[Avatar345]

I imagine most people here opt to insure their jewelry, but just wanted to get a sense of whether there were any opinions as to its being a waste, bad experiences with coverage, or on the other side of things, times when it absolutely came through and made the difference between an ok ending and total disaster. I'm normally disinclined towards *any* sort of extra/supplemental coverages, but on this particular occasion, I'm leaning towards it

You guys know best though

 

[Txborn79]

I imagine most people here opt to insure their jewelry, but just wanted to get a sense of whether there were any opinions as to its being a waste, bad experiences with coverage, or on the other side of things, times when it absolutely came through and made the difference between an ok ending and total disaster. I'm normally disinclined towards *any* sort of extra/supplemental coverages, but on this particular occasion, I'm leaning towards it

You guys know best though

For us it depends. If it’s under a certain amount we will self insure as we could comfortably pay that for a replacement if something were to happen. If it’s over that amount, we insure through JM.

 

[missy]

It depends on your comfort with risk and also if you can easily replace it without insurance.

Personally I insure my ER and my studs and that’s it. There’s no right or wrong it’s what works for you.

As an example we also have flood insurance despite not being in a flood zone but because we are by the water imo it’s prudent. It gives us peace of mind. Others view insurance as a waste of money.

It all comes down to your personal choice.

 

[meely]

I insure my 4 most expensive pieces. I will probably knock a couple of the list though and just leave my engagement and emerald ring insured. I’m in the UK and we had to get a safe as well in order to obtain cover. It’s only insured if I’m wearing it or it’s in the safe.
My pieces are not worth big bucks compared to many on here but it does give me a lot of peace of mind and it means I wear them and enjoy them more particularly in the case of my emerald ring as it is big and could easily be damaged.
I wouldn’t be devastated if anything happened to any of them, they are only stuff and not sentimental but it would make me sad if something happened, I wasn’t insured and wasn’t in a financial position to replace my bling so I keep paying the insurance!

 

[whitewave]

I had to stop insuring because we can’t insure everything. So for me it basically goes like this:

if I wear it every day and it’s replacement value is more than around 3k, I get it insured: both ERs, my studs but not the jackets, my original ER, anything HPD or branded.

 

[sledge]

To insure or not is a personal decision. Your decision should be based on available cash reserves, tolerance to risk and risk-reward ratio.

Technically we triple insure my guns & her jewelry. First line is home alarm. Second line is a dedicated heavy duty fireproof safe. Third line is an insurance policy (guns insured as a rider on my homeowners & jewelry with Jewelers Mutual). I would be okay with self-insuring, but honestly the rates are so cheap I don't see the benefit should a loss occur.

Okay, okay. Technically we have quadruple lines of defense. I nearly forgot my beloved chocolate lab, Stella, and her trusty sidekick, Belles. Don't let the name fool you, Belles is 7lbs of a viscous, mean, lean, chihuahua/weiner dog ass biting machine. Stella, well she's more of a lover. I sleep like a baby knowing she has my 6.

If you do decide to get a policy with JM, or really anybody it, is very important that you go above & beyond to provide a very detailed description of your stone so you get a true EQUAL replacement. This is especially important for a branded super ideal H&A stones. Insurance companies like to look at the basics -- GIA XXX, F, VS2 and ignores the fact the XXX range is extremely broad and may not include the "ideal" proportions that 99% of XXX stones don't have.

Let me know if you need to lease my guard dog.

 

[Dancing Fire]

IMO, insurance is a big rip-off!. Not only paying for the insurance premium every yr, but you'll also need to get the items re-appraised every 4 yrs? which = more $$$. For the past 20 yrs I probably saved over $40K on insurance premiums. I was quoted $175 per $10k of coverage.

 

[missy]

First line is home alarm. Second line is a dedicated heavy duty fireproof safe. Third line is an insurance policy

100% yes to this. Insurance is just one part of the formula. Home alarm and safe absolutely should be in place. Of paramount importance to me is our safety. First and foremost. And to that end the home alarm is critical. After I saw what happened to that poor Connecticut family I researched and found a home alarm system. So I feel safe. The safety of our jewelry pales in comparison to our safety.

If you are going to the trouble and expense of insurance definitely get a safe and home alarm system if you don't already have one.

As for our cats well all I can say @sledge is count yourself fortunate. Should push come to shove I am quite aware the cats would save themselves leaving us to perish.

 

[distracts]

I insure my most expensive pieces and also my most sentimental pieces. For me, the real worry is not if one went missing, which I could replace at basically any price point I own, but if something happened that wiped out my entire collection - theft, home destruction due to a tornado or something, whatever. Unfortunately I can't find anything that would be like, insure all smaller items in the event of this, so I just leave them uninsured and hope it doesn't happen. I know enough people that have lost everything to worry about it!

 

[josieKat]

I did not insure my original engagement ring, as it was about $5k and while it wouldn't have been a trivial expense for me to replace, we could have done so. However, when I changed/upgraded to one worth 3x as much, which took a huge amount of saving for us, I did get insurance for it. I wear it 100% of the time, so I'm mostly worried about losing the central diamond, but if that were to happen there is no way we could replace it without another few years of savings, so that made my decision for me. Those calculations will be specific to your own financial situation. If I could easily replace if something happened, I might not spend a couple hundred a year on insurance either.

 

[Avatar345]

Thanks guys, these responses are all super helpful

It's interesting the emphasis on home invasion scenarios which... is something I hadn't even considered! I was thinking more in terms of like, does the stone fall out, does it fall into a garbage disposal, does it get lost on a vacation... stuff like that. This has added a whole new element of worry LOL! Are there scenarios where the insurance, let's presume through JM, *wouldn't* cover damage or loss, or does it tend to be pretty complete?

Dancing Fire I'm normally exactly of that same mindset, but here we're talking about something so small of such concentrated value... I weigh the cynicism I have towards insurance vs the anticipated feeling were something to actually happen and... I gotta say it's a heart-stopping kind of forboding I get.

PS - Sledge you didn't even mention the 'Beast Mode' dog jacket... you might as well save the money on the other security systems you've invested in!

 

[sledge]

As for our cats well all I can say @sledge is count yourself fortunate. Should push come to shove I am quite aware the cats would save themselves leaving us to perish.

Perhaps I wasn't sarcastic enough.

PS - Sledge you didn't even mention the 'Beast Mode' dog jacket... you might as well save the money on the other security systems you've invested in!

Yes, Beast Mode seemed like the appropriate patch for her flak jacket. I'm sure people are terrified to enter our home. They've seen her rolling the streets in her tactical swag.

A double threat when her & Stella roll together. She's part of the K-9 special ops unit, lol.

 

[RunningwithScissors]

For me, I only insure jewelry that I wear very often and that is over $12K. For these items I use Jeweler's Mutual.

My other jewelry items are insured through my general homeowner's insurance, and I don't really "count" that as being insured because I don't expect to get reimbursed any where near the amount that it wold cost to replace the items. But it is inexpensive as part of my policy.

If I were to us the better insurance (JM) for everything, it would get too expensive.

And YES YES YES to home alarm, safe and dogs. Even small dogs that bark a lot are deterrents and can warn you when something not right is going on. Warning and deterrence are key in my opinion.

 

[sprinklesparkles]

This is so dependent on a personal financial situation and the value of your items.

I would insure items I couldn't comfortably replace from my slush savings.

But I also don't purchase items that are so expensive they bite into my finances. And I don't buy jewelry with the intention that it will hold it's value, and I know many people here do.

 

[distracts]

It's interesting the emphasis on home invasion scenarios which... is something I hadn't even considered! I was thinking more in terms of like, does the stone fall out, does it fall into a garbage disposal, does it get lost on a vacation... stuff like that. This has added a whole new element of worry LOL! Are there scenarios where the insurance, let's presume through JM, *wouldn't* cover damage or loss, or does it tend to be pretty complete?

I would have to check my policy but off the top of my head, JM does not cover damage from acts of war or nuclear explosions. I figure if acts of war or nuclear explosions damage my jewelry, the jewelry will be the least of my worries!

Other than that most seems to be covered, lol.

 

[RunningwithScissors]

I would have to check my policy but off the top of my head, JM does not cover damage from acts of war or nuclear explosions.

Other than that most seems to be covered, lol.

Oh this is too funny! I've got to tell my husband. His field is nuclear weapons. He's going to love this tidbit.

 

[Avatar345]

Oh this is too funny! I've got to tell my husband. His field is nuclear weapons. He's going to love this tidbit.

(Note to self: don't piss off RunningwithScissors)

 

[distracts]

Here is a FAQ from JM:

What Does Jewelers Mutual Group Cover?

First things first: a jewelry insurance policy from Jewelers Mutual is a repair or replacement policy.Instead of just getting a check, you'll work directly with your jeweler (not someone we choose for you) to repair your jewelry or find a suitable replacement piece. Jewelers Mutual will work...

www.jewelersmutual.com

Here's the exclusion list:

1. Civil authority, like if your jewelry is confiscated during a search by law enforcement

2. Deterioration or inherent vice, like a manufacturer's defect

3. Intentional acts, like purposely damaging or losing your jewelry

4. Nuclear hazard, like a fire resulting from a nuclear reaction

5. Vermin, rodents, or insects, like a moth-infestation affecting heirlooms in the attic

6. Voluntary parting, like selling your covered jewelry and having the check bounce

7. War and military action, basically any warlike action

8. Wear and tear, like typical gradual deterioration*

Basically points 1, 2, 3, 6, and 8 are things I wouldn't expect any insurance policy to cover, 4 and 7 I am not worried about because I figure jewelry would be my last priority in those scenarios, and 5 I am not worried about because, what, is a rat going to chew its way into the safe and swallow my jewelry??? (Note to universe: this is not a request to be shown that this can happen.)

@RunningwithScissors Here is the specific nuclear hazard exclusion:

4. Nuclear hazard – a. “We” do not pay for loss caused by nuclear reaction, nuclear radiation, or radioactive contamination: 1) whether controlled or uncontrolled; or 2) however caused; or any consequence of such reaction, radiation, or contamination. b. Loss caused by nuclear reaction, radiation, or radioactive contamination is not considered loss caused by: 1) fire; 2) explosion; or 3) smoke; even if this policy provides coverage for loss caused by one or more of these perils. c. Direct loss caused by fire resulting from nuclear reaction, radiation, or radioactive contamination is covered.

https://www.jewelersmutual.com/sites/default/files/2020-11/PersonalJewelryPolicySample.pdf

 

[Gussie]

I only insure my ering and studs. We have a safe, alarm, and 3 dogs. Two of them bark like mad. The other one may look up when he hears a piece of food drop on the floor.

 

[MamaBee]

I only have Winter, both pairs of studs, and a diamond bracelet insured. I may take off my bracelet and one pair of studs...I take a chance with everything else. I have an alarm system but I don’t turn it on. If it went on by mistake it would make my son freak out and cause bad problems....That‘s why I pack my jewelry box in my backpack and take it with me to my other house when we go there for the weekend. I also take Winter and my studs to my bedroom with me when I go to bed. I sleep better knowing they’re next to me..haha...I keep them in a little travel jewelry box that I keep by my bed. If they break into the house in the middle of the night they have plenty of other stuff to take..

 

[Avatar345]

Seems like people seem pretty confident/comfortable on the whole with the idea that they're not going to accidently damage their rings... I've read about travel rings/etc though... do PS'ers generally travel with different jewelry than you would where normally in your home cities/towns, or is that more an exception to the rule?

 

[Avatar345]

Here is a FAQ from JM:

What Does Jewelers Mutual Group Cover?

First things first: a jewelry insurance policy from Jewelers Mutual is a repair or replacement policy.Instead of just getting a check, you'll work directly with your jeweler (not someone we choose for you) to repair your jewelry or find a suitable replacement piece. Jewelers Mutual will work...

www.jewelersmutual.com

Basically points 1, 2, 3, 6, and 8 are things I wouldn't expect any insurance policy to cover, 4 and 7 I am not worried about because I figure jewelry would be my last priority in those scenarios, and 5 I am not worried about because, what, is a rat going to chew its way into the safe and swallow my jewelry??? (Note to universe: this is not a request to be shown that this can happen.)

@RunningwithScissors Here is the specific nuclear hazard exclusion:

https://www.jewelersmutual.com/sites/default/files/2020-11/PersonalJewelryPolicySample.pdf

Thanks for this!!

 

[Dancing Fire]

Dancing Fire I'm normally exactly of that same mindset, but here we're talking about something so small of such concentrated value...

I can't afford insurance b/c the premiums are ridiculously high.

 

[distracts]

Seems like people seem pretty confident/comfortable on the whole with the idea that they're not going to accidently damage their rings... I've read about travel rings/etc though... do PS'ers generally travel with different jewelry than you would where normally in your home cities/towns, or is that more an exception to the rule?

Depends on where I'm going. Outside of the US, I mostly travel to other major cities in western countries, so I take what I will wear. I'm leery of leaving jewelry in hotel rooms though so I take only what I will wear every day. For beach trips I tend to just bring a band and simple earrings. Plus some costume pieces for fun. I'm also skeptical of the idea of "travel rings" unless they are very basic and inexpensive LOOKING. If you are traveling somewhere where blingy jewelry would attract undue attention and desire to not be robbed, why wear something that will attract just as much attention? If you're robbed, they won't know it's fake until they try to sell it... Just get a nice band that isn't blingy and wear that.

 

[sprinklesparkles]

Seems like people seem pretty confident/comfortable on the whole with the idea that they're not going to accidently damage their rings... I've read about travel rings/etc though... do PS'ers generally travel with different jewelry than you would where normally in your home cities/towns, or is that more an exception to the rule?

Travel rings always baffled me. I thought the point was to have something less valuable if it were to get stolen when you visit an area where that's more likely. But a mugger doesn't know a CZ is a CZ, or a $500 I1 labdiamond from an IF ideal cut mined diamond.

I could potentially see having a fake in case you lose something out and about, but you're still not more likely to lose it on vacation vs day to day.

I think having a simple band for times you're extra worried, or just skipping the ring for a trip, makes more sense.

 

[Yimmers]

I'd consider this.
1) If it's a branded stone/bespoke setting, it's probably worth getting it covered b/c you want to ensure you get an equivalent replacement. Not all home owner insurance policies do this. JM will. Of course, if the cost of the diamond/setting is something that you won't sweat, then it may not be worth it.

2) Are you prone to losing stuff?
I used insurance to replace my damaged wedding band - the original bench squished it in so it was no longer round. It was like, more football shaped. I was pissed because that bench had just replaced a diamond that had fallen out. Went elsewhere. BGD said the band was too far damaged to be repaired properly. Paid the deductible and for a couple of extra melee diamonds. Still cheaper than paying for a brand new band.
I also used insurance to cover the full replacement of my wedding set when I lost them right before going on vacation.
So um, yes, it was worth it for me.

 

[whitewave]

Seems like people seem pretty confident/comfortable on the whole with the idea that they're not going to accidently damage their rings... I've read about travel rings/etc though... do PS'ers generally travel with different jewelry than you would where normally in your home cities/towns, or is that more an exception to the rule?

I tend to not travel with my jewelry, and I have nice fakes or lesser expensive diamonds or costume jewelry I bring if I want jewelry when I travel.

 

[whitewave]

Travel rings always baffled me. I thought the point was to have something less valuable if it were to get stolen when you visit an area where that's more likely. But a mugger doesn't know a CZ is a CZ, or a $500 I1 labdiamond from an IF ideal cut mined diamond.

I could potentially see having a fake in case you lose something out and about, but you're still not more likely to lose it on vacation vs day to day.

I think having a simple band for times you're extra worried, or just skipping the ring for a trip, makes more sense.

Actually, I have lost jewelry on vacation whereas I haven’t lost at home. But I get very discombobulated when I travel in terms of keeping up with drinking water, taking my meds, etc.... I lost the earring in our RV! I tore it apart and never found it. Luckily it was an inexpensive London topaz stud from Ross Simon.

I tend to just wear a plat wedding band when I travel.


oh! My friend lost an inexpensive earring (but sentimental value to her) when we were running through the Dallas airport. She tried to go back through the trams to find it but she didn’t.

 

[WillyDiamond]

OP
The insurance is not just about damage, but also loss, theft. As one poster above said, “insurance is a big ripoff”, until the unexpected happens, then you kick your arse that you did not buy it.

Let’s look at what this type of policy is: It is what I call a ”use” it or “lose it” plan. That means if you have damage, loss or theft, you are reimbursed to some degree by an insurance co. On the flip side “lose it” means that if you never put in a claim, you get nothing back. There is no return of premium for non use. We would all like to get our monies worth when we buy something, however, insurance is the exception to this rule. We hope to never have a claim! Think about it, do you want to get your monies worth for your auto insurance, go ahead and have a big accident and you will get paid, but I think we would rather pay the premium and never have a claim. What about health insurance, if you want to get your monies worth have a 2 week stay in the hospital. But I think most of use don’t ever want the latter.

For me, I insure my wife’s rings and watches and mine too. I hope to never have a claim, this means I do not get my monies worth. I will take that outcome anytime.

There you go, the decision is yours…….. Good luck.

 

[RunningwithScissors]

Travel rings always baffled me. I thought the point was to have something less valuable if it were to get stolen when you visit an area where that's more likely. But a mugger doesn't know a CZ is a CZ, or a $500 I1 labdiamond from an IF ideal cut mined diamond.

I could potentially see having a fake in case you lose something out and about, but you're still not more likely to lose it on vacation vs day to day.

I think having a simple band for times you're extra worried, or just skipping the ring for a trip, makes more sense.

For me the point of travel jewelry is wearing something much less expensive LOOKING, less blingy and eye catching to reduce the risk of being mugged without actually having to go without jewelry altogether (which makes me feel naked.)

So the jewelry I take with me for traveling is always in consideration of the place I'm going to visit.

For example, if I'm going to a high end hotel in a first-world country, and do not plan on straying into the sketchier parts of town, or Ubering around, then I'll take and wear the jewelry I normally wear which is fairly blingy.

If I'm going to be wandering the streets of someplace medium-crime, and Ubering a lot, then I'll still wear jewelry, but it will be much more understated. Maybe a very small engagement ring and gold hoop earrings.

If I'm going to wander the streets in a high crime area, no jewelry other than a thin gold wedding ring.