Jewerly Insurance

[Jluke]

Should I continue to pay for Jewelry Insurance on an engagement ring?

Value is 11k (bought in 2011)
Insurance is $159/year.

just curious what others would do.

Thanks in advance.

****** ignore the typo in subject

[Fishindude77]

A lot like firearms. This is a valuable item that is commonly stolen and easily resold, thus expensive to insure.

Rather than buy firearms insurance, I simply invested in a high quality safe bolted to the concrete floor, placed in an inconspicuous location. Purchased the safe for what a couple years worth of insurance would have cost. I'm sure a pro could bust it open, but most thefts are quick smash and grab deals by dope heads and a safe should stop that.

You can go "insurance poor" trying to cover every scenario.

[disneysteve]

Rather than buy firearms insurance, I simply invested in a high quality safe bolted to the concrete floor

That's nice for a gun but doesn't help for an engagement ring. That isn't going to be stored in a safe. It's going to "live" on her finger. Theft isn't very likely but loss or damage is possible.

We once thought DW had lost her ring but we thankfully found it at the bottom of the washing machine. She had taken it off to do something and stuck it in her pocket, then forgot to take it out before she washed her jeans.

Typically the cheapest way to insure it is with a rider on your home insurance policy.

[snafu]

Like Disney Steve stated, ask all jewelry be included as a rider on personal property insurance. You need to take a photo to include with the original document that describes the ring as 'X' K gold/white gold mount, 'X' C diamond + _________ total Carat weight 'X.' cut_______ color_____clarity___________appraised value $______________date_________________

There is a ghastly markup on jewelry. The ring is valued by the weight of the gold and the size and cut, color, clarity of the gemstone. As you've observed, the value of gold bounces around.

[rob62521]

We also put a rider on our homeowner's insurance for mine. Of course, nowadays my ring would be considered tiny, but as previously stated, such a big mark up!

[HappySaver]

Yes, you should keep it insured. For an $11k ring, can you imagine how you would feel if you lose it?

[Drake3287]

A standard homeowners policy covers a fair amount of jewelry, either lost or stolen. Odd's are the ring will be on her finger most of the time so theft is rare. I assume renters insurance also provides coverage.