Money Matters

Does anyone have a separate insurance policy on their jewelry?

I've always insured my wedding rings on my homeowners policy.  I'm looking to switch insurance companies, but they require a recent appraisal in order to insure the rings.  It's just not realistic that I'm going to get my rings appraised every time I want to change companies, so I'm going to end up trapped with the same company out of laziness.

The other alternative is to insure the rings on their own policy.  Are there any benefits to doing this, other than not having to appraise my rings every time I want to switch insurance companies?  Is the cost comparable to insuring them on a homeowner's policy? 

Re: Does anyone have a separate insurance policy on their jewelry?

  • My rings are insured on their own policy b/c our company requires any jewelry over a certain $ amount be appraised and have an individual policy.  All other items below the $ amount are insured under a separate blanket policy.

    My first thought is the way you have it set up now, should you lose your rings and file a claim, your homeowners insurance will likely go up.

  • We have separate policies for my jewelry (through Jeweler's Mutual) and DH's collection (Collectible Insurance).  Our homeowner's insurance required riders and the coverage was not great IMO for what we'd be paying.  We're getting MUCH better coverage and replacement values through these other companies.  It's a bit more expensive, but worth it for peace of mind.
  • We have what our insurance company (USAA) calls a Personal Article Floater for several pieces of my jewelry. It's separate from the homeowner's. Also, it provides worldwide coverage. So, for example, if my e-ring were stolen while we traveled, it would be covered.

    It seems like many homeowner's policies only cover a set amount for jewelry and other collectibles/valuables (furs, art, guns, stamps, coins, etc.), which are often more than the blanket amount of coverage offered. If your valuables exceed that blanket limit, it would make sense to do the additional coverage.

  • We have a rider on our Homeowner's Insurance for jewelry.
  • image Sisugal:
    We have a rider on our Homeowner's Insurance for jewelry.

    Me too, but for 4 pieces only.  It's expensive, but worth it to insure.

  • image Sisugal:
    We have a rider on our Homeowner's Insurance for jewelry.
    . Us too. I have had to get it reappraised a few times and it was NBD. My jeweler had all the info on file and did it for me easily. 
  • Thanks for the thoughts.  My jewelry is currently insured on a rider on my homeowner's policy.  I'm thinking of moving it to it's own policy with a company like Jewler's Mutual, so that I don't have to change that coverage whenever I shop for new homeowner's insurance.

    I agree that the blanket coverage provided under a homeowner's policy is not adequate. 

  • image GingerSB:
    image Sisugal:
    We have a rider on our Homeowner's Insurance for jewelry.
    . Us too. I have had to get it reappraised a few times and it was NBD. My jeweler had all the info on file and did it for me easily. 

    I think this is my problem.  My husband had the ring custom made, and the jeweler promptly retired.  I would have to find an independent jeweler to appraise my ring.  If he had bought the ring at a chain this probably wouldn't be a big deal, since I could probably get an appraisal without even taking the ring in. 

  • image Sisugal:
    We have a rider on our Homeowner's Insurance for jewelry.

    I have this too for my rings; my insurance company didn't require an appraisal though, they just had me send copies of the original receipts.

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  • I had my jewelry (5 pieces) on a rider with my homeowner's.  Last year, I switched to a standalone jewelry policy with Jeweler's Mutual.  I had to get every re-appraised and it was a pain.  I won't leave JM now unless there is a major issue.
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