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2PreciousBlessings
The Perfect Pair
Member since 5/06 19861 total posts
Name:
Best Wife & Mommy
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Question About Insurance For Jewelry
Is it best to take out an insurance for your jewlery or is it best to add it to your homeowners insurance? TIA
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Posted 1/29/08 11:15 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
EckoRed81504
We are complete <3
Member since 12/07 6299 total posts
Name:
April
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Re: Question About Insurance For Jewelry
Homeowners or Renters.
They don't do jewelry insurance.
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| Posted 1/29/08 11:23 AM |
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bicosi
life is a carousel
Member since 7/07 14956 total posts
Name:
M
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Re: Question About Insurance For Jewelry
When we bought our new house, I contemplated putting it all under the same homeowners ins. company and my broker said that it would not only be less expensive to keep it separate under my current jewelry ins. company (Jewelers Mutual), but it's better that I keep it with them because they specialize in insuring jewelry and they will give you the most coverage for your money and the most flexibility if you have to replace jewelry.
If you do decide to add it onto your homeowners policy, just have them add a jewelry floater onto the policy for each piece.
Good luck!
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| Posted 1/29/08 11:32 AM |
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2PreciousBlessings
The Perfect Pair
Member since 5/06 19861 total posts
Name:
Best Wife & Mommy
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Re: Question About Insurance For Jewelry
Posted by bicosi
When we bought our new house, I contemplated putting it all under the same homeowners ins. company and my broker said that it would not only be less expensive to keep it separate under my current jewelry ins. company (Jewelers Mutual), but it's better that I keep it with them because they specialize in insuring jewelry and they will give you the most coverage for your money and the most flexibility if you have to replace jewelry.
If you do decide to add it onto your homeowners policy, just have them add a jewelry floater onto the policy for each piece.
Good luck!
Thanks! My jeweler said to do it separate.
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| Posted 1/29/08 11:33 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Question About Insurance For Jewelry
I have a jewelry rider on my homeowners. it's replacement value to date. I pay about $150 a year for everything.
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| Posted 1/29/08 11:41 AM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: Question About Insurance For Jewelry
Posted by EckoRed81504
Homeowners or Renters.
They don't do jewelry insurance.
I have a separate policy for my jewelry from Jewelers Mutual (mainly for my engagement ring). It was less expensive than adding it to our homeowners insurance.
It depends on the company and the worth of the jewelry. I know with my homeowners insurance company, the cost to add jewelry went way up if you had individual pieces worth over $10k or $12k or something like that. My less expensive jewelry is covered by homeowners, but the more expensive jewelry (engagement ring) has the separate policy.
It would have cost me over $100 more per year to insure my jewelry with my homeowners policy. I pay just over $400 per year to Jewelers Mutual. (As a frame of reference, the policy covers a total over $30k, with one piece valued just under $30k. Your policy would be more or less depending on the value of the total jewelry *and* the value of individual pieces)
Call around and compare prices. Also, see if you get a straight dollar amount, replacement cost, etc. with the insurance. This makes a difference as well!
Message edited 1/29/2008 11:49:34 AM.
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| Posted 1/29/08 11:46 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Question About Insurance For Jewelry
Posted by Kara
Posted by EckoRed81504
Homeowners or Renters.
They don't do jewelry insurance.
I have a separate policy for my jewelry from Jewelers Mutual (mainly for my engagement ring). It was less expensive than adding it to our homeowners insurance.
It depends on the company and the worth of the jewelry. I know with my homeowners insurance company, the cost to add jewelry went way up if you had individual pieces worth over $10k or $12k or something like that.
It would have cost me over $100 more per year to insure my jewelry with my homeowners policy, on a total value a little over $30k.
Call around and compare prices. Also, see if you get a straight dollar amount, replacement cost, etc. with the insurance. This makes a difference as well!
also, careful not to overpay for the insurance. It should be based on and insurance appraisal, not a retail appraisal. keep your appraisals up to date. Every 7-10 years, get your jewelry re-appraised.
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| Posted 1/29/08 11:49 AM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: Question About Insurance For Jewelry
Posted by Blu-ize
Posted by Kara
Posted by EckoRed81504
Homeowners or Renters.
They don't do jewelry insurance.
I have a separate policy for my jewelry from Jewelers Mutual (mainly for my engagement ring). It was less expensive than adding it to our homeowners insurance.
It depends on the company and the worth of the jewelry. I know with my homeowners insurance company, the cost to add jewelry went way up if you had individual pieces worth over $10k or $12k or something like that.
It would have cost me over $100 more per year to insure my jewelry with my homeowners policy, on a total value a little over $30k.
Call around and compare prices. Also, see if you get a straight dollar amount, replacement cost, etc. with the insurance. This makes a difference as well!
also, careful not to overpay for the insurance. It should be based on and insurance appraisal, not a retail appraisal. keep your appraisals up to date. Every 7-10 years, get your jewelry re-appraised.
Yes, good point. My policy is based on retail appraisal and the appraisals are only a year and a half old.
Message edited 1/29/2008 11:51:16 AM.
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| Posted 1/29/08 11:50 AM |
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2PreciousBlessings
The Perfect Pair
Member since 5/06 19861 total posts
Name:
Best Wife & Mommy
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Re: Question About Insurance For Jewelry
Posted by Kara
Posted by Blu-ize
Posted by Kara
Posted by EckoRed81504
Homeowners or Renters.
They don't do jewelry insurance.
I have a separate policy for my jewelry from Jewelers Mutual (mainly for my engagement ring). It was less expensive than adding it to our homeowners insurance.
It depends on the company and the worth of the jewelry. I know with my homeowners insurance company, the cost to add jewelry went way up if you had individual pieces worth over $10k or $12k or something like that.
It would have cost me over $100 more per year to insure my jewelry with my homeowners policy, on a total value a little over $30k.
Call around and compare prices. Also, see if you get a straight dollar amount, replacement cost, etc. with the insurance. This makes a difference as well!
also, careful not to overpay for the insurance. It should be based on and insurance appraisal, not a retail appraisal. keep your appraisals up to date. Every 7-10 years, get your jewelry re-appraised.
It is based on retail appraisal and the appraisals are only a year and a half old.
Yup! That is what Jewelers Mutual told me just few minutes ago.
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| Posted 1/29/08 11:51 AM |
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bicosi
life is a carousel
Member since 7/07 14956 total posts
Name:
M
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Re: Question About Insurance For Jewelry
JM will also request that you update your appraisals every few years (if you don't on your own).
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| Posted 1/29/08 11:54 AM |
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Smileyd17
kids
Member since 5/05 20997 total posts
Name:
Mommy
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Re: Question About Insurance For Jewelry
Get it seperate and yes, some companies do write them alone...like mine.
Based on appraisal....and its on full coverage replacement.
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| Posted 1/29/08 12:03 PM |
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2PreciousBlessings
The Perfect Pair
Member since 5/06 19861 total posts
Name:
Best Wife & Mommy
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Re: Question About Insurance For Jewelry
Thanks ladies!
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| Posted 1/29/08 12:07 PM |
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