Insurance

[xeresana]

I'm curious to ask:

What insurance do you use for your jewelry? How do you decide what to insure and what not to?

I use Chubb because they were the only ones I could find that have a policy that allows you to be reimbursed for your loss and then choose your own replacement. I'm a little skeptical about the "like item" clause in most other policies.

I insure a handful of more expensive pieces that I wear frequently, like my engagement ring and a few pearl pieces. (On a funny side note: Last night I was flipping through the channels before falling asleep and happened to cross HSN around midnight when they were presenting their special of the day. The ring they are featuring looks like a knock off version of my engagement ring!! Mine is real, of course! Mine is white gold, pink sapphire center stone, and diamonds instead of cz and sterling. The design differences are that my ring is prong set and in addition to the baguettes on the band, there are round diamonds set on each side of the baguettes. Too funny! But, I'm a little off topic now.)

Anyway, my husband thinks I should insure every little thing I own. Is this really typical? How do you guys decide what to insure and what not to insure?

 

[aerinha]

I only insure pieces that I know I'll never see again (either because of quality or lack of availability) like my antique pieces. I insure them with a rider off of homeowners insurance, but they have to be appraised to be insured.

 

[purepearls]

I know many people who insure their pieces with a rider off of thier homeowners insurance.

 

[xeresana]

I used to have a rider policy with my homeowner's insurance but, I discovered that if something were lost, my insurance company would find a replacement. They would not compensate me for the loss so *I* could replace it. THEY would decide what a comparable piece was. I didn't like that idea. I checked out a number of companies and that's how I ended up with a floater policy from Chubb. The rates were the same (actually, i think a few dollars lower) than my rider policy and I liked their coverage better. So, it sounds like you guys agree that you don't need to insure everything like my husband thinks. That would just get ridiculous, I think.

 

[Raisondetre]

I figure for small pieces it'd be cheaper to just buy a new one than get it insured and have to pay the excess.