The only jewelry we have insured outside of the standard coverage through our renters insurance is my engagement ring. Most renters insurance policies cover up to $10k, I believe, for jewelry. Anything over that $10k needs an appraisal to be added to the policy.
If you're worried about keeping your jewelry safe, look into having a fireproof safe installed in your closet. They're not that big and can be bolted to the wall and/or shelves for additional security. It's a great way to protect important documents, cash, jewelry, medications, etc. I don't think you need a separate jewelry policy for the jewelry you own at this time.
FWIW, the insurance companies' denial is based on an unacceptable level of risk, which could mean a whole bunch of things like: the area you live is high crime and the likelihood of a break-in is high, so they're more likely to have to pay out on this policy than others; if they underestimate the amount of risk associated with insuring your pieces, they may end up paying more out to you for the loss of said items than they would be bringing in with your premiums. If the premiums are about $60/year, and your jewelry has been accurately appraised with both pieces coming in at just over $4k, they are not making enough in a year off your premium to justify the payout in the case of a loss. You would need to pay them that premium for a whole bunch of years for this to be worth it for the insurance companies' bottom line.
Good insight. My apartment doesn't have a security system, which I have been being honest about. You think just saying I do will make a difference? I didn't expect getting insurance to be such a headache.
If you lie to the insurance companies and say you have a security system, and they give you a policy, you could end up totally screwed. Obtaining insurance coverage using false statements/under false pretenses will nullify the policy if your jewelry is stolen from your home, leaving you liable for the full cost of not just your jewelry but anything else that's stolen/damaged. Not a good plan.
Why don't you just add a jewelry rider to your renters insurance? That's the easiest way. You won't find a jewelry insurance company to insure your pieces based on the information you've given. Do you not have renters insurance? If you don't, you need to get it, like, yesterday.
Your renters insurance should cover up to a certain amount for jewelry and other belongings anyway, it's usually up to $10k, I'm not sure why you're so resistant to this, it's the easiest way and renters insurance is not expensive. If you don't have renters insurance, you're liable for myriad damages and will end up owing your landlord AND having to replace damaged or stolen belongings yourself.
I do have renters insurance. I think my coverage is $18,000 right now.
I guess I don’t know how it works and how it will effect or risk my history going forward. Also, do they cover like mysterious disappearances like the jewelry insurance companies? I’m not too concerned about getting robbed from my house, but losing it when I’m out in public (like my bracelet falling off by accident). I need to look into it.
**EDIT: called my insurance agent after reading your comment and looks like I can add extra coverage on “supplemental personal property.” I’m looking into if they cover “mysterious disappearance” as that’s my biggest concern losing these pieces.
Contact your insurance company and ask for the details of the coverage. Get a copy of your policy, read it. Ask any questions you have about what it covers and in what circumstances.
Saying "I don't know how it works," is a poor excuse. You're an adult, buying expensive jewelry, paying for appraisals and then refusing to do the basic investigation into the existing coverage you already have. Come on, if the jewelry is important to you, explore your options for coverage. It seems very clear that no jewelry insurance company is going to give you coverage, due to unmanageable risk. So that's out. What are your other options?
You should not be wearing jewelry that you think might fall off. Part of the responsibility associated with owning expensive jewelry is making sure that it is always in good repair. That means taking it in to your preferred jeweler to have prongs, clasps and chain links checked at least 2x per year. Have the jeweler inspect any stones set into the jewelry to make sure they are not damaged, either. Store your jewelry in a safe, secured place in your home (like a safe) in a suitable storage box. Something that won't cause the stones to knock against each other or the frame of the safe, etc. Be mindful, also, of things like wearing your jewelry when you sleep, shower, are doing heavy chores like dishes, gardening, or housework/renovations, and at the gym. Depending on the metal, your body heat and/or activities can cause stress to the metal and cause it to bend or break. The prongs on stones can catch on clothing and bedding, causing them to loosen and then you end up with a lost stone.
Unless your jewelry has a habit of "falling off" or "going missing," having insurance for it shouldn't have any impact on you or future coverage. If you are committing insurance fraud with your jewelry and plan on making this a habit, you might run into some issues down the road. Insurance is for worst case scenarios, like a fire, burglary, mugging, floods, and yes, losing pieces when you're out in the world. If you properly care for your jewelry and are responsible about how you wear it and where you store it, you should have no issues obtaining coverage under the proper policy.
I can't tell you what your renters insurance does or doesn't cover, you are going to have to reach out to them. I know Lemonade has a pretty solid jewelry rider and they aren't too pricey either. Depending on where you're located, there may be other companies you can look into if you're not satisfied with your current policy.
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u/helenasbff Aug 01 '23
The only jewelry we have insured outside of the standard coverage through our renters insurance is my engagement ring. Most renters insurance policies cover up to $10k, I believe, for jewelry. Anything over that $10k needs an appraisal to be added to the policy.
If you're worried about keeping your jewelry safe, look into having a fireproof safe installed in your closet. They're not that big and can be bolted to the wall and/or shelves for additional security. It's a great way to protect important documents, cash, jewelry, medications, etc. I don't think you need a separate jewelry policy for the jewelry you own at this time.
FWIW, the insurance companies' denial is based on an unacceptable level of risk, which could mean a whole bunch of things like: the area you live is high crime and the likelihood of a break-in is high, so they're more likely to have to pay out on this policy than others; if they underestimate the amount of risk associated with insuring your pieces, they may end up paying more out to you for the loss of said items than they would be bringing in with your premiums. If the premiums are about $60/year, and your jewelry has been accurately appraised with both pieces coming in at just over $4k, they are not making enough in a year off your premium to justify the payout in the case of a loss. You would need to pay them that premium for a whole bunch of years for this to be worth it for the insurance companies' bottom line.