Insurance on jewelry

[Trautdiggity]

Married Junkies - Do you have insurance on your wife's engagement ring? I called the insurance agent today about it and they said it would cost abut $20-$25 per $1000 appraised value. This seems relatively high to me but not having done this before maybe it's not. So for those that have it:

What's a reasonable rate to pay for insurance on the rock?

[chancellor]

I'm in flyover country and ours works out to about $9-10/1000 on my wife's jewelry. She's inherited a couple of high-end rings from grandparents, so we have a dedicated jewelry rider.

Costs will vary based on area, but even in NYC, 2.5% seems high. I'd think you could get a rider for $15-18/1000.

[joncarlos]

Yeah, we have it as an add-on to our homeowners. I think we're paying more like 10-12 per $1000 but don't remember for sure.

[revo]

Yeah, we have it as an add-on to our homeowners. I think we're paying more like 10-12 per $1000 but don't remember for sure.

Ditto -- add it as a rider if you own a home.

[Trautdiggity]

Ditto -- add it as a rider if you own a home.

I don't own a home. Do you think the rate is so much lower because it's in addition to a homeowner's policy? I haven't shopped around yet but I had hoped to include it with our renter's insurance but if the quote is ridiculously high I'll have to shop... anybody else?

[Mithrandir]

I don't own a home. Do you think the rate is so much lower because it's in addition to a homeowner's policy? I haven't shopped around yet but I had hoped to include it with our renter's insurance but if the quote is ridiculously high I'll have to shop... anybody else?

I think the answer is obvious...buy a home.

[joncarlos]

I don't own a home. Do you think the rate is so much lower because it's in addition to a homeowner's policy? I haven't shopped around yet but I had hoped to include it with our renter's insurance but if the quote is ridiculously high I'll have to shop... anybody else?

I don't really know, but yes, I would think so. Maybe homes are less likely to be burglarized than apartments. Maybe apartment insurance is just more expensive for everything. Maybe it depends on the area you live. Maybe they're prejudiced against apartment people. (Don't know why, I usually wish I still was one)

[schlesinj]

Do you have renters insurance?

[Trautdiggity]

Do you have renters insurance?

Yes. The quote was from the agent with whom we have the renter's policy

[schlesinj]

I got my insurance as a totally separate policy (not homeowner's or renter's or whatever) and pay about $11 per $1000. Company is Jeweler's Mutual, if I remember correctly.

You would think the add on would be cheaper since they already insure you in another capacity. I guess I was wrong.

[schlesinj]

Maybe it's cheaper where I live???

Everything in NY is more expensive.

[davidgrey]

I got mine from my home insurance provider (State Farm) and while it is not on my home owners policy, I get a discount on it. I think it comes out to about $10-$11 per $1000 per year. My friend has the same policy and she lost hers about 3 or 4 years ago and they replaced it with no hassle.

[Hammer]

Isnt it just more cost-efficient to sell your wife?

[Don Quixote]

Isnt it just more cost-efficient to sell your wife?

Yeah, show that one to your wife. Then enjoy sleeping on the couch.

Getting back to the subject--I suggest looking for a separate policy or a new insurance agent (if he/she hasn't thought of adding it as a rider on your renter's policy). Whatever you wind up paying is worth it, for the peace of mind if nothing else.