Jewelry insurance companies recommendations?

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39,806
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Great Lakes
Any of you insure jewelry through some specialized insurance company? Any recommendations? I got a quote from Jewelers Mutual, but it ended up being even more expensive than adding it to my homeowner's insurance policy.
 
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674
Location
Nebraska
That must be some rock you have there! My wifes ring is not insured. God forbit something happen to it. I think my homeowners policy will only cover the first $1000.
 
Last edited:

Win

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4,705
Location
Arkansas
A rider on your homeowners policy should be sufficient. The jewelry you want to insure will likely need to be appraised by a reputable appraiser, and then that appraisal will be used by the company to set the value of the item, and issue the rider.
 

Quattro Pete

Thread starter
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39,806
Location
Great Lakes
 Originally Posted By: Win
A rider on your homeowners policy should be sufficient.
Yeah, I was just trying to shop around for a better price. Strangely even my homeowner's insurance agent recommended that I check prices with specialized jewelry insurers.
 Quote:
The jewelry you want to insure will likely need to be appraised by a reputable appraiser, and then that appraisal will be used by the company to set the value of the item, and issue the rider.
Got the appraisal report already - delivered with the piece of jewelry. Interestingly, the estimated retail value on it is quite a bit higher than what was paid. I wonder why that is.
 

Win

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4,705
Location
Arkansas
 Originally Posted By: Quattro Pete
Got the appraisal report already - delivered with the piece of jewelry. Interestingly, the estimated retail value on it is quite a bit higher than what was paid. I wonder why that is.
Was it "appraised" by the same person / firm that sold the jewelry? If so, make certain that the company will accept that as fixing the replacement value of the item.
 

Quattro Pete

Thread starter
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39,806
Location
Great Lakes
Yes, it was appraised by the same company. However, I'd want to insure it for closer to what I paid rather than what their estimated retail value is. Otherwise it would be even more expensive to insure. Anyway, here are their exclusions. Does that sound reasonable?
 Quote:
Scheduled Property - Perils Insured Against When item(s) are scheduled onto a homeowners, condominium or renter’s policy, we will insure the property to the amount scheduled. Scheduled property is not subject to the deductible. The items will be insured for all risks of physical loss to the property except for the following: 1. Wear & Tear, gradual deterioration, inherent vice, latent defect, mechanical breakdown or faulty manufacturing. 2. Insects or vermin 3. War, including the following and any consequence of the following: § Undeclared war, civil war, insurrection, rebellion or revolution § Warlike act by a military force or military personnel § Destruction, seizure or use for a military purpose § Discharge of a nuclear weapon (even if accidental) 4. Nuclear Hazard
 
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