jewellery insurance ?
- Thread starter TheCamel
- Start date
Insuring valuable jewellery is very expensive. Last time I made the choice, I had two options - insuring it while it is in the house as part of my house and contents policy which covered it from theft - or insuring it while I am out and about which covered loss or theft.
Out and about premium would have seen me in the poor house pretty quickly. Because I wear it all the time, risk of loss is probably small so I chose to cover it only while it is in the house in case it is stolen.
Wylie
Out and about premium would have seen me in the poor house pretty quickly. Because I wear it all the time, risk of loss is probably small so I chose to cover it only while it is in the house in case it is stolen.
Wylie
Ex GF used to work for an "Estate Jewellery" store many years ago.
While waiting outside I alway's had a chuckle at people looking in the window saying thing's like"That'll be a good investment" Knowing full well that the "Estate Jeweller" paid wholesale stone price and gold weight value only.
Yet the valuation compared to worth was vastly different.
Having a few beer's in a mates workshop a while ago, he is a Manufacturing Jeweller (custom makes) had us scrabbling around on the floor looking for a tray of diamonds that had got knocked on the floor (by a bunch of drunken idiot's), never did find them all.
The inside of his large safe was alway's good for a look as well. Plenty of shiny stuff there.
Dave
While waiting outside I alway's had a chuckle at people looking in the window saying thing's like"That'll be a good investment" Knowing full well that the "Estate Jeweller" paid wholesale stone price and gold weight value only.
Yet the valuation compared to worth was vastly different.
Having a few beer's in a mates workshop a while ago, he is a Manufacturing Jeweller (custom makes) had us scrabbling around on the floor looking for a tray of diamonds that had got knocked on the floor (by a bunch of drunken idiot's), never did find them all.
The inside of his large safe was alway's good for a look as well. Plenty of shiny stuff there.
Dave
From memory, household policies only cover to $1000 per piece (may be slightly more by now). We all know that valuations are generally over the top and that if I wanted to replace a valuable diamond, I would certainly not pay "retail" which is what the valuation is that I have to use to insure it.
I did, at the time, ask my insurer if I could nominate a lower figure so the premium was not so high and was told no. So the choice I had to make was pay a very high premium to cover two items which I wear all the time, or take the risk. Knowing that if I lost one of the items I could replace it for well under what the valuation stated, I take the risk. I do know that if I lost a valuable piece, I would not be able to replace the same quality and that insurance companies (so I am told) bargain the jeweller down on quality or price (or both). A jeweller did explain it to me at the time, but it was a while ago and the detail is lost in the mists of time.
Wylie
I did, at the time, ask my insurer if I could nominate a lower figure so the premium was not so high and was told no. So the choice I had to make was pay a very high premium to cover two items which I wear all the time, or take the risk. Knowing that if I lost one of the items I could replace it for well under what the valuation stated, I take the risk. I do know that if I lost a valuable piece, I would not be able to replace the same quality and that insurance companies (so I am told) bargain the jeweller down on quality or price (or both). A jeweller did explain it to me at the time, but it was a while ago and the detail is lost in the mists of time.
Wylie
Hi Wylie
Even though included as part of household contents insurance, my ring is covered for
$20K, I am not totally sure if there is a limit on insurance per item.
Also, I did not need to provide valuation though I had to provide description/details of ring and diamond, clarity, size, cut which is clearly marked on the policy.
If it was stolen or lost GIO will need to replace the ring and the diamond would need to match that detailed on the policy, I dont think the insurance company could fudge this.
I did not contact any other insurance company as we only use GIO and thought I would get a good deal.
Cheers
Even though included as part of household contents insurance, my ring is covered for
$20K, I am not totally sure if there is a limit on insurance per item.
Also, I did not need to provide valuation though I had to provide description/details of ring and diamond, clarity, size, cut which is clearly marked on the policy.
If it was stolen or lost GIO will need to replace the ring and the diamond would need to match that detailed on the policy, I dont think the insurance company could fudge this.
I did not contact any other insurance company as we only use GIO and thought I would get a good deal.
Cheers
Very interesting. I might get insurance if I decide to wear it again. DH and I aren't jewellery people. Well I like diamonds but hate wearing any kind of jewellery. I only wear it on special occasion. Having a prong setting means that it gets caught easily in things.....bezel setting isn't as pretty but more practical for everyday wear.
Boatboy - I agree it's overpriced and valuations doesn't mean anything except for insurance purposes. I bought loose diamonds from wholesaler separately GIO certified then had them set separately. I would get about the price I paid for it if I was to sell it to the pawn shop. On valuation it's worth about 3 times as much.
Boatboy - I agree it's overpriced and valuations doesn't mean anything except for insurance purposes. I bought loose diamonds from wholesaler separately GIO certified then had them set separately. I would get about the price I paid for it if I was to sell it to the pawn shop. On valuation it's worth about 3 times as much.
Congrats to you and Rhiannon
A friend was broken into and the insurance payout for the jewellery was a voucher for a single item from a shop the insurers nominated.
She installed a concealed safe
Wear it or stow it
One has to get a valuation and the payout circumstances vary from insurer to insurer.
A friend was broken into and the insurance payout for the jewellery was a voucher for a single item from a shop the insurers nominated.
She installed a concealed safe
Wear it or stow it
One has to get a valuation and the payout circumstances vary from insurer to insurer.
Having had all my jewelery stolen last year when I was burgled, this is a subject close to my heart...
I had my old engagement ring listed separately, but all the other jewelery was just under 'valuables' in the policy.
Now, 'valuables' includes not only those things you'd THINK it did, like jewelery and art (other than that which is specified on the policy), but things you may not have thought of, like anything 'battery run', including the laptop, some stereo, cameras etc...
The most important thing I learned is that you have NO idea how much your jewelery is worth until you have it valued. I had a huge amount of jewelery, much more than I was insured for, but I'd have never guessed I had that much. The vast majority of mine was gifts and family hand-downs, and I'd never thought of it as valuable.
Thus, I was paid out for the item individually insured, and the pool of stuff, but no more than a certain amount per item. I had previously had the wedding ring listed separately too, but, the broker had advised me it'd be covered 'under the pool' as it's value was less than the maximum single item value allowed in the policy.
To insure a particular ring, best thing is to ring your broker and let them know what the valuation is. Just be aware, if they advise you that it'd be covered 'under the pool' that you need to think about what else you have that would fall into that category. No point having 15 items, each worth $1000, and thinking they'll all be covered under a $10,000 pool. They won't.
asy
I had my old engagement ring listed separately, but all the other jewelery was just under 'valuables' in the policy.
Now, 'valuables' includes not only those things you'd THINK it did, like jewelery and art (other than that which is specified on the policy), but things you may not have thought of, like anything 'battery run', including the laptop, some stereo, cameras etc...
The most important thing I learned is that you have NO idea how much your jewelery is worth until you have it valued. I had a huge amount of jewelery, much more than I was insured for, but I'd have never guessed I had that much. The vast majority of mine was gifts and family hand-downs, and I'd never thought of it as valuable.
Thus, I was paid out for the item individually insured, and the pool of stuff, but no more than a certain amount per item. I had previously had the wedding ring listed separately too, but, the broker had advised me it'd be covered 'under the pool' as it's value was less than the maximum single item value allowed in the policy.
To insure a particular ring, best thing is to ring your broker and let them know what the valuation is. Just be aware, if they advise you that it'd be covered 'under the pool' that you need to think about what else you have that would fall into that category. No point having 15 items, each worth $1000, and thinking they'll all be covered under a $10,000 pool. They won't.
asy
