Any recommendations on stand alone insurance policies for a wedding ring and a mens watch? +/- $20k in value

Looked at doing it through my homeowners policy (Travelers) but don't want to pull the trigger until at least checking around a bit more.

Thanks!

Liere might be able to help. They're a sponsor here

Jewelers Mutual is what I used for awhile, but it's been 20 years ago. We got engaged overseas, so I kept the ring insured separately from when I bought it until after we were married and I could combine it with our homeowners policy.

+1 Jewelers Mutual. It probably works out to $100/year more than adding to your homeowners.

I don't recall the exact rationale from when I made my mind up to go that route, but our jeweler basically said they were very easy to work with on replacements compared to some homeowner carriers. Jeweler's mutual would say "can you find a replacement stone & make that setting for $20k? Go for it" while a homeowners company would see what stones they had rolling around in storage and hope you liked them.

Jewelers mutual +2. I even talked to liere as all my other insurance is through them. They said they're the best. We added what we could on our home insurance for lower value items that don't need to be itemized. But covered all expensive items, like my wife's engagement ring, through jewelers mutual.

It's a racket. Plan on paying roughly 2% of the jewelry value every year.

Correct. That's why you pay 2%

Interesting. I wasn't aware of jewelry insurance. The amount of high end jewelry we have that is not insured is ludicrous. It kind of keeps me up at night.

(Most of it has been inherited from my MIL when she passed away).

Also called a collectibles policy or scheduled personal property. For items such as your jewelry or watch it will cover loss of the item outside of the home. There is also typically no deductible.

Keep in mind that certain items such as coin collections, jewelry, etc will only be covered on your homeowner's policy if the loss is covered (so theft at your home, fire at home, etc). There are also woefully low limits on this coverage (as low as $1,000 to $1,500 for coins, jewelry; $2,500 for firearms).

Many people do not consider this when getting the homeowner's policy in place. Talk to your broker / agent and ask questions now vs when you have a loss.

Yep Jewelers Mutual here. It's expensive for sure.

Quote:

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Our unsupported standalone jewelry insurance program gets you the coverage you need at the most competitive rates.

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JIBNA

rlb28 said:

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Quote:

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Our unsupported standalone jewelry insurance program gets you the coverage you need at the most competitive rates.

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JIBNA

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That seems like extremely poor wording but I'm no expert in insurance. Buy our insurance! It's completely unsupported so your premiums go into a black hole!

YouBet said:

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rlb28 said:

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Quote:

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Our unsupported standalone jewelry insurance program gets you the coverage you need at the most competitive rates.

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JIBNA

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That seems like extremely poor wording but I'm no expert in insurance. Buy our insurance! It's completely unsupported so your premiums go into a black hole!

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• All risk coverage, including mysterious disappearance

this website appears to have been written by the same Nigerian prince I'm helping fund the release for currently.

Diggity said:

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YouBet said:

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rlb28 said:

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Quote:

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Our unsupported standalone jewelry insurance program gets you the coverage you need at the most competitive rates.

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JIBNA

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That seems like extremely poor wording but I'm no expert in insurance. Buy our insurance! It's completely unsupported so your premiums go into a black hole!

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• All risk coverage, including mysterious disappearance

this website appears to have been written by the same Nigerian prince I'm helping fund the release for currently.

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I agree, but scroll down to the top 7 ... top ring insurers

Also... Best Jewelry Insurance Companies of 2022

• Best Overall: Jewelers Mutual Insurance Group
• Best Personalized Experience: JIBNA Personal Jewelry Insurance
• Best for Privacy: Lavalier
• Best Coverage With No Deductible: Zillion
• Best Full Value Coverage: Chubb
• Best for New Jewelry: GemShield
• Best for Bundling Policies: GEICO

I'm pretty sure I quoted them out a couple years ago and they were very similar to JM as far as rates.

Did you get any quotes?

Diggity said:

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I'm pretty sure I quoted them out a couple years ago and they were very similar to JM as far as rates.

Did you get any quotes?

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Yes, probably very similar to JM. I'm an insurance agent. When we can't place someone we usually refer them to JIBNA. I had a Texags poster msg me about a standalone ring policy. I sent him to JIBNA and just got the renewal back...

Annual Premium: $334.00
Amount of Insurance: $19,335.00

rlb28 said:

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Diggity said:

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I'm pretty sure I quoted them out a couple years ago and they were very similar to JM as far as rates.

Did you get any quotes?

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Yes, probably very similar to JM. I'm an insurance agent. When we can't place someone when usually refer them to JIBNA. I had a Texags poster msg me about a standalone ring policy. I sent him to JIBNA and just got the renewal back...

Annual Premium: $334.00
Amount of Insurance: $19,335.00

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better than my rate. Might have a chat with them.

thanks!

edit...is that 0 deductible?

Diggity said:

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rlb28 said:

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Diggity said:

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I'm pretty sure I quoted them out a couple years ago and they were very similar to JM as far as rates.

Did you get any quotes?

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Yes, probably very similar to JM. I'm an insurance agent. When we can't place someone when usually refer them to JIBNA. I had a Texags poster msg me about a standalone ring policy. I sent him to JIBNA and just got the renewal back...

Annual Premium: $334.00
Amount of Insurance: $19,335.00

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better than my rate. Might have a chat with them.

thanks!

edit...is that 0 deductible?

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JM for a single ring is $23,927 in value, $1,000 deductible, $329 annual premium.

Just as an FYI.

I'm usually anti-USAA, but they do this at a reasonable cost. They'll also cover guns for an agreed value on the same policy. I had one stolen and they direct deposited money into my account the next day. No checking for similar guns online, etc. to get a different value.

I use usaa.

Hodinkee is pretty simple and competitive for watches.

I paid for jewelry insurance for about 15-20 years before I figured out two things:

1) The financial impact today was not nearly as impactful as it was back then. I now self-insure this risk.
2) The main value of the jewelry was sentimental, which the insurance wouldn't protect or correct anyway if it was lost or stolen.

I bleed maroon said:

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I paid for jewelry insurance for about 15-20 years before I figured out two things:

1) The financial impact today was not nearly as impactful as it was back then. I now self-insure this risk.
2) The main value of the jewelry was sentimental, which the insurance wouldn't protect or correct anyway if it was lost or stolen.

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I feel dumb for asking this but what do you mean by self-insured in this scenario?

YouBet said:

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I bleed maroon said:

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I paid for jewelry insurance for about 15-20 years before I figured out two things:

1) The financial impact today was not nearly as impactful as it was back then. I now self-insure this risk.
2) The main value of the jewelry was sentimental, which the insurance wouldn't protect or correct anyway if it was lost or stolen.

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I feel dumb for asking this but what do you mean by self-insured in this scenario?

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He's in a much better position financially, today, as compared to many years ago when he felt he needed to insure his jewelry. He no longer pays for jewelry insurance.

Ducks4brkfast said:

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YouBet said:

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I bleed maroon said:

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I paid for jewelry insurance for about 15-20 years before I figured out two things:

1) The financial impact today was not nearly as impactful as it was back then. I now self-insure this risk.
2) The main value of the jewelry was sentimental, which the insurance wouldn't protect or correct anyway if it was lost or stolen.

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I feel dumb for asking this but what do you mean by self-insured in this scenario?

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He's in a much better position financially, today, as compared to many years ago when he felt he needed to insure his jewelry. He no longer pays for jewelry insurance.

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Ah, so just eat it and replace on your own.

I ran the online calculator on JMG for our big-ticket items and it came out to 1.6% of value per year as reference for others. That was with no deductible. It's obviously cheaper the more deductible you add.

Exactly, Ducks!

In fact, it would be a wise idea to periodically assess some of your greatest financial risks, and determine which ones to pay others to ensure, and which ones you will "self-insure" due to a loss either not being financially catastrophic to you or that you believe the coverage is too expensive relative to the risk. Some ideas:

Virtually required:
- Auto insurance (a minimum is required to drive legally)
- Homeowners - if you own a house and have a mortgage, required
- Basic Health Insurance (effectively required, via Obamacare, but many still bypass it and self-insure due to cost or a belief that they're invincible)

Optional - good to assess these periodically:
- Specific property coverage, such as boats, jewelry, pianos (yes, my sister has this), etc.
- Umbrella liability insurance (highly recommended for anyone with a decent-sized net worth, or a backyard pool or other risky lifestyle elements). It's not that expensive, either.
- Life Insurance - covered elsewhere in this forum
- Dental, Vision, and others (including pet insurance if Fido gets sick/injured!)
- Supplemental Health Insurance (think AFLAC or medicare advantage kinds of stuff)
- Long Term Care insurance
- Disability insurance (early to mid-career people ought to consider this more often)
- Travel insurance (pretty expensive, but can pay off in today's COVID world)

I self-insure most of these currently, but need to reassess my LTC and umbrella limits - THANKS for the topic!

I bleed maroon said:

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Exactly, Ducks!

In fact, it would be a wise idea to periodically assess some of your greatest financial risks, and determine which ones to pay others to ensure, and which ones you will "self-insure" due to a loss either not being financially catastrophic to you or that you believe the coverage is too expensive relative to the risk. Some ideas:

Virtually required:
- Auto insurance (a minimum is required to drive legally)
- Homeowners - if you own a house and have a mortgage, required
- Basic Health Insurance (effectively required, via Obamacare, but many still bypass it and self-insure due to cost or a belief that they're invincible)

Optional - good to assess these periodically:
- Specific property coverage, such as boats, jewelry, pianos (yes, my sister has this), etc.
- Umbrella liability insurance (highly recommended for anyone with a decent-sized net worth, or a backyard pool or other risky lifestyle elements). It's not that expensive, either.
- Life Insurance - covered elsewhere in this forum
- Dental, Vision, and others (including pet insurance if Fido gets sick/injured!)
- Supplemental Health Insurance (think AFLAC or medicare advantage kinds of stuff)
- Long Term Care insurance
- Disability insurance (early to mid-career people ought to consider this more often)
- Travel insurance (pretty expensive, but can pay off in today's COVID world)

I self-insure most of these currently, but need to reassess my LTC and umbrella limits - THANKS for the topic!

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I think Long Term Care needs to go to Required. That is a massive time bomb in this country that no one talks about and few plan for it. It's going to become a crisis in the next few years.

We have my FIL in memory care and if it wasn't for his own estate covering the cost, I'm not sure what we would do. It's exorbitantly expensive.

Good idea, but who's going to pay for it?

Diggity said:

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Good idea, but who's going to pay for it?

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If you are talking about LTC, I'm not sure. That's why I'm saying people need to factor that as more insurance to get for later in life. People are living way longer these days and Medicare won't cover what you need in this space.

There have been a few elected folks who have brought this up as the next welfare push because we are about to have millions of Boomers in a pickle because they have no way to fund what they are going to need.

Not sure what the answer is other than budgeting for it. I'd rather have insurance and cover it on my own than lean on the government plopping me in some LTC facility run by them.

I have a personal articles policy for my wife's engagement ring that's with Travelers. $19,900 limit for $254 annually.

You might try that as it could work you into another package discount if your other coverage is with them.

YouBet said:

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Diggity said:

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Good idea, but who's going to pay for it?

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If you are talking about LTC, I'm not sure. That's why I'm saying people need to factor that as more insurance to get for later in life. People are living way longer these days and Medicare won't cover what you need in this space.

There have been a few elected folks who have brought this up as the next welfare push because we are about to have millions of Boomers in a pickle because they have no way to fund what they are going to need.

Not sure what the answer is other than budgeting for it. I'd rather have insurance and cover it on my own than lean on the government plopping me in some LTC facility run by them.

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Totally agree. Individuals should think of LTC as required "insurance" but sadly most won't be able to afford it.

In the end, it will be like seemingly everything else in health care, the "wealthy" and poor folks will be fine and the middle class will be screwed.

Stupid question, but if you "lost" your watch or ring do they just replace it?

hedge said:

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Stupid question, but if you "lost" your watch or ring do they just replace it?

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Based on what I've read...yes. It's pretty no questions asked policy if you get it through JMG.

Happened to have a conversation with Liere about it this morning as well and confirmed that.

Carrying it on your home policy won't be that easy.

Buy rolex, insure, "lose" rolex, profit ?