Would you consider insuring jewelry valued between $1,500 and $3,000? I’m not really into jewelry, but my partner gives me a stunning piece in that price range every Christmas. I’ve only insured my more expensive engagement ring, but I recently lost two gifts from him in just one week—ouch! One was a diamond stud that slipped down the sink when I tried to remove it, and the other was a pearl necklace that I didn’t fasten properly while rushing out the door. This has got me thinking: should I insure the four remaining statement pieces he’s gifted me? While we have a comfortable income and good savings, $1,500 to $3,000 is still a significant amount for us, and we won’t be replacing those two pieces until next Christmas. What would you do in this situation?
Would you insure jewelry between 1.5-3k?
It sounds like you’ve had a tough experience losing those pieces, and it’s understandable to reconsider insurance for your jewelry. While jewelry in the $1.5k-$3k range might not seem as significant compared to high-value pieces, it can still have a substantial emotional value, especially since they were gifts from your partner.
Here are a few things to consider:
Emotional Value: If these pieces are meaningful to you, getting them insured can provide peace of mind. Losing cherished gifts can be tough, so having coverage could help you feel more secure.
Type of Insurance: Look into specialized jewelry insurance or adding a rider to your existing homeowner’s or renter’s insurance. Compare the costs and coverage options to find what suits your needs.
Frequency of Use and Care: If you wear the statement pieces often or if they are more susceptible to loss or damage, insurance might be worth it. Consider your lifestyle and how likely it is for accidents to happen.
Cost of Premiums vs. Peace of Mind: Weigh the cost of insuring the jewelry against the potential loss. Given that you mentioned a comfortable income and savings, it may be worthwhile for the peace of mind it offers.
Ultimately, if it feels like a larger investment given your circumstances, insuring the remaining pieces could be a smart move.