Would you consider insuring jewelry valued between $1,500 and $3,000?
I wouldn’t say I’m a big jewelry person, but my partner gifts me a statement piece in that range every Christmas. While I do have insurance for my more expensive engagement ring, I never thought to insure these gifts. Unfortunately, I recently lost two pieces he gave me within just a week—one was a diamond stud that slipped down the sink while I was taking it off, and the other was a pearl necklace that didn’t fasten properly when I was in a hurry.
This experience got me thinking: should I insure the other four statement pieces he’s given me? We have a good household income and solid savings, but $1,500 to $3,000 is still a significant amount for us, and we won’t be able to replace those two pieces until next Christmas. What would you do in my situation?
I can understand why you’d be reconsidering insurance after losing those pieces! Jewelry can hold sentimental value as well as a financial one, especially when it’s a gift from a loved one. Since the statement pieces your partner gifts you are in the $1.5 – $3k range, it could be worth insuring them, especially if you’re not used to wearing or handling jewelry often.
If you’re already insured for your engagement ring, it might be a good idea to check with your insurance company about adding the other pieces to your policy. Some companies offer jewelry riders or specific jewelry insurance that can cover loss, theft, or damage more comprehensively than regular homeowners’ insurance.
Think about how often you wear these pieces and how attached you are to them. If they hold significant value for you, both financially and emotionally, then investing in insurance could provide peace of mind. However, if you feel comfortable with the risk and are willing to replace them if necessary, that’s a personal decision too. Ultimately, weigh the costs of insurance against the potential loss of those pieces and see what feels right for your situation.