Is This A Normal Scenario For Insurance?

[Taffi Abernathy]

I just insured new earrings and my yearly policy rate for the earrings only is just over $500. This seems excessive to me,but is it? Just so you know, the claims person who signed me to this policy requested the appraised value, which like most items, was markedly higher than what I actually paid. This policy covers earrings only, my household is on a separate policy and the watches have riders. Can someone more knowledgeable please advise me as to how to proceed? Thanks.

[ijen0311]

That seems so high!

My year's worth of property coverage (which is separate from my building coverage) is just over $500 annually.

My other jewelry is covered under my parents' insurance, so that's all I can help with...

[Idle Swede]

If they're appraised at 50K then it's normal.

[Yume-sama]

Originally Posted by Idle Swede

If they're appraised at 50K then it's normal.

Yes, 1% is standard.

What are you doing with $50k earrings. Sheesh!

[Xenophon]

Originally Posted by Yume-sama

Yes, 1% is standard.

What are you doing with $50k earrings. Sheesh!

Having done a fair bit of work for the personal lines insurance industry over the years I'd say that earrings are classed a more risky prospect than other jewellery. You don't neccessarily know when an earring falls out. Consequently 1% seems to low.

[Taffi Abernathy]

Originally Posted by Yume-sama

Yes, 1% is standard.

What are you doing with $50k earrings. Sheesh!

I'm not doing anything with $50K earrings, although I wish I were. They were appraised at just under $25K, and although I didn't pay that amount, I did pay over $10,000. If anyone is pleased with their jewelry insurance, would you mind sharing the name of the company so I may follow up? (Damn! What's become of me? That's the second preposition I have dangled in 24 hours! Which is worse - dangling prepositions or explosive diarrhea?)

[vh_bu98]

I would have the earrings put on the jewelry rider on your home insurance. I don't understand why you couldn't unless there is a limit on the value of a single item. Then again, I don't have one item that is valued at $25k either.

[Lion]

Faith, that seems excessive to me. Why can't the earrings be covered under a rider???

[Taffi Abernathy]

Originally Posted by Lion

Faith, that seems excessive to me. Why can't the earrings be covered under a rider???

Leo, I asked the claims person the same question. Her response was since their worth is over $10,000, it warrants a separate policy.

[Lion]

Originally Posted by Taffi Abernathy

Leo, I asked the claims person the same question. Her response was since their worth is over $10,000, it warrants a separate policy.

Yikes!!!

[ob1]

Wow! They must be some awesome earrings Faith . Any chance of some pics? my wife got a better deal with the insurance on her diamond earrings by having a screw fitting attached to the back, they have much less chance of falling off.

mark

[Taffi Abernathy]

Originally Posted by ob1

Wow! They must be some awesome earrings Faith . Any chance of some pics? my wife got a better deal with the insurance on her diamond earrings by having a screw fitting attached to the back, they have much less chance of falling off.

mark

Hey Mark,

They are set in screwbacks and platinum. I will probably post tomorrow since my new Rolex is also scheduled for delivery. I feel like a real hedonist but believe it or not, I can go a very long time without purchasing anything. but when I do, I like to do it in one fell swoop so I don't have to think about it until next time. Faith

[waltk1026]

Faith, My understanding is that jewelry is better on its own policy rather than a rider on a homeowners policy. You can put your earrings, watches, rings etc all on 1 policy. Mine runs around $300 per year for about $30-35k of value. Which is 1% as someone just mentioned. I happen to have State Farm for my home, auto, and jewelry, all separate policies. So your $500 premium indicates you are insuring $50k of value. If you're not that price is high.