Jewelry insurance. Is it ever worth it?

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jkushne1
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Jewelry insurance. Is it ever worth it?

Post by jkushne1 » Tue Jul 11, 2017 5:59 pm

My wife has a three pieces of jewelry worth about $20k in all. For the past couple years we've paid for jewelry insurance at a cost of approximately $320 dollars annually. Not a great deal of money, but the more I read and learn about finance, the more I see that you should only insure things you can't overcome...life, disability, homeowner's, etc... Jewelry insurance doesn't seem to make the cut. Currently I'm a resident but will be an attending in a year. My question is if anyone out there has jewelry insurance and whether it is something worth having at all...or only in select situations. Thanks. 

mhalley
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Re: Jewelry insurance. Is it ever worth it?

Post by mhalley » Tue Jul 11, 2017 6:09 pm

Is this seperate insurance or a rider on your renters insurance? Your renters might already be insuring part of the value, but check to see what you would need to file a claim.
http://www.wisebread.com/how-to-insure- ... ap-or-free
https://www.effectivecoverage.com/3419/ ... r-jewelry/
The question is, would your wife be very upset if she lost the jewelry and be compelled to replace it? I imagine an engagement ring would come under that heading, but depends on the spouse.
Last edited by mhalley on Tue Jul 11, 2017 6:13 pm, edited 1 time in total.

TallBoy29er
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Re: Jewelry insurance. Is it ever worth it?

Post by TallBoy29er » Tue Jul 11, 2017 6:12 pm

We canceled our rider for the one piece of jewelry we have worth anything. It felt like throwing money into a hole. If we lost the ring, oh well. Now, if it had cost high 5 figures, that may be a different story.

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Re: Jewelry insurance. Is it ever worth it?

Post by Lindrobe » Tue Jul 11, 2017 6:22 pm

We have a seperate rider on our homeowner's insurance for 5 pieces of jewelery. We only insurance the pieces with a replacement value of $15,000 or more. We have several pieces worth less that are not insured.

bberris
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Re: Jewelry insurance. Is it ever worth it?

Post by bberris » Tue Jul 11, 2017 7:39 pm

By definition, someone who buys expensive jewelry can afford to lose it. Your life would not change one whit by losing a $10,000 ring. Most of the purchase price was lost on the day of sale. On the other hand, if you inherit valuable jewelry, sell it.

miamivice
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Re: Jewelry insurance. Is it ever worth it?

Post by miamivice » Tue Jul 11, 2017 7:51 pm

Jewelry insurance is worth it to those who have a covered loss and filed a claim against the insurance to pay for it.

Should you have a covered loss yet don't have insurance, you will get lots of helpful advice from well-meaning family, friends, and insurance brokers saying you should have bought the insurance. You'll feel stupid that you don't have the insurance, and it is hard to explain your Boglehead mindset that insurance is not worth it because at that moment you would have been far ahead had you bought the insurance.

(I'm writing this from personal experience. I once had a house robbery and had no renters insurance. The total losses were about $800. I got lots of comments from people that of course I should have carried insurance. As it turns out, I was financially better ahead simply to replace the lost items, but it the fact I didn't have insurance still stung.)

miamivice
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Re: Jewelry insurance. Is it ever worth it?

Post by miamivice » Tue Jul 11, 2017 7:52 pm

jkushne1 wrote:My wife has a three pieces of jewelry worth about $20k in all. 
Are these items that she wears daily (like an engagement / wedding ring) or ones that sit in a jewelry box 364 days of the year (or so)? If she wears them daily, I would be surprised that she suffers an covered loss where insurance pays.

HornedToad
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Re: Jewelry insurance. Is it ever worth it?

Post by HornedToad » Tue Jul 11, 2017 8:05 pm

We insure my wife's wedding ring. It's probably ~$130/year but would be $12-15k to replace.

She wears it daily so I'm assuming a lost/damaged ring is not as rare as Life/Disability Insurance. A similar idea to even if I was rich I'd carry auto insurance.

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welderwannabe
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Re: Jewelry insurance. Is it ever worth it?

Post by welderwannabe » Tue Jul 11, 2017 8:11 pm

Do you have a safe? I have some watches I have riders on and the price was about 1/8th if I had a safe and agreed to keep it in there when I am not wearing them.

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JaneyLH
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Re: Jewelry insurance. Is it ever worth it?

Post by JaneyLH » Tue Jul 11, 2017 8:21 pm

I've been insuring my $10,000 engagement ring to a tune of about $100/year for 10 years. Think it's time to cancel that rider. :oops:

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bostondan
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Re: Jewelry insurance. Is it ever worth it?

Post by bostondan » Tue Jul 11, 2017 8:23 pm

A close friend lost her engagement ring yesterday while performing a cardiac catheterization. It must have come off in her glove. She was distraught, but at least comforted by the fact that she had separate insurance for the ring. HOWEVER, the insurance company said they do not cover misplacement, so she gets nothing. I don't consider her loss "misplacement," but she apparently could not convince them otherwise.

I guess if you are going to get insurance, make sure it actually covers the situations you want covered. Personally, I would not be financially hurt by loss of my wife's ring, so I do not insure it. If we lose it, and she wants another, we will buy it for her.
“There may be times when we are powerless to prevent injustice, but there must never be a time when we fail to protest.” - Elie Wiesel

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Re: Jewelry insurance. Is it ever worth it?

Post by LadyGeek » Tue Jul 11, 2017 8:30 pm

This thread is now in the Personal Finance (Not Investing) forum (insurance).
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MedSaver
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Re: Jewelry insurance. Is it ever worth it?

Post by MedSaver » Tue Jul 11, 2017 11:11 pm

bostondan wrote:A close friend lost her engagement ring yesterday while performing a cardiac catheterization. It must have come off in her glove. She was distraught, but at least comforted by the fact that she had separate insurance for the ring. HOWEVER, the insurance company said they do not cover misplacement, so she gets nothing. I don't consider her loss "misplacement," but she apparently could not convince them otherwise.

I guess if you are going to get insurance, make sure it actually covers the situations you want covered. Personally, I would not be financially hurt by loss of my wife's ring, so I do not insure it. If we lose it, and she wants another, we will buy it for her.
Hold up. Your friend, who I assume is a doctor, was doing a cardiac cath with a ring under her glove? It's a no-no to wear jewelry on the hands during a sterile procedure for a variety of reasons, the most pressing being that it is a nidus for infection and could result in glove rupture. Most docs lose jewelry because they take it off to scrub properly.

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Re: Jewelry insurance. Is it ever worth it?

Post by daveydoo » Tue Jul 11, 2017 11:20 pm

jkushne1 wrote:My question is if anyone out there has jewelry insurance and whether it is something worth having at all...or only in select situations. Thanks. 
There have been other threads about what jewelry costs and what jewelry is "worth" -- two very different concepts. Insurance replaces the lost item (if you're lucky) to the specifications of the appraisal. If it says "one fine diamond ring, 1.25 cts (estimated)," then you will get a [not very nice] replacement matching that unflattering description. Not your ideal-cut Tiffany-set E-color VVS2. If it's "real" jewelry, spend $100 and get a detailed appraisal from the best estate/vintage jeweler in the major metro area closest to you. And make sure that the insurer will cover you for "mysterious disappearance" as others have alluded to -- you're more likely to lose it than get shot for it.

LeeMKE
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Re: Jewelry insurance. Is it ever worth it?

Post by LeeMKE » Tue Jul 11, 2017 11:27 pm

I carried riders on one ring and two pieces of fine art. But as the insurance prices rose, I decided it wasn't worth covering. 30+ years later, no regrets.
The mightiest Oak is just a nut who stayed the course.

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bostondan
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Re: Jewelry insurance. Is it ever worth it?

Post by bostondan » Wed Jul 12, 2017 5:06 am

MedSaver wrote:
bostondan wrote:A close friend lost her engagement ring yesterday while performing a cardiac catheterization. It must have come off in her glove. She was distraught, but at least comforted by the fact that she had separate insurance for the ring. HOWEVER, the insurance company said they do not cover misplacement, so she gets nothing. I don't consider her loss "misplacement," but she apparently could not convince them otherwise.

I guess if you are going to get insurance, make sure it actually covers the situations you want covered. Personally, I would not be financially hurt by loss of my wife's ring, so I do not insure it. If we lose it, and she wants another, we will buy it for her.
Hold up. Your friend, who I assume is a doctor, was doing a cardiac cath with a ring under her glove? It's a no-no to wear jewelry on the hands during a sterile procedure for a variety of reasons, the most pressing being that it is a nidus for infection and could result in glove rupture. Most docs lose jewelry because they take it off to scrub properly.
It was her first day of cardiology fellowship. Mistakes were made obviously... Still seems like it should have been covered!
“There may be times when we are powerless to prevent injustice, but there must never be a time when we fail to protest.” - Elie Wiesel

Swimmer
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Re: Jewelry insurance. Is it ever worth it?

Post by Swimmer » Wed Jul 12, 2017 6:53 am

I carried insurance the first couple of years on my diamond ring. As I became more physically active, I gradually stopped wearing it most of the time. I dropped the insurance and now I put it in my safe deposit box at my nearby bank. Every few weeks I retrieve it to wear for a special social occasion then back into the box it goes. You know, I enjoy it much more now :happy and I don't need to be concerned about leaving it at our home when we're out. Best of all, I'm not paying for that insurance rider. No regrets in dropping the insurance. This bank thing may not work for everyone. My bank is very friendly.

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Re: Jewelry insurance. Is it ever worth it?

Post by SQRT » Wed Jul 12, 2017 7:33 am

My wife has a number of expensive pieces of jewelry. While they would cost several 100's of thousands to replace in total, the chance of losing them all at once is remote. Although this would not be a significant portion of our net worth, and we probably wouldn't replace them if lost, it would be a traumatic experience for my lovely spouse. I have fluctuated on whether we should ensure them. Currently insured. More of "emotional insurance" than "financial insurance" I think. Makes it a little easier to wear them perhaps.

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Re: Jewelry insurance. Is it ever worth it?

Post by LarryAllen » Wed Jul 12, 2017 7:37 am

Had a piece of jewelry get lost/stolen and insurance company paid $10k within two weeks. In that case it was a great investment! Bummed to not have the jewel anymore but the check helped sooth the pain of the loss.

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Re: Jewelry insurance. Is it ever worth it?

Post by Swimmer » Wed Jul 12, 2017 7:50 am

LarryAllen wrote:Had a piece of jewelry get lost/stolen and insurance company paid $10k within two weeks. In that case it was a great investment! Bummed to not have the jewel anymore but the check helped sooth the pain of the loss.
Curious. Typically, jewelry insurance is a rider on homeowners. Was your claim considered a homeowners claim?

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simplesimon
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Re: Jewelry insurance. Is it ever worth it?

Post by simplesimon » Wed Jul 12, 2017 8:10 am

OP, don't consider it an investment. Determine if you're risk averse enough to want insurance. We are, so we have it.
bostondan wrote:A close friend lost her engagement ring yesterday while performing a cardiac catheterization. It must have come off in her glove. She was distraught, but at least comforted by the fact that she had separate insurance for the ring. HOWEVER, the insurance company said they do not cover misplacement, so she gets nothing. I don't consider her loss "misplacement," but she apparently could not convince them otherwise.

I guess if you are going to get insurance, make sure it actually covers the situations you want covered. Personally, I would not be financially hurt by loss of my wife's ring, so I do not insure it. If we lose it, and she wants another, we will buy it for her.
Who was the insurer?

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Re: Jewelry insurance. Is it ever worth it?

Post by flamesabers » Wed Jul 12, 2017 8:42 am

OP,

If jewelry insurance gives you peace of mind, it might be worth it. However, that would be a psychological reason and not a financial reason.

I think you're correct about the financial reasons to hold insurance. Losing jewelry (while unfortunate) isn't a financial hardship. While it would be nice to have insurance cover everything we lose, that doesn't mean it's a good idea to buy every single type of insurance that is out there.

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Re: Jewelry insurance. Is it ever worth it?

Post by msk » Wed Jul 12, 2017 9:54 am

My 90 year-old mother kept all her jewellry ln a safe in her bedroom, and moved it all to a bank safety deposit box whenever she went abroad. Except once a year ago. Forgot to move her stuff; and the whole safe got stolen. All 100+ lbs of it, in one piece! Loss amounted to over $250k, uninsured. At age 90 she simply resigned to the fact that her daughters will not inherit the baubles. DW owns some $30k worth of baubles. She keeps it in a safe in her walk-in closet, and the safe is welded into the concrete wall, but of course anything built can be unbuilt. Looked into insuring the baubles but the hassle of getting each item evaluated formally... and then the insurers said that they will not cover robberies by our own staff (e.g. domestic help) or a burglary that shows no sign of forcible entry, simply put me right off. Often the more stuff you own, the more anxiety you acquire. E.g. a brand new car and the first dent. Baubles should be minimized. If you are too anxious about the loss, sell it off. :mrgreen:

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Re: Jewelry insurance. Is it ever worth it?

Post by Admiral » Wed Jul 12, 2017 11:13 am

For about $200 a year for a rider, we insure about $20k in jewelry, plus my 13 YO's violin (mostly because I'm afraid she will damage it accidentally). The bulk of the coverage is for my wife's wedding band and engagement ring that she wears every day, and are the most likely to be lost or stolen. I figure I won't miss the 200 bucks, but she would really miss the 18k worth of jewelry, and would certainly buy replacements.

We don't insure other jewelry that has reasonable value but that rarely leaves the house, nor do we insure our art (anyway that would be covered as "contents" if something happened to the house). My parents, who have valuable art, insure it.

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Re: Jewelry insurance. Is it ever worth it?

Post by Abe » Wed Jul 12, 2017 11:40 am

I personally would not insure jewelry. I have a 2.5 carat antique diamond ring that was handed down to me. It's probably worth maybe $10k. My wife wanted to wear it, so I reluctantly got it out of the lock box and gave it to her. She recently asked me to put it back in the lock box because she is afraid it will get lost or stolen, and that has been my concern along. Thieves have broken into my home several times and the first things they go to are cash, guns and jewelry.
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Re: Jewelry insurance. Is it ever worth it?

Post by afan » Wed Jul 12, 2017 3:51 pm

I would not insure jewelry absent some highly unusual circumstances. For eaxmple: inherit something worth six figures or more, insure it until it was sold.

For jewelry someone is going to wear, would you HAVE to replace it if it were lost? Obviously not. Would you replace it with something of comparable cost? You would at least have a chance to think better of it.

Jewelry suffers outrageous markups when you buy. If you really want something, buy it used. If you know enough about jewelry to appraise a piece on your own skill, not what a salesperson tells you, then buy jewelry at true market value. Ifou cannot tell a diamond from a rhinestone, don't buy a diamond.
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Re: Jewelry insurance. Is it ever worth it?

Post by Abe » Wed Jul 12, 2017 3:53 pm

msk wrote:My 90 year-old mother kept all her jewellry ln a safe in her bedroom, and moved it all to a bank safety deposit box whenever she went abroad. Except once a year ago. Forgot to move her stuff; and the whole safe got stolen. All 100+ lbs of it, in one piece! Loss amounted to over $250k, uninsured.
This is a sad story, but a good example of why we should never keep valuables worth that kind of money in our home. I knew an elderly man one time who was still working. When I asked him why he was still working, he said he had $700k hidden in a safe in his home (not sure now about the exact amount, but it was a lot). He said thieves broke into his home and got the safe and everything in it. Don't ever think you have your valuables hidden where thieves can't find them.
Slow and steady wins the race.

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Re: Jewelry insurance. Is it ever worth it?

Post by bostondan » Wed Jul 12, 2017 7:35 pm

simplesimon wrote:OP, don't consider it an investment. Determine if you're risk averse enough to want insurance. We are, so we have it.
bostondan wrote:A close friend lost her engagement ring yesterday while performing a cardiac catheterization. It must have come off in her glove. She was distraught, but at least comforted by the fact that she had separate insurance for the ring. HOWEVER, the insurance company said they do not cover misplacement, so she gets nothing. I don't consider her loss "misplacement," but she apparently could not convince them otherwise.

I guess if you are going to get insurance, make sure it actually covers the situations you want covered. Personally, I would not be financially hurt by loss of my wife's ring, so I do not insure it. If we lose it, and she wants another, we will buy it for her.
Who was the insurer?
Not sure unfortunately. She said it was a "jewelry-specific policy." She's pretty upset about it, so I won't ask her for any more details.

I told her to just buy a $6.99 knock-off on Amazon because it'll look just as good and she can afford 1000 of them. She was not pleased with my suggestion. :twisted:
“There may be times when we are powerless to prevent injustice, but there must never be a time when we fail to protest.” - Elie Wiesel

jkushne1
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Re: Jewelry insurance. Is it ever worth it?

Post by jkushne1 » Wed Jul 12, 2017 8:18 pm

 Definitely appreciate all of the input on this. I plan on discussing with my wife this weekend and also reviewing our renter's policy for options. As to the cost of the rings, I didn't actually pay that much. The main stone was a family heirloom and several of the smaller diamonds were also passed down in the family. Therefore I only had to pay about 4-5k for both rings when we got married. There's no way I could have afforded much more at the time so I got lucky :) She wears those two rings every day and aren't kept in the safe. The last piece in the overall 20k valuation was also given to us when my mother in law died last year. She keeps that in the jewelry box and only wears on special occasions. So the likelihood of losing the jewelry is higher for the rings that she wears daily.

At this point, though, just been insuring the full value of everything but really didn't outlay that much cash up front. She also works in medicine as well in the ER if that matters much.

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Re: Jewelry insurance. Is it ever worth it?

Post by LarryAllen » Thu Jul 13, 2017 12:31 am

Swimmer wrote:
LarryAllen wrote:Had a piece of jewelry get lost/stolen and insurance company paid $10k within two weeks. In that case it was a great investment! Bummed to not have the jewel anymore but the check helped sooth the pain of the loss.
Curious. Typically, jewelry insurance is a rider on homeowners. Was your claim considered a homeowners claim?
It was a personal articles floater (I think it was called). I do not know if it was considered a claim against homeowners. Changed companies 6 months later.

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Re: Jewelry insurance. Is it ever worth it?

Post by HornedToad » Thu Jul 13, 2017 12:52 am

jkushne1 wrote: Definitely appreciate all of the input on this. I plan on discussing with my wife this weekend and also reviewing our renter's policy for options. As to the cost of the rings, I didn't actually pay that much. The main stone was a family heirloom and several of the smaller diamonds were also passed down in the family. Therefore I only had to pay about 4-5k for both rings when we got married. There's no way I could have afforded much more at the time so I got lucky :) She wears those two rings every day and aren't kept in the safe. The last piece in the overall 20k valuation was also given to us when my mother in law died last year. She keeps that in the jewelry box and only wears on special occasions. So the likelihood of losing the jewelry is higher for the rings that she wears daily.

At this point, though, just been insuring the full value of everything but really didn't outlay that much cash up front. She also works in medicine as well in the ER if that matters much.
The other approach to take on this is more of a probabilistic model. This would apply if you'd end up repurchasing the same jewelryfor sure instead of looking at insurance as only insuring what you can't afford to lose.

i.e. it costs you $100/year to insure $10k of jewelry. If you think within 10 years there's greater than a 10% chance you lose the jewelry then it makes sense to insure it. If not then it doesn't (from a probabilistic viewpoint). Adjust based on dollar amount, years and likelihood but that gives the idea.
This is also a little overly simplistic as you'd want to include time value of money but gives a different viewpoint to consider.

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Re: Jewelry insurance. Is it ever worth it?

Post by Hopeful » Thu Jul 13, 2017 6:08 am

I have never been one to insure things that wouldn't be a catastrophic loss. That being said though, I received two nice watches as gifts. One was worth $10k and the other $5k. Buying an insurance policy meant that I never think twice about wearing them everyday. On the other hand I am not so sure I would have done the same without insurance. Who knows, after a couple of years I may drop it. I went with Jewelers Mutual and had read good things about them prior to purchasing.

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Re: Jewelry insurance. Is it ever worth it?

Post by nova1968 » Thu Jul 13, 2017 7:27 am

delete
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Re: Jewelry insurance. Is it ever worth it?

Post by midareff » Thu Jul 13, 2017 7:31 am

I had a few pieces insured and the cost got to about $1200 a year for insurance so I dropped the insurance and went with a bank vault box. That was too inconvenient so when I moved to the current apartment I had a safe installed. Two of the pieces I recently sold, not for the money but because I found myself looking over my shoulder too much when I wore them. What jewelry you wear at 50 and 70 are different IMHO.

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Re: Jewelry insurance. Is it ever worth it?

Post by JSDNJ » Thu Jul 13, 2017 9:15 am

JaneyLH wrote:I've been insuring my $10,000 engagement ring to a tune of about $100/year for 10 years. Think it's time to cancel that rider. :oops:
Why?

If you lost it then what?

I also have my wifes ring insured to $11k at an annual cost of about $120

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Re: Jewelry insurance. Is it ever worth it?

Post by JaneyLH » Sun Jul 16, 2017 9:29 pm

JSDNJ wrote:
JaneyLH wrote:I've been insuring my $10,000 engagement ring to a tune of about $100/year for 10 years. Think it's time to cancel that rider. :oops:
Why?

If you lost it then what?

I also have my wifes ring insured to $11k at an annual cost of about $120
I'd probably replace it from my investment portfolio. Not something I really need insurance for.

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Re: Jewelry insurance. Is it ever worth it?

Post by JSDNJ » Sat Sep 02, 2017 7:31 am

JaneyLH wrote:
Sun Jul 16, 2017 9:29 pm
JSDNJ wrote:
JaneyLH wrote:I've been insuring my $10,000 engagement ring to a tune of about $100/year for 10 years. Think it's time to cancel that rider. :oops:
Why?

If you lost it then what?

I also have my wifes ring insured to $11k at an annual cost of about $120
I'd probably replace it from my investment portfolio. Not something I really need insurance for.
So you'd forego a cheap policy to liquidate part of your investments if it were lost?

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Re: Jewelry insurance. Is it ever worth it?

Post by MrsBDG » Sat Sep 02, 2017 1:28 pm

If you have your nice jewelry appraised, for example for $20k appraised value, you would generally be lucky to sell it for $5k and probably could buy it at a discount for $10k, so you could choose to insure it for $10k instead of $20k

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Re: Jewelry insurance. Is it ever worth it?

Post by Pajamas » Sat Sep 02, 2017 1:54 pm

No point in insuring it unless you wold replace it. If you have your grandmother's diamond engagement ring, it can't be replaced, so why insure it?

If you have irreplaceable jewelry, it should be kept in a safe deposit box or at least a secure and hidden safe at home when it is not being worn.

Best practice for medical personnel is not to wear rings if hand washing is necessary to reduce the possibility of contamination and/or it is required to wear gloves for a procedure. Many studies have shown that wearing rings results in higher numbers of microorganisms even after hand washing and they can also tear gloves.

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Re: Jewelry insurance. Is it ever worth it?

Post by CWRadio » Sat Sep 02, 2017 2:01 pm

MrsBDG wrote:
Sat Sep 02, 2017 1:28 pm
If you have your nice jewelry appraised, for example for $20k appraised value, you would generally be lucky to sell it for $5k and probably could buy it at a discount for $10k, so you could choose to insure it for $10k instead of $20k
Most insurance companies will only replace the ring and not give you the cash price listed in the appraisal.

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Re: Jewelry insurance. Is it ever worth it?

Post by neilpilot » Sat Sep 02, 2017 2:03 pm

Pajamas wrote:
Sat Sep 02, 2017 1:54 pm
No point in insuring it unless you wold replace it. If you have your grandmother's diamond engagement ring, it can't be replaced, so why insure it?
Don't agree with the logic that you should only insure an asset that you would replace in kind.

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Re: Jewelry insurance. Is it ever worth it?

Post by Grt2bOutdoors » Sat Sep 02, 2017 2:04 pm

JSDNJ wrote:
Thu Jul 13, 2017 9:15 am
JaneyLH wrote:I've been insuring my $10,000 engagement ring to a tune of about $100/year for 10 years. Think it's time to cancel that rider. :oops:
Why?

If you lost it then what?

I also have my wifes ring insured to $11k at an annual cost of about $120
I got a good deal then, our annual cost is $100 for same coverage.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

afan
Posts: 2865
Joined: Sun Jul 25, 2010 4:01 pm

Re: Jewelry insurance. Is it ever worth it?

Post by afan » Sat Sep 02, 2017 6:07 pm

Be careful in stating what the jewelry is "worth". An appraisal may be helpful for the insurance company, but there are at least two other relevant prices: What would it cost to get something similar? This you can only determine by shopping new and used,

What could you get if you sold the piece? This will be a LOT less than the appraised value.

If you are planning to keep the jewelry and wear it then you would be interested in replacement cost. You might want to buy a replacement if the original were to be stolen. Then you care about replacement cost.

If you plan to keep it and not wear it, perhaps for sentimental reasons, then you should consider whether it is worth insuring at all. It is a "loss" but not of any money that you actually would use.

If you are holding it as a collectible, with an eye towards selling when you get a good price, then it is an investment and safe deposit box, home safe, and insurance become costs of the investment and perhaps worth it.

We have some inherited jewelry that is nominally expensive but we would never replace if stolen and would never sell. So the effective monetary value is zero. We do not insure.
We don't know how to beat the market on a risk-adjusted basis, and we don't know anyone that does know either | --Swedroe | We assume that markets are efficient, that prices are right | --Fama

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