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  • #16
    “ Not being an actuary myself I will self-insure.”
    All insurance is designed to be profitable.
    No homeowners, health, term life, liability or DI? Statistics are with you in every case. Not sure that is what you are actually saying. Might be getting into the weeds. I insure for losses that are sizable enough that I don’t care to take the chance.

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    • #17
      Originally posted by Tim View Post
      “ Not being an actuary myself I will self-insure.”
      All insurance is designed to be profitable.
      No homeowners, health, term life, liability or DI? Statistics are with you in every case. Not sure that is what you are actually saying. Might be getting into the weeds. I insure for losses that are sizable enough that I don’t care to take the chance.
      I think we are on the same weed then

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      • #18
        Originally posted by tylerjw12 View Post
        I got the insurance on engagement ring I gave to her while she was MS2. We still have the policy and the ring. How would you want an insurance company to insure its 'sentimental value'?
        The deal with the separate policy vs rider on homeowners is that the rider only covers certain types of losses and the separate policy covers almost everything. Including (true story) if you throw your $28k ring out the window while you're driving.
        Can we expand on this ring out the window story?

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        • tylerjw12
          tylerjw12 commented
          Editing a comment
          I did some work at an Insurance Company as an underwriter, and got to see some interesting claim scenarios as part of the job.

          A woman was driving around town and had taken her ring off and placed it in a tissue in the cupholder or center console. She sneezed, used the tissue with the ring inside it, and threw the whole thing out the window. Claim was paid.

          These all-peril policies really do cover 'stupid'.

      • #19
        “Including (true story) if you throw your $28k ring out the window while you're driving.
        Can we expand on this ring out the window story?”

        Please include the story about the one that kept the ring (gift) and ran off with the other guy. There was a female FA that kept the ring and a condo and cash provided by a physician.
        https://www.chron.com/news/houston-t...om-2193163.php

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        • #20
          $73k for a ring? Sounds like a new episode of Can You Afford It?

          I do wonder about a story like that. Certainly there were red flags?

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          • #21
            Thanks for the follow up. Apparently we can't like responses...

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            • #22
              I use jeweler's mutual. It's pretty inexpensive.

              I spent a lot of money on my wife's jewelry and want her to feel like she can wear it all the time, anytime, without worry. And she does.

              Regardless of whether or not we could afford to replace it (we could), losing something like that would cause a lot of heartache, probably more than the enjoyment it brings. Even without loss, I don't want there to be any stress or anxiety over keeping track of it or the thought of it being stolen, etc.

              IMO jewelry should be nothing but a positive experience, and I believe insuring it enhances that experience.

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              • #23
                I bought my wife's ring for $11k and it got appraised for $15k which is what it's insured for...I've kept it insured for now since the premium is so low and if she ever loses it or if it get's stolen she'd get an "upgrade" I suppose

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                • #24
                  If you do chose to insure your jewelry, make sure you have it covered for "mysterious disappearance". Theft coverage applies only if you can prove theft, ie) a police report. Many people misplace or don't have specific details on when an item is lost.

                  We have ours scheduled on our homeowner's policy. I've often debated about the merits of having a standalone policy in case we did need to make a claim, rather than also affecting our homeowner rates.

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                  • #25
                    I bought it when we got married 20 years ago. Mostly because it was the most expensive possession we owned.
                    Kept the rider on the policy, and basically it's still there/too lazy to take it off.
                    Wife wears a $29 silicone band off amazon (as do I) lol.
                    In retrospect, I'd do it again, and either get rid of it when you can self-insure, or get it re-appraised every 10 years to update the rider.

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                    • #26
                      The more I think about it the more silly this seems.
                      My ring is a plain titanium band. cost about $60. I would never insure it because I could easily replace it. But the real value is the sentiment and getting $60 back is poor consolation if I lost my wedding band.
                      My Wife's ring and band maybe around 5K. I do not think she would be upset about the money if something happened to the ring. I doubt getting that money would make her feel any better. Knowing that it is insured does not make me feel any better because it is not the money I am worried about.

                      Now if it was a 100K ring that is a different story because I cannot afford to replace it. But I would hope if you are baller enough to buy a 100K ring in the first place you would be able to afford to replace it.

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                      • #27
                        Originally posted by Lordosis View Post
                        The more I think about it the more silly this seems.
                        My ring is a plain titanium band. cost about $60. I would never insure it because I could easily replace it. But the real value is the sentiment and getting $60 back is poor consolation if I lost my wedding band.
                        My Wife's ring and band maybe around 5K. I do not think she would be upset about the money if something happened to the ring. I doubt getting that money would make her feel any better. Knowing that it is insured does not make me feel any better because it is not the money I am worried about.

                        Now if it was a 100K ring that is a different story because I cannot afford to replace it. But I would hope if you are baller enough to buy a 100K ring in the first place you would be able to afford to replace it.
                        My wife is the opposite.

                        It would not only be anguish about losing the jewelry, but very much about losing the value. It would be as if $5,000 fell out of her pocket, or if the money was stolen from her bank account and never recovered.

                        Plus, just knowing there was a risk of loss in the first place would mean that she would likely never wear it to begin with. And then there would be a decent level of obsession over keeping it safely stored/hidden away.

                        There would be some sentimentality about losing the item itself, but I think she would get over that part rather quickly. Especially considering I would probably replace it with something bigger and better than before.

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                        • #28
                          Originally posted by jbmitt View Post
                          If you do chose to insure your jewelry, make sure you have it covered for "mysterious disappearance". Theft coverage applies only if you can prove theft, ie) a police report. Many people misplace or don't have specific details on when an item is lost.

                          We have ours scheduled on our homeowner's policy. I've often debated about the merits of having a standalone policy in case we did need to make a claim, rather than also affecting our homeowner rates.
                          The few policies I've seen cover this. Also damage, etc. not related to theft. But yeah, you should always read your policy.

                          Usually your homeowners policy covers you to an extent without a separate policy or rider but the value is usually limited. Plus you may or may not be subject to your homeowner deductible which is typically pretty big.

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                          • #29
                            how much does this cost? why not just self insure

                            I feel like if you are insuring it you're more insuring against carelessness than theft

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                            • #30
                              Just an observation. My spouse only takes her ring off for surgery. Doctors orders I suppose. Well, probably two kids in the delivery room, I forget. Depending on your spouse, I advised her in the event of a robbery or hold up, give them the keys, wallet, jewelry whatever.

                              Not sure she will follow my instructions. Our risk of loss is more likely the stone falling out. If she knew where she lost it, it would be lost. Not sure how my homeowners would cover that. Her response would probably be “Over my dead body!”

                              At some point, that’s where it will end up. Now you made me think, “What the heck, homeowner’s is probably not worth it”. It’s cheap coverage. Probably not worth much.

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