Am I under insured? Or paying too much?

lol that jewelry coverage is way too expensive.

jewelry is a little high...have ring at 40k and am paying $900 w/ Chubb - full coverage, considered best in space

gcondo - ring insurance is very high, especially if it is a good policy with replacement cost, no questions asked, that is what Chubb is. You can get a lower rate, but good luck making a claim

Much of this depends on your net worth. If it's, say, $1M then I would argue that you don't need jewelry insurance but do need a much larger liability insurance. If it's $100K, maybe it's fine. Remember that insurance companies make money from you on average by offsetting risks that you cannot handle personally. If you have $1M, then you can handle a $30K rare-event hit without too much relative pain, but you cannot handle $1M lawsuit when someone slips in your home.

Jewelery is always high. But your policy to cover the piece sounds higher than it needs to be. Is the jewelery in a bank safe deposit box? Remember that if you keep it in your home and wear it, your coverage will be much higher than if it remains in the bank.

I don't know what type of jewelry this is but if it were me I'd probably keep it safely ensconced in the bank and not pay such a high premium to insure it.

By the way, I practice what I preach. I keep all my good jewelry (such as it is) in the bank. I just don't need to be worrying about whether it'll get lost or stolen. If I want to wear a piece for an event I just take it out for a short time and then return it immediately after I'm done wearing it.

bramstar...what value do you put on your good jewelry that is in a vault? everthing is relative, so just trying to get a feel

I have a full coverage travelers policy on a 25k ring for 250, meh

Apt--dollar value or emotional value? I don't wear lots of jewelry on a daily basis so I prefer to keep the 'good stuff'--family heirlooms, higher-value pieces, etc--in the bank. I don't even wear my engagement ring very often--it's another heirloom and even with insurance it could never be replaced.

I think your personal property insurance look very low. When I added up what it would cost to replace our wardrobes, furniture, bedding, lighting, rugs, cabinetry, personal items--I felt much more comfortable with at least double that amount (I don't recall exactly how much I am covered for). It adds up really quickly.

I'm assuming the $30K in jewelry is an engagement ring -- or a ring and a watch -- that are worn daily so I would probably keep that coverage if it were me. In addition, I'd go for $500K or $1mm in liability.

As KW has pointed out, your personal property insurance is low, but I think that raising it is less essential than getting more liability coverage tout suite.

ali r.
DG Neary Realty

Increase your family liability to 1M. It's usually just a few dollars more, or you can buy an umbrella liability policy that is relatively inexpensive.