Inherited ring - mindblowing insurance valuation - wtf do I do?

[BitShellshocked]

Have namechanged for this and it's not a stealth boast. My mind is a bit scrambled and I'd appreciate the thoughts of the MN hivemind.

I was recently given a few bits of jewellery that had belonged to my grandmother. All v. nice pieces but as far as we knew worth maybe a couple of thousand altogether, max. Anyway, our house insurance is due for renewal so I took them to a local jewellers to get an up-to-date valuation, more out of curiosity than anything else.

3 of the 4 pieces come to around 8k altogether. Lovely surprise! The 4th has had an insurance valuation of 50 fucking K. My mind is completely blown by this and I'm honestly not sure what to do for the best. I had no idea.

The jeweller says that the insurance premiums are likely to be significant, possibly too much for me to afford easily! That amount of money would make a big difference to us if I sold - could give ds a big lump sum towards a deposit or pay off a good chunk of our mortgage. We've talked a lot recently about financial planning for retirement etc and this would really help.

My gut says I don't want to sell it, but am I being completely ridiculous if otherwise it's just going to sit in a safe, locked away? WWYD?

Tell him nothing 😂

I would sell it and put the money to good use.

Haha, he was there when I took the call from the jeweller and saw my face!

This ^

Selling it to buy a campervan would be stupid. A diamond will hold it's value or rise in value, a campervan will lose it. You'd essentially be throwing the ring away.

The amount of people who wouldn't think twice about selling a family heirloom is sickening.

Dh would be after a campervan with the proceeds

SAY NO

I would sell it. I have a piece of jewellery from my nans jewellery box and i wouldn't sell it ever, but it was the only one i got and it was my great nans. It's also only worth a couple of hundred. You've got 3 other rings for the sentimental value, and with that money you can do or buy something that will remind you of her everytime you look at it.

And he's been googiling campers ever since😀

If you want to keep and and the insurance is too high, you can ask for a secondhand replacement valuation, rather than a new replacement valuation.
At 50k the insurance company might start asking for things like keeping it in a safe at home.
I do valuations as part of my job, and when the values get high the demands get ridiculous. One customer couldn't get insurance unless she had a bodyguard!
But, if it were me, I would sell it. I love jewellery but wouldn't feel comfortable wearing a 50k piece.

I'm selling a campervan, get DH to DM me! 😜😉

I would get at least one other valuation before you decide to do anything.

What is the actual point of even a £25k trinket liability that is only going to sit in a drawer, that costs ££ to insure? Heirloom piece or not, there is literally no reason to keep (and insure at full valuation price) something if you're not going to get any joy or benefit from it.

Sell it op. Unless you are financially secure enough that liquidising such an asset won't make any difference to you, it will surely benefit you and your family more by selling it rather than being put back in a drawer for the next few decades.

If you truly love it, wear it and enjoy it. I have the pieces I wear everyday on a separate policy so I'm covered anywhere in the world (I travel a lot). At least get a quote - what have you got to lose.

A family heirloom doesn't keep a roof over my family's head, or their bodies fed. No deceased family member would want my kids hungry or homeless over keeping family treasures locked away.

In your shoes, I would sell it. If you are unlikely to wear it, all you will do is have something in a box in the house that will be a burden to you. Both financially (insurance premiums) and emotionally (do you pass it on, who to, must keep things just in case someone else is sentimental about it).

I'm quite unsentimental about stuff these days. I just wonder why I'm keeping things and why do I think one of my relatives would want them in the future.

I meant it's an heirloom within the family, regardless of the style of the piece.

It's your inheritance so please stop with the idea that your dh has a claim on it! Selling it to fund your retirement or make life easier in other significant ways sounds ideal. A campervan will be an ongoing expense and if it was your big dream fair enough, but it doesn't sound like that.

Stuck in a box it won't change your life... Sell it and you /dh /dc all benefit... And a camper van sounds a great idea!!

But what a wonderful way to enjoy your retirement in a campervan!

Bet your nan would have loved to know she's helping you explore the country/Europe

Yeah, I'm not against buying a campervan, just for the record! Plus we really really need to put in a downstairs loo...

But I'm also a) a sentimental twat and b) it is a very, very lovely thing.

But c) probably not as useful/fun as the things we could do with the money (even if it's significantly less than 50k)

Loo, campervan, £5k in savings

Tbf I'd love a campervan so it's easy for me to be enthusiastic about your dhs plans 😂😂

In Europe in my camper van right now, personally it’s definitely more fun than a diamond ring

Sell. But use the money for something that will last.

A downstairs loo will improve your life and increase the value of your house, a campervan will probably cost more in insurance than the ring and will decrease in value.

I would absolutely sell it. I never feel I need to keep presents either. Someone bought it for themselves, or received it as a gift, a long time ago. I am sure it was loved at the time, but you don't have to. Even half the valuation is what many people would have to live off for a year after tax. It's not worth sitting in a safe being too scared to wear it.

As you can probably tell, I am not sentimental and don't really wear jewellery, so maybe not the person you want for advice!