<prompt> Human: I have an engagement ring that is appraised at 10.5k, and I was quoted 120yr to get all risk coverage on it. Im not sure if it would be better to take the insurance, or to just pocket the 10mo and handle replacement costs ourselves if anything happens.I think that even assuming 10 returns, it would take over 20 years to save up the full replacement cost. At 5 it takes 33 years. This seems like a long time, so the insurance sounds worth it, but I hesitate because I expect that the insurance company would only make the offer if it was worth it to them. Do my calculations look right or am I missing anything?  <response>: Anyone buying a ring of that caliber can certainly afford 10 a month to insure it. Standard home owners or renters policies likely do not cover expensive jewelry anyhow. Be aware that you may need to provide an appraisal now and in the future if the rings value increases 