Dicey has it that jewelry is rarely worth what it's valued for and insurance companies are tricky on the jewelry policy. I had a policy that I used once and got rid of after that because I have heirloom jewlery. A stone fell out of an heirloom ring setting. Despite the high valuations we had in hand, the policy only paid out what an "equivalent" stone could be had for on the open market, and then a fixed additional cost for the jeweler to reset said stone. Not surprisingly, this all came in at a fraction of the valuation. Long story short, if you have a decent savings and retirement account, you're better pocketing and investing this money, and assuring wife if something happens, you will make it right however she wants it made right.