On his podcast, Clark Howard answers real reader questions on money, credit, debt, retirement, travel, and more, along with co-host Christa DiBiase.

Clark's answer: Declan, I would say no. When you start looking at insuring jewelry, the retail cost is nothing like the replacement value or what the insurance company will depreciate it down to. You spent a lot of your hard-earned dollars – somewhere under $10,000, but still a lot of money – and this is one where you just go self-insured. That means if it gets stolen or lost, you have to pay to replace it out of pocket. It's the right move here because when you weigh the ongoing cost of the insurance premiums against what the insurer will actually pay you out on a claim, it’s just not worth it.