Help! Chubb Cancelling, other options??

[AmberGretchen]

Hi all - I''m really hoping someone can help me out here. Chubb just called to inform us that they won''t renew our policy in March because of our claim history (we''ve filed two relatively small claims in about 3 years of being insured with them - once when my engagement ring setting broke, and once when a pair of earrings was lost/stolen).

Is there any way to appeal this decision? Has anyone done this or do you know anything about it?

If not, does anyone else know what other coverage might be available to us in San Francisco, CA? Ideally, we''d like a stand-alone policy where we can get replacement value for jewelry and pick the replacements ourselves. Our renters'' insurance is through State Farm - does anyone know if they offer that kind of coverage as a rider, or is it only the kind of insurance where they decide what the replacement is?

Any information or experiences are appreciated - trying not to panic, but I''m a bit upset.

 

[~*Alexis*~]

I would look into Insurance Mutual perhaps...but I am sure other people will chime in and give ther .02 cents....

I would not think that they would cancel you if the total amount of $$ was relatively low...what was the amount you claimed? I do think that this is odd..

I would also suggest that you call you agent and make sure that your insurance claims history is correct and accurate as well.

 

[Mara]

i''m not surprised to hear this...a few years ago we let the chubb lapse and when i called to renew they said they weren''t interested. so when i got them again for my ring 2 years ago, i am trying to be really careful about renewing right on time and all that...because i don''t want to give any opp to have them cancel!!

try jeweler''s mutual...a lot of people seem to like them and they have the same ''payout'' check thing that chubb does i think??

state farm doesn''t do a payout...i think they do a replacement, which is why we didn''t want to go with them, but our other stuff is with them like yours.

 

[TravelingGal]

It doesn''t surprise me either. Insurance companies aren''t in the business to insure you...they''re in the business to make money.

For my renters policy, my agent told me to take the $1000 deductible option instead of the $500 so that I would be less apt to make a claim on the little things. She said it was because Mercury would drop me if I made 2 or 3 claims in a short period of time. I was fine with that since I was only insuring in case of something pretty catastrophic, like a fire.

Hopefully it will get worked out!

 

[EricaR]

Not sure about the ring, but I don''t like the State Farm Renters Insurance policy. At my old job I was a Product Manager for a Renters Insurance product so I spent quite a bit of time studying the products available on the market. Check out AllState. Good, solid coverage.

 

[february2003bride]

I just signed on with Jeweler''s Mutual. They do a cash payout, similar to Chubb. You fill out the application online and send in your appraisal within 10 days.

 

[Regular Guy]

Date: 1/16/2008 7:30:53 PM
Author: february2003bride
I just signed on with Jeweler's Mutual. They do a cash payout, similar to Chubb. You fill out the application online and send in your appraisal within 10 days.

February...not sure...JM is well respected here...but they're not known to typically cash out, I don't think. Generally, they're a replacement company...and are usually discounted for their premiums consistent with that differnce.

 

[NewEnglandLady]

I also have Jeweller''s Mutual, but it''s not a cash out policy (I don''t think that was an option?). My policy states that they will replace the ring with a ring with a similar appraised value from the same place you bought the original. I originally planned to go with Chubb, but it was significantly more than JM and I thought JM''s policy was good for me since I have a branded diamond from a high-end B&M, thus I knew it would be replaced with something nearly identical (not much wiggle room for them at all). Maybe JM has a cash out policy?

 

[neatfreak]

I also don''t think JM has a cash out policy. But they DO allow you to work with the jeweler of your choice...which many riders to renters policies don''t allow you to do.

 

[mrssalvo]

travelers has a cash out policy if you're up to changing your renters policy (if they have one) also, I don't think all homeowner's/renters riders are bad even with replace with like kind clauses. if you submit a very detailed appraisal that they accept they will have to replace with what you have or cash you out. Laney had her ring insured with allstate and a GOG appraisal and they ended up cashing her out. just make sure your appraisel isn't for example, 1 carat g, vs 2, 3-stone setting, ...this leaves them with a ton of wiggle room.

 

[diamondseeker2006]

Date: 1/16/2008 5:20:30 PM
Author: TravelingGal
It doesn''t surprise me either. Insurance companies aren''t in the business to insure you...they''re in the business to make money.

For my renters policy, my agent told me to take the $1000 deductible option instead of the $500 so that I would be less apt to make a claim on the little things. She said it was because Mercury would drop me if I made 2 or 3 claims in a short period of time. I was fine with that since I was only insuring in case of something pretty catastrophic, like a fire.

Hopefully it will get worked out!

Ditto! Use insurance for big things and never make small claims. Increased premiums or being dropped can be more costly than covering the small expenses yourself.

 

[AmberGretchen]

Thanks for all the responses you guys!

Mara, TG, DS - I don''t think I really knew that insurance could drop you so easily over something like that. I guess that''s pretty naive of me, but now I certainly know better.

It sounds like we should look into Jeweler''s Mutual. I don''t really care if its a cash-out policy, I just want the option to replace my stuff with things that are truly like what I have at a vendor of my choice (although everything except my e-ring center stone I''d be fine with the original vendor if that''s the rule). Does anyone know how that would work for older pieces? I have a couple of family pieces that we really don''t know where they were from originally, so I don''t know how they would do that?

My e-ring stone is really the trickiest thing I think, because it was from a B&M store. We knew enough for it to be a very good cut based on table and depth, etc..., but its GIA graded before they had cut grades. Does anyone know how we could get a cut grade done on that stone?

 

[zhuzhu]

Date: 1/17/2008 12:05:47 PM
Author: AmberGretchen



My e-ring stone is really the trickiest thing I think, because it was from a B&M store. We knew enough for it to be a very good cut based on table and depth, etc..., but its GIA graded before they had cut grades. Does anyone know how we could get a cut grade done on that stone?

You can bring it to an independent appraiser to certify for its grade. Use the new certification (for center stone) and insurance appraisal (for the whole ring) to get insured.