Insurance question

[Allisonfaye]

I wasn''t sure where to post this but I am curious about insurance...specifically insuring jewelry. I know that you insure jewelry and if you have a claim, many companies try to replace the piece for you (at their discounted prices). But what if you have something that is very unique or hard to replace? What if you have something that you don''t want replaced?

Examples:

First: I upgraded my first wedding set and am planning to sell the first one. I have a diamond and a wedding set. Currently they are separate because I sent the diamond to GIA for certification. If something happened to it, obviously, I don''t want to replace it with an exact copy. What would most insurance companies do?

Second: I am going to purchase a very unique, high quality ruby ring, which is an estate piece. If something happened to it, what might they do? Obviously, it would be hard to replace.

I am just wondering if I should consider insuring these items with a different company, one that gives you cash versus a copy. I am paying a lot for insurance and I don''t want to do that only to find I wasn''t smart about coverage.

 

[stermag]

Allison, there are a number of threads on this subject that you may find helpful. Have you tried searching already?

The only contribution I can make to this thread is what little information I obtained from my Chubb agent a short while ago while shopping around for insurance. He essentially told me that, should my ring be lost or damaged, I can simply request a check with which I can do as I please. The last thing I want is to be forced by my insurance company to deal with some random jeweler with whom they work to find what they deem a "suitable" replacement. A policy that allows you to "cash out" might carry a slightly higher premium, but it is well worth it in my view.

I hope you find answers to your questions.