Insurance question

[ASTjitters]

My boyfriend and I are all a little new to this - so just wondering as we should be getting my ring set hopefully this week!

Is there a benefit to getting insurance specifically for your ring as opposed to using your homeowner''s insurance? I''ve talked to my insurance company, they just need an appraisal and they will add that amount onto my homeowner''s insurance.

As far as the "jewelry insurance" - we do not have GIA/EGL etc papers for the diamond.

Just wondering about thoughts on this. Thanks

 

[zikronix]

In my opinions using an idependant insurance is way better than homeowners. Most homeowners only covers that which happens in your home.

Independant insurance is cheap enough so. Just get it appraised and your set.

 

[denverappraiser]

The big advantage of homeowners insurance is that it’s convenient and you already have a relationship with the agent and the company. They usually have fairly low prices and they usually aren’t too picky about excluding individual high risk items.

The biggest disadvantage is that many of them are not what are called ‘all risk’ policies. This means that certain losses, like mysterious disappearance and breakage during ordinary wear may not be covered. This varies a lot from company to company and even from state to state so ask you agent for details about your policy. Many people are also concerned about the possibility of a jewelry claim resulting in the company increasing the rates on your home.

Lastly, many of the companies offering specialty jewelry programs, notably Jewelers Mutual and Chubb, have procedures and rules that are attractive to jewelry clients that don’t really apply with one-size-fits-all style policies that are used for all personal property.

Neil Beaty
GG(GIA) ISA NAJA
Professional Appraisals in Denver

 

[alyson423]

Hi- we have a separate "valuable articles" insurance policy with Chubb Insurance. The policy is comprehensive, so if I smash my ring on a car door or lose it at the bus stop (both more likely to occur than theft or fire, IMO), we''re covered. They allow you to either take a cash payout or to choose the jeweler you want to replace your ring. They also don''t need to see certification up to $50K- you just tell them the details from something like your receipt.

The disadvantages are that these policies tend to be more $$$ than an addition to homeowners/renters insurance. I think Chubb charges 3% of the covered value per year? Also, some people here have reported trouble in finding a Chubb insurance agent who will issue them a stand-alone jewelry policy. We just looked on the Chubb website (www.chubb.com) and got one that way- I was surprised to hear anyone had had trouble.

This question circles around every once in a while. Try a keyword search for "chubb" or "insurance." Good luck!

 

[Gonzodogg]

Jason, where are you?

 

[diamondseeker2006]

I have always had my jewelry added onto our homeowners insurance. Just ask them the question about under what conditions it is covered. It is most certainly covered when I travel am not at home! And it is covered for breakage, loss, etc.