Insurance?

[earn]

Is it worth it to get an insurance for a 7K ring? If it is, what''s the best way to go about it?

 

[AChiOAlumna]

Is it worth it? Think about it this way....if the ring was lost or damaged, do you have another $7000 to shell out to have it replaced? If not....get the insurance...

 

[oldminer]

Do you want to payt $100 to $200 per year to have coverage which will replace the ring or stone if it is lost, broken or stolen? Some folks insist it is important, and others take the risk. I have never bought insurance on my wife''s collection of jewelry and by now I am way ahead, but I am the exception to the rule.

I have had clients that had no health insurance concerned over jewelry insurance. Get your priorities in order and than make an informed decsion. It is purely a choice you need to consider carefully.

 

[earn]

I just contacted Jewelers Mutual and Chubb. Jewelers'' quoted $190 and Chubb quoted $230. And this quote is for Los Angeles county. I''m thinking about insuring for may be a few years for the peace of mind.
$190 was using a appraised value of 9500 and $230 was using a 7200 purchase price. Are there any other companies out there that might offer a lower premium?

 

[Regular Guy]

For stand alone insurance, I think JM and Chubb tend to represent a good upper and lower range, with Chubb cashing you out, and many preferring that. You might also check out State Farm, who I found has a free standing policy as well. Otherwise, for example, if you should have already homeowners insurance (and possibly renters insurance?), you can get a separate rider for jewelery with probably most any company. Unless you go with Chubb for a cash out policy, remember to have a quality appraisal, to help insure you''ll get the quality replacement you want. Like you, first time around, we insured for a few years, and let it go. At year 14 a prong gave way, and we lost the diamond, and were without coverage. We now have a rider associated with our homeowners policy, it is paid automatically with our monthly payments, and I just don''t think about it. We prefer it this way.

 

[denverappraiser]

earnie,

The least expensive policies are generally the ones with high deductibles and ‘replacement’ type coverage through some prearranged discount channel. Most of the major insurance companies offer some variation on this. The most expensive policies offer a defined cash payment in the case of a loss and have little or no deductibles. Many of the popular companies are involved in this as well although it doesn’t sell as well and the agents tend to be less familiar with it. The price is not the only component to consider in the shopping process. With many of the companies you can also reduce your premium by installing security equipment, especially a safe and alarm, in your home and/or storing things in a bank safe deposit box while not being worn.

The recommended companies above are all good. If you’re a US veteran and eligible, USAA is a popular choice and for very high value items Fireman’s Fund is worth considering.

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