Travelers Insurance?!

[oceanbeach]

Does anyone have the insurance from Travelers? ...or know anything about the insurance offered by Travelers? I have condo owners insurance with them, and adding their valuable item policy for my ring would be about 1/2 of what I would have to pay with Chubb. According to my agent, they will reimburse the amount stated on the policy (cut a check to me) for a loss or damage of the item.

This seems to be such a great deal, but I just want to make sure they are legitimate and there is no pitfall to this. ...anything you know about them would be helpful! Thanks,

FYI; the Travelers website states as below:

Broad coverage: A Valuable Items policy allows you to purchase better protection for your special property than would be available under the typical homeowners policy. In addition to being able to purchase higher limits of coverage, more perils are covered, and you receive worldwide coverage, including protection against mysterious disappearance. (Please be aware, however, that fine arts are only covered within the United States and Canada.) The policy also may be expanded to include loss due to breakage, something that is not available under the terms of a homeowners policy. That means, if you accidentally break something of a delicate or fragile nature, you''re automatically covered! Although no deductibles apply to many types of losses, a $100 deductible may be applied to breakage caused by certain perils.

Loss Settlement: Since items of this nature vary so widely, losses are settled differently, depending on the type of property insured. For jewelry and fine arts, in the case of a total loss to a scheduled, appraised item, you are reimbursed for the agreed value shown on your policy.

Link:
http://www.travelers.com/spt01portalmain.asp?startpage=/tcom/products/products.asp

 

[ellchris]

My home/auto and jewelry policies are all from Travelers.
When i first got the policy i was told they didn''t need an appraisal
to insure my items. The way it worked for me was i chose how
much insurance i wanted to purchase (starting at 10k) and it
went up in 5k increments.
"I ONLY NEED A RECIEPT OR APPRAISAL IN CASE OF LOSS".
I had questioned them on it sooo many times. called back
and spoke to various people and they all said the same thing,
no appraisal necessary unless there''s a loss.
Last time i called (and i did because someone on the boards here
pointed out that that may not be a plus) i asked what happens
in case of loss. I was told it varies but the most common thing
is a cash pay out up to what your policy states provided you
have the appraisal.
In new york (city) for a 15k jewelry policy i''m paying an additional 250 per year.
Hope this helps.

 

[FireGoddess]

I have Travelers for my renter''s insurance as well as for my engagement ring. My car insurance is through Geico so I thought what the heck, will go through them too for the ering (after calling Chubb and not finding anyone who would do the ring without getting another type of insurance - ie. renter''s, from them). Geico uses Traveler''s for homeowners/renters/valuable articles. Since Travelers pays out cash what the agreed appraisal value is, I was okay with going with them. I can''t talk about how good they are - I haven''t had to file a claim.

 

[mrssalvo]

we have Travelers for our car. I didn''t even know they had a jewelry rider but will definitely look into it. We''ve had a car claim and they were wonderful.

 

[oceanbeach]

Date: 8/17/2006 3:05:41 PM
Author: ellchris
My home/auto and jewelry policies are all from Travelers.
When i first got the policy i was told they didn''t need an appraisal
to insure my items. The way it worked for me was i chose how
much insurance i wanted to purchase (starting at 10k) and it
went up in 5k increments.
''I ONLY NEED A RECIEPT OR APPRAISAL IN CASE OF LOSS''.
I had questioned them on it sooo many times. called back
and spoke to various people and they all said the same thing,
no appraisal necessary unless there''s a loss.
Last time i called (and i did because someone on the boards here
pointed out that that may not be a plus) i asked what happens
in case of loss. I was told it varies but the most common thing
is a cash pay out up to what your policy states provided you
have the appraisal.
In new york (city) for a 15k jewelry policy i''m paying an additional 250 per year.
Hope this helps.

Yes, this is very helpful as there is not much info on Travelers.
Regarding appraisal, thatfs a bit different from what my agent told me. My agent said that he will need an appraisal, even to give me a quote. But, I really canft trust the agent much though, so not sure how true it is. My agent doesnft seem to know much about it and also very rude. Also, he said that it will be about $30-60 additional (on top of my condo insurance) for $8K ring, which seems to be very lowc

 

[FireGoddess]

Travelers did require an appraisal from me in order to insure my ring.

 

[ellchris]

Firegoddess,
I''m wondering if that has to do with the worth of the items.
On my policy they will pay up to 10,000 per piece of jewelry. So if the cost/apprasial was more, they may require an appraisal prior to insuring.
Again, the way they insure obviously varies state to state but i''m pretty sure the worth of the piece plays a role in whether or not they require
an appraisal.

 

[oceanbeach]

Date: 8/17/2006 3:27:20 PM
Author: FireGoddess
I have Travelers for my renter''s insurance as well as for my engagement ring. My car insurance is through Geico so I thought what the heck, will go through them too for the ering (after calling Chubb and not finding anyone who would do the ring without getting another type of insurance - ie. renter''s, from them). Geico uses Traveler''s for homeowners/renters/valuable articles. Since Travelers pays out cash what the agreed appraisal value is, I was okay with going with them. I can''t talk about how good they are - I haven''t had to file a claim.

I didn''t know that Geico offered insurance on jewelry using Travelers, so I called them today and asked them about it since I have car insurance with them. I was told that I have to have a home/condo/renter''s insurance with them in order to get the insurance on jewelry. Assuming I will move my condo insurance to them, I asked her how they process a claim for a loss of $10K ring. She said that they will try to replace it first, but if it is something that they cannot, then they will cut a check. Maybe they don’t use Travelers for PA?!

 

[FireGoddess]

Date: 8/17/2006 6:25:51 PM
Author: ellchris
Firegoddess,
I''m wondering if that has to do with the worth of the items.
On my policy they will pay up to 10,000 per piece of jewelry. So if the cost/apprasial was more, they may require an appraisal prior to insuring.
Again, the way they insure obviously varies state to state but i''m pretty sure the worth of the piece plays a role in whether or not they require
an appraisal.

Yes...that makes sense. As I paid more than $10K and my ring is insured for more than $10K, I wanted a payout of more than $10K. So that may be why I needed an appraisal.

 

[FireGoddess]

Date: 8/17/2006 6:55:08 PM
Author: oceanbeach


I didn''t know that Geico offered insurance on jewelry using Travelers, so I called them today and asked them about it since I have car insurance with them. I was told that I have to have a home/condo/renter''s insurance with them in order to get the insurance on jewelry. Assuming I will move my condo insurance to them, I asked her how they process a claim for a loss of $10K ring. She said that they will try to replace it first, but if it is something that they cannot, then they will cut a check. Maybe they don’t use Travelers for PA?!

That''s odd. I wonder if it''s like the Chubb thing - it depends on who you talk to. I specifically made sure they pay out in cash because I don''t want someone picking out a replacement for me!!!

I do have renter''s insurance with Travelers. I thought it was a good idea anyway. Chubb wouldn''t do a freestanding policy with me either, without renter''s insurance. So I figured I''d just have all the insurance under one company (Geico/Travelers).

 

[FireGoddess]

Date: 8/17/2006 6:55:08 PM
Author: oceanbeach


I didn''t know that Geico offered insurance on jewelry using Travelers, so I called them today and asked them about it since I have car insurance with them. I was told that I have to have a home/condo/renter''s insurance with them in order to get the insurance on jewelry. Assuming I will move my condo insurance to them, I asked her how they process a claim for a loss of $10K ring. She said that they will try to replace it first, but if it is something that they cannot, then they will cut a check. Maybe they don’t use Travelers for PA?!

Can you show them the quote above off their website that you found about the payout being cash, not replacement??

 

[Dee*Jay]

I''ve had Travelers for 13 years now. Homeowners, auto, personal articles and umbrella liablity. They are THE BEST.

About 7 years ago I lost my engagement ring. I filed a claim and in 5 days I had a check in my mailbox. No hassle whatsoever. (I found the ring before the check was cashed so I sent it back to them.) Ever since then I would never even consider changing insurance companies.

A girlfriend of mind just had a theft in her home and lost several pieces of jewelry. She''s with Statefarm and they made her go through one of their vendors to get new stuff. That''s fine and all if the vendor is someone that you would use anyway, but that was not the case. It all worked out but it was a hassle for her.

As for the appraisal with Travelers, I think if it''s over a certain dollar amount (for some reason $15,000 sticks in my mind, but don''t quote me on that) they do need an appraisal.

 

[oceanbeach]

Date: 8/17/2006 7:04:05 PM
Author: FireGoddess

Date: 8/17/2006 6:55:08 PM
Author: oceanbeach


I didn''t know that Geico offered insurance on jewelry using Travelers, so I called them today and asked them about it since I have car insurance with them. I was told that I have to have a home/condo/renter''s insurance with them in order to get the insurance on jewelry. Assuming I will move my condo insurance to them, I asked her how they process a claim for a loss of $10K ring. She said that they will try to replace it first, but if it is something that they cannot, then they will cut a check. Maybe they donft use Travelers for PA?!

Can you show them the quote above off their website that you found about the payout being cash, not replacement??

FireGoddess,
Thanks for the suggestion, but now I''m thinking of just staying with our rude

agent for our condo insurance and add a jewelry insurance, instead of changing it to Geico. I think it would be the easiest...
"That''s odd. I wonder if it''s like the Chubb thing - it depends on who you talk to. ..."
I think that might be the case, so I wouldn''t be worried about it. (sorry if I made you concerned...) The girl I talked to may had no idea what their policy is. That''s the case with many customer reps.

 

[oceanbeach]

Date: 8/17/2006 11:00:40 PM
Author: Dee*Jay
I''ve had Travelers for 13 years now. Homeowners, auto, personal articles and umbrella liablity. They are THE BEST.

About 7 years ago I lost my engagement ring. I filed a claim and in 5 days I had a check in my mailbox. No hassle whatsoever. (I found the ring before the check was cashed so I sent it back to them.) Ever since then I would never even consider changing insurance companies.

A girlfriend of mind just had a theft in her home and lost several pieces of jewelry. She''s with Statefarm and they made her go through one of their vendors to get new stuff. That''s fine and all if the vendor is someone that you would use anyway, but that was not the case. It all worked out but it was a hassle for her.

As for the appraisal with Travelers, I think if it''s over a certain dollar amount (for some reason $15,000 sticks in my mind, but don''t quote me on that) they do need an appraisal.

This confirms that Travelers are the one for me! Thank you very much for sharing the story-

 

[FireGoddess]

This is SUPER to hear! Puts my mind at ease.

 

[Dee*Jay]

BTW, I forgot to put in my other post that if you make a claim (and I hope you never have to!) tell them that you are also entitled to your local sales tax rate on the piece. My appraisals always say that the value of the piece is $X, not including sales tax. That might sound petty but with my local sales tax at 9% on a piece that's worth many thousands of dollars you're now talking about some real $$$. (Whether you replace it locally and actually pay that tax is a whole 'nother issue...)

Oh, and one more thing, ask if your policy has an escalation clause. That means that if you have a piece appraised for $X and lose it 10 years later there might be a factor built in to increase the value every year automatically. If not, make sure you get your pieces reappraised every few years and have the policy updated. With the value of diamonds going up so significantly over the past several years this would really make a difference if you had to replace something.

As you can see, I learned quite a bit from that one claim experience!