Jewelry insurance

[Murf]

I would like to have a ring insured. Can someone recommend a company and explain how and what type of coverage I should be getting please. I have absolutely no understanding about this. I am in Canada.Thank you.

 

[Daisys and Diamonds]

going to bump this for you

 

[MollyMalone]

You might ask the moderators to change the title of this thread to something like Jewelry insurance in Canada? so as to more readily grab the attention of Canadian PSers.

Jewelers Mutual is a popular choice for those of us PSers who live in the US. And so far as I know, it's the only US underwriter that will issue a personal jewelry insurance policy to Canadian residents -- except those who live in Quebec (I imagine JM thinks complying with Quebec's French language requirements is more hassle than it's worth to them).

 

[headlight]

I don’t know what carriers are available in Canada. But as a general education, there are 2 types of policies: Replacement and reimbursement. One will work with a jeweler (either your preference or yours, need to ascertain the policy) to replace like for like. Or they give you a straight payout based on insured value. In both cases you need a current appraisal for insurance purposes and be sure that it is as descriptive as possible so you get either a comparable replacement or are compensated appropriately. If you don’t have a current appraisal (usually within the past 2 years), you can often supply a receipt if it is a new purchase, but it has to be a new purchase of the entire ring... both mounting and diamond. It can’t be something where you had the mounting and got a new diamond for it, or vice versa.
Jewelers Mutual is a very quality company with basically no inclusions and a straight payout yet they are a bit higher in cost. You will be provided with a quote and they offer it with various deductibles if you want to keep the premium down. Gemshield is another one but they are a replacement type policy. They are a bit more reasonable with their premiums. I don’t know what is available to you geographically. Another option is to add it to your homeowners insurance if you have a home... or possibly to a renters insurance policy if you rent. Inquire with your insurance carrier. These carriers often offer the insured the option of either replacement or payout at the time a claim is made, and usually carry a deductible. Inquire as to the specific coverage details and what is involved if a claim is made.
Hope this helps.

 

[MollyMalone]

I don’t know what carriers are available in Canada. But as a general education, there are 2 types of policies: Replacement and reimbursement. One will work with a jeweler (either your preference or yours, need to ascertain the policy) to replace like for like. Or they give you a straight payout based on insured value.* * * Jewelers Mutual is a very quality company with basically no inclusions and a straight payout yet they are a bit higher in cost. * * *

I'm sorry, headlight, but this is mistaken; as I said in response to a similar post of yours in August

• Jewelers Mutual's standard policy is not one whereby you can expect they will write you a no-strings-attached check. JM's "selling point," repeated on a number of their web pages, is that you use a jeweler of your choice (i.e., unlike most other insurance companies that offer personal jewelry policies, JM doesn't dictate the source of the replacement or repair) & the jeweler is who receives payment from JM. See, e.g., the first FAQ -- Can I receive cash? -- on their Claims info page:

https://www.jewelersmutual.com/jewelry-insurance-claims​

​

JM will write a free-and-clear check only if the coverage amount is lower than what it would cost to repair/replace the item -- or if they agreed to issue an "agreed-upon value" [ETA or "declared value"] policy with the more expensive premiums.