And now Insurance...

[chava007]

I read a few topics about insurance on the forum, but I got mixed information about the letter that comes from whiteflash. In their site they state:

What kind of insurance do you recommend?


We strongly encourage you to purchase insurance through one of the following companies that insure jewelry; Chubb or Jewelers Mutual, or to get a rider on your home owners insurance. One of the unique Whiteflash purchase benefits included with any diamond is a letter of verification from a Houston independent appraiser describing the item with an estimated retail value. This document, along with the original laboratory grading report, is suitable for most insurance companies.

So I should be able to go to Jewelers Mutual, give them just the info that whiteflash sent me and be able to insure the ring without having to pay for additional appraisal righ?
From what I read on the forum Jewelers Mutual sounds like a good option for insurance...right? right?

Thanks!
Sal.

 

[Regular Guy]

If it wasn''t ideal before, maybe JM is now, with their even being advertised on the WF site.

I would seek to clarify, though, the basis of your payment for insurance, which goes to your question. Following the link on the WF site to JM''s faqs, it says:

"How are insurance rates determined?
Insurance rates are based on two basic criteria:
1. The retail replacement value of the item, and
2. Our historical losses for the state or county in which the person possessing the jewelry resides. For example, if a mother purchased a necklace for her daughter, the rate would be based on the daughter''s state and county of residence."

Although you''ll be supplied with an appraisal, it''s hard to figure how any divergence from the amount you pay at WF, when you expect clearly a like kind replacement from WF, would be other than the retail receipt you receive from WF...regardless of the appraisal amount.

If you check on this, I hope you share with the others here. Many would like to know.

 

[stone-cold11]

yap, JM works that way.

 

[yssie]

That''s what I did - used the letter from WF for a month until I got myself to an appraiser.

The document is very basic, definitely no substitute for an indep appraisal (it will also, like most commercial appraisals, over-value your piece by quite a bit - you don''t want to be paying premiums for 23k if your replacement value is 15k). We use JM, as we wanted a replacement of like kind/quality rather than a cash out. They will let you work with your (not their!) preferred vendor, and the setting is also insured, other important considerations for us.

When you do decide be sure to send everything - your appraisal, GIA certs, any and all images, custom setting description... better for you if they have it on file.

 

[chava007]

Excellent I think I will insure with them then. Any body else have different experiences with them?

Thanks!

 

[nkarma]

I wanted to revive this thread. I am looking for insurance for my GOG stone that is being set by Leon currently. JM seems to be the only one who may be able to insure my ring because the whole ring costs ~$6300 and I have heard Chubbs minimum ranges from $10K and up and sometimes they don't do standalone jewelry insurance policies. Maybe I should call some nearby offices and check though.

I really don't like how JM requires an appraisal and says they will replace the ring with "like kind" given most appraisals are significantly more than the actual value of the stone and I will be paying about $20 more per year for insurance to replace at the amount I bought it. I also really don't want to spend $200 to get an appraisal to tell me what I already know I spent on the ring. I think the GIA cert and my receipt should be enough. Has anyone been able to do that with JM? I also heard JM doesn't account for inflation and asks the insured to get an appraisal (aka spend another $200) every few years to account for it?

And finally, anyone have experience with insuring diamond from one vendor and setting from another? I have the appraisal letter from GOG which is about 30% more than I paid, but will only have receipt from Leon.

Again I really don't want to spend time and money to get it appraised and then pay a higher premium to replace the stone "in like" That and the fact that the one insurance agency that does take receipts has minimum above the cost of my ring makes me not want to get insurance at all. Anyone have an easier suggestion?

Could I afford to replace the ring right now? Probably, if I felt like spending money on a luxury item twice. Will I with 2 kids and a mortgage? Unlikely.

 

[StacyG]

Chubb minimum is 12k now and they wont personally write up a stand alone insurance policy (they want you to insure other items with them like cars and homeowners) but you can go through David K with Touchstone Insurance and he will write the policy for you and you pay Chubb directly.

 

[nkarma]

What is the minimum with touchstone?

Also I am located in SF, CA if that is important.

 

[StacyG]

i went through touchstone to get a stand alone for chubb and they told me the minimum with Chubb is 12k. Im also in the bay area. Touchstone sells a variety of insurances but Chubb was best for me.

 

[nkarma]

Anymore ideas since my ring is under the Chubb minimum?

 

[StacyG]

If it is a possibility for you - i know they will let you insure mulitple items to meet the minimum. in the event of a break in or something like that id imagine the theif would take more than just 1 ring if he could.. you can also add your fiancee''s ring on it too.. we all know men are more apt to losing their rings more often then woman

also - have you had it appraised? maybe the appraised value is more than you paid? just mulling over idea''s

 

[e5116]

You might want to contact your current insurance agent and see if they can add a personal articles protection policy to your renter''s or homeowner''s insurance. The independent appraiser I used told me to check out JM, so I did, and got a quote. It was 1.65%/yr of the appraisal value (obviously this varies based on region, price, etc.). Seems like most people have positive things to say about them, but I wanted to compare the price with others. So, I called up State Farm, where I have renter''s insurance (I don''t have homeowners as I don''t own a residence). To insure the item, it was only 1%/yr of the appraisal value and I can add it to my monthly payment plan, so it costs me around 10 bucks a month. It covers loss, theft, and damage just like JM. Not sure if they let you insure a ring on its own if you don''t have any other plans with them (probably not), but you might call you current insurance agent and see if they can make an addendum. It might save you money.

 

[nkarma]

I don''t have homeowners (don''t own home) or renters. I do have car insurance. I also don''t own or plan to own other expensive jewelry items so Chubb will not work.

Maybe I should just submit the GOG appraisal that is much more than cost and the receipt for the setting (if they will allow me) and then not have to get another appraisal for a decade because the like kind replacement will cost less (aka inflation will be accounted for years to come because of the difference in the appraised value and what it actually costs). Or I could possible ask GOG to send me appraisal with replace in kind value for their appraisal.

Should I even get insurance? It seems like the people that do on here have 3 -5 times the value of jewelry and therefore insure it. When I talk to friends, they don''t insure theirs.

 

[StacyG]

yes, no question about it you should definatly insure your ring unless you dont mind dropping another 6k to buy a new one in the event its lost or damaged.

sounds like something like state farm insurance would work out for you. you can get renters insurance with a rider for your ring seperate that would cost you less than 20 bucks a month. i dont remember if they let you have a stand alone rider or if they require you to have renters.

whatever you decide, if you dont insure it and something happens you will have to pay to replace it.