another insurance question

[ruby24red]

I just received my new halo setting and it's amazing!! We have Ameriprise for our homeowners policy and they use Replacement Services to put a value on your piece and then cut you a check. The agent assured me that they would not try to recreate my custom setting. Does this sound like a good idea or not? The premium is a little more than Jewelers Mutual to add. Thoughts?

 

[DiamondBrokersofFlorida]

I like Jeweler's Mutual. They only insure jewelry and they do replace it with like and kind again in the event of a loss or theft.

 

[diamondseeker2006]

Well, that sounds a little too vague to me. They determine a value and cut you a check? What if it isn't enough to have the ring remade? Not sure whether I would like that, although I do like the check part.

 

[denverappraiser]

They are taking the description from your appraisal and then after the loss unilaterally deciding what the ‘replacement’ value should be based on some unknown 3rd party replacement company and paying that amount? Yikes! Professionally I love this idea because it amplifies the value of a properly done appraisal in the first place but personally I would never get into a contract with such a vague and unilateral valuation procedure. What happens if you think they’re wrong? The whole ‘like kind and quality’ thing is a can-o-worms already but at least they have to actually come up with the goods, not just make up a price.

 

[TRIALnERROR]

If you qualify for insurance through USAA, I suggest getting a quote for personal property though them. They were considerably cheaper than Jeweler's Mutual and their customer service and claim processing is exceptional.

 

[denverappraiser]

I do like USAA but they are a little outside the norm too. They own a jewelry store. When you have a loss, their guys make or buy you a new ring based on the description in your appraisal. You have basically no recourse if you are brand specific about your designer and your designer doesn’t sell through them; if you disagree over the issue of what is ‘like kind and quality’; if you have unusual requirements; etc. They try, and mostly they do a pretty good job of it, but I would count the inability to pick your own jeweler as an important issue, especially for people who were highly picky about their choice of jeweler in the first place.

The description and photographs in your appraisal are extremely important.

 

[TRIALnERROR]

I do like USAA but they are a little outside the norm too. They own a jewelry store. When you have a loss, their guys make or buy you a new ring based on the description in your appraisal. You have basically no recourse if you are brand specific about your designer and your designer doesn’t sell through them; if you disagree over the issue of what is ‘like kind and quality’; if you have unusual requirements; etc. They try, and mostly they do a pretty good job of it, but I would count the inability to pick your own jeweler as an important issue, especially for people who were highly picky about their choice of jeweler in the first place.

The description and photographs in your appraisal are extremely important.

USAA gives you several options for replacement, including the option of selecting your own jeweler. They will (based on your appraisal): 1) offer to source a replacement through their store; 2) offer a replacement through any jeweler of your choice; 3) offer replacement value payment; or 4) in the case that your property is under-insured, they will offer you a cash payment of your total insurance premium. If you opt for a replacement ring, they have to use equal or better/bigger GIA certified diamonds.