Buying insurance TODAY - Jewelers Mutual?

[DiamondDense]

seems to be the best option unless you have some other policy with Chubb where you can add jewelry insurance. i tried to see if they'd write me JUST insurance for the ring but they won't unless i have some other policy with them.

so, JM it is?

 

[bright ice]

Must be a recent change with Chubb, I have only my jewelry policy with them.

 

[MissGotRocks]

Must be a recent change with Chubb, I have only my jewelry policy with them.

BrightIce, do you mind sharing who your agent is?

 

[poshmommy]

You should also consider touchstone jewelry insurance.

We had a rotten experience with JM. We were all set to use them after all the glowing reviews on here. I had everything in order to move quickly to get my upgraded engagement ring with them so I could start wearing it. Although I had a recent (week old) sales receipt and the jeweler's appraisal, they insisted on an independent appraisal. No problem, lined one up (not an easy feat around Christmas). They insisted on all these pictures with their back drop to prove we owned the piece...okay, I get it, it's expensive. THEN they rejected us without waiting for the independent appraisal documents that they insisted on (pricey, btw). They sent us some form email saying the rejection was a combination of the item price (fine, pretty pricey), the area we live (rich suburb of Dallas??), and credit scores (both of us have over 800 scores???). We panicked, thinking our credit had been tampered with and immediately had all our credit reports pulled. 24 hours later we were FINALLY able to reach the underwriter who admitted that it was not the credit (that's just a standard form rejection letter they send everyone), but they just didn't want to insure something that expensive right now since it is a "high risk item"....seriously, just say that the first time. I'm not gong to BEG someone to take my money. BTW, we have only ever claimed once on an insurance policy and that was for severe hail damage to one of our cars (for the record, I did tell hubby it was a bad idea to claim). We have had private jewelry insurance for 15+ years with no claims, we have an alarm system, 1000 lb floor vaulted safe, AND a protection dog (yes, they asked....)

We reached out to touchstone after DS recommended them on another post. They were AWESOME. Very friendly, have the option of replacement OR cash out policy, AND several hundred dollars cheaper then JM. Took less then 2 days to get all set up. The agent spoke to me personally and wanted to do everything she could to make sure we were covered quickly so I could wear the new ring.

 

[diamondseeker2006]

Poshmommy, that is great that Touchstone worked out well for you! It is great to have another good option because I have felt that JM was high, as well.

Here's the link for the OP:

http://www.touchstoneinsurance.com/index.html (click on consumers)

 

[DiamondDense]

Must be a recent change with Chubb, I have only my jewelry policy with them.

yes, when did you get the policy?

i called last week and received the news they wouldn't do a standalone policy for jewelry.

after some digging it appears this change took place back ~2012 or so?

 

[bright ice]

Must be a recent change with Chubb, I have only my jewelry policy with them.

yes, when did you get the policy?

i called last week and received the news they wouldn't do a standalone policy for jewelry.

after some digging it appears this change took place back ~2012 or so?

I have had a policy with them since 2011 but my most recent policy for my ER was May/2014.

Agent:
Stewart Sneed Hewes/Bankcorpsouth Insurance
Gulfport, MS
Issued by Vigilant Insurance Company

 

[clearfading]

Thanks for the touchstone link and info. I just, just renewed with JM but TS is less so I wrote to JM asking if I can cancel.

 

[dri0817]

I went with JM to insure my loose diamond while it was getting set with VC. But then I switched it to Travelers and they were able to write a stand alone policy for it. It is way cheaper than Jewelers Mutual!

 

[Resonance.Of.Life]

There's a newer company called Lavalier http://lavalier.com/

I haven't used them but it seems similar to JM.

I personally am going to Chubb after my diamond is set, it was cheaper than my JM policy by almost $300. I already have homeowners insurance through Chubb so it won't be an issue to get a jewelry policy (they only insure completed jewelry, not loose stones).

 

[Lore]

Do these policies also insure the ring (with diamond) while it's in a repair shop? Or only while in your possession?

What about when it's in transit to/from a repair? Do you need to buy transport insurance?

 

[diamondseeker2006]

Do these policies also insure the ring (with diamond) while it's in a repair shop? Or only while in your possession?

What about when it's in transit to/from a repair? Do you need to buy transport insurance?

You have to know the details of each individual policy. I always insure jewelry when shipping. I'd much rather not mess up my personal insurance. I think it is a small price to pay to avoid higher insurance premiums and higher risk rating.

Chubb was also less expensive than JM for me, plus a better policy overall. So I still have it. However, today, I'd likely go with Touchstone since Chubb doesn't do standalone jewelry policies anymore. I prefer a cash policy where if the ring is lost/stolen or the diamond damaged, they send me a check and I replace with whatever I want.

Note to new people, don't use your jewelry insurance for things you can manage to pay for like setting repairs or replacement. I would never make a claim unless the diamond (or whole ring) was destroyed or totally lost. Making small claims on any kind of insurance can result in higher premiums down the road or difficulty getting new insurance.

 

[DiamondDense]

so i went with JM, but i'm not entirely sold. esp. reading some of the comments here.

anyone know if it's easy to cancel whenever?

 

[diamondseeker2006]

so i went with JM, but i'm not entirely sold. esp. reading some of the comments here.

anyone know if it's easy to cancel whenever?

I would absolutely think you can cancel anytime and get a prorated amount refunded. So I'd explore immediately and then check with JM and tell them you want to cancel and will you get a full or nearly full refund before you commit to the other.

 

[clearfading]

It is not that hard. I will be faxing my request to cancel today. I went with touchstone based on this post and saved money. JM said if you cancel within 30 days of policy renewal (which I just renewed) the full amount will be refunded to me.

 

[noscrusir]

There's a newer company called Lavalier http://lavalier.com/

I haven't used them but it seems similar to JM.

I personally am going to Chubb after my diamond is set, it was cheaper than my JM policy by almost $300. I already have homeowners insurance through Chubb so it won't be an issue to get a jewelry policy (they only insure completed jewelry, not loose stones).

I've had Lavalier for about 2 years now. The premiums were substantially lower than JM and we've had to make one claim over that time for a setting repair. The process was quick and easy, and our premium did not go up after the claim either. Would highly recommend them.

 

[Lore]

Those of you that have insured with Chubb, JM, or Lavalier - what do your respective policies say about insurance while the jewelry is at a repair shop? Does your insurance cover that, since technically it's out of your hands/sight?

 

[diamondseeker2006]

Those of you that have insured with Chubb, JM, or Lavalier - what do your respective policies say about insurance while the jewelry is at a repair shop? Does your insurance cover that, since technically it's out of your hands/sight?

I can't speak to a repair specifically, but mine is covered when not in my possession (Chubb).

"Insurance is provided for all risks of physical loss to the property described while it is anywhere in the world unless otherwise stated."

They do not cover loss resulting from war, nuclear hazard, or wear and tear.

My understanding would be that my diamond would be covered during a repair or resetting, but I would never make a claim for maintenance or repair on a setting. Very bad for your insurance premiums and eligibility down the road.

 

[whitewave]

Thanks. I just bought insurance for my new earrings for cheap with touchstone.

 

[whitewave]

I'm curious if anyone knows the answer to this: my asscher is double insured and has been since last April. I moved a bunch of ins policies last year and the jewelry one was a carrot for the agent and helped with multi policies, etc. I never got around to cancelling the original policy. Then I realized I can't cancel the original policy because it is anchoring a multi policy discount at that agency.

If something happened, would I get a double pay out?

Anyway, I'm calling my ins agent monday and cancelling the second policy. That one is 240 a year. The original one is 140 a year and touchstone quoted me 114 a year.

 

[Resonance.Of.Life]

I'm curious if anyone knows the answer to this: my asscher is double insured and has been since last April. I moved a bunch of ins policies last year and the jewelry one was a carrot for the agent and helped with multi policies, etc. I never got around to cancelling the original policy. Then I realized I can't cancel the original policy because it is anchoring a multi policy discount at that agency.

If something happened, would I get a double pay out?

Anyway, I'm calling my ins agent monday and cancelling the second policy. That one is 240 a year. The original one is 140 a year and touchstone quoted me 114 a year.

No, you would not. They would ask if you also have any additional coverage for your jewelry and the primary would pay it out. Not sure if the 2nd insurance company would cover costs towards your primary deductible the way it would if you had two health insurance plans or if they duke it out to see how is responsible for the replacement.

 

[whitewave]

Thanks! I will cancel the newer one tomorrow.

 

[Resonance.Of.Life]

who* not how. I hate autocorrect while posting on my phone.