Changing from Chubb to homeowners insurance???

[Thegroom]

I purchased a ring from Blue Nile last year and have it insured for the purchase price cash value through Chubb. The stone is GIA certified but when the certificate was viewed online it also showed the sarin label which showed it has AGS 0 cut proportions. When the diamond arrived, though, the sarin label was not included. I am purchasing my first home this year and will therefore have the option of insuring the ring through the homeowners policy. I would only do this if it represented a significant savings in my annual premium on the ring. My questions are, if I insure through homeowners, do they give you cash value or do they only provide you a similar replacement if the ring is lost? Second, in the event of loss or damage, how would I show the stone is AGS 0 for replacement if I don''t have the sarin label. Do I need to have it reanalyzed? Can this be done when mounted in the setting? I would not consider having if unmounted for analysis. Any advice is welcome. Thanks,

Mick

 

[verticalhorizon]

That's a tough one. They sound like questions for your insurance agent that will be providing your homeowners insurance. Also ask your Chubb agent for advice and then compare the answers between the two insurance compaines.

 

[limey]

I added a ring to our homeowners policy personal property schedule. Do a search on insurance and you'll see this is pretty common. I spelled out that I wanted it to be insured to replacement value and I had them include the cert, bscope and other analysis in my file AND reference this in the description. Then I also spelled out the brand of the diamond and that it was cut by Horowitz & Atlass so they can't just try and fob me off with anything else.

 

[Lynn B]

I called my insurance agent (Erie) a few weeks ago (in anticipation of my new ring) and asked about rates. I was told that the cost to insure the ring would be "Approx. $1.00 per year per thousand dollar value" So I'm thinking, hmmmm, that's about $18 per year, that's cool. (Note: I have NO PRIOR EXPERIENCE with this type of insurance!)

So today I get my ring (YAY!) and do the responsible thing

and stop at the insurance office on my way home. She tells me, "Yep, $1.00 per thousand - so that'll be $180 please, for the year." I say, "$180??? Don't you mean $18???!" (And she says, very slowly, like I'm a small child) "Noooo... $1.00... PER THOUSAND... that's... $180!" To which I reply, "$1.00 per thousand would be $18! $180 is one dollar PER HUNDRED!" To which she looks confused, reaches for her calculator

and then says rather sheepishly, "Oh, you're right. Sorry. It's $1.00 per hundred."

Do you believe that! So I asked to speak to the owner, and he reviews my account in his computer and sees noted that yep, several weeks ago I called and inquired and sure enough, was informed it would be "1.00 per thousand per year." And again today I was told the same thing. So he apologizes up and down and finally said that they will pay the premium the first year (less the "$18" I expected to pay); but next year (and all following years, of course) I will be billed the full amount. I thanked him very much. I felt that was very fair and reasonable of them. But come on, get your facts straight, guys... that is a HUGE difference, year after year after year!

After I got home, I did a search here on PS, and see that you all are paying similarly... so I know now what is the going rate. But let me tell you, it was a SHOCKER at first!!!!

Lynn

PS I HATE INSURANCE COMPANIES! They suck the life right out of you!!!!