Chubb cancelling my insurance policy?

[njfoses]

I received a letter in the mail today stating that on 7/31 Chubb will be cancelling my stand alone insurance policy i have on my wife's engagement ring. The reason stated is "the termination of our personal insurance contract with your provider." So it seems like Chubb is no longer dealing with touchstone, hence the cancellation. Does anybody have any recommendations on another provider? I liked Chubb's policy due to the cash out option and would like something similar if possible.

 

[kemurphy]

It's more expensive but Jewelers Mutual does have a cash out policy as well. You get the normal policy then ask in writing if they will make the policy a cash out policy. The premiums are 40% higher than the normal policy. You might want to call them first to confirm.

 

[diamondseeker2006]

It's more expensive but Jewelers Mutual does have a cash out policy as well. You get the normal policy then ask in writing if they will make the policy a cash out policy. The premiums are 40% higher than the normal policy. You might want to call them first to confirm.

Goodness! 40% higher than their normal premiums is NUTS!!!!

I don't think you'll be able to get a new Chubb policy because they don't do stand alone jewelry policies any more unless you have homeowners with them. That is unfortunate that Chubb didn't transfer those policies, but it could be that the customers of that company had too many claims or something. I don't know of other cash out policies.

 

[denverappraiser]

Goodness! 40% higher than their normal premiums is NUTS!!!!

What’s nuts about it? The big reason insurance companies do replacement instead of cash out is because customers routinely submit paperwork that says their item is ‘worth’ many times what it’ll cost to actually replace it. Frankly, I’m surprised it’s only 40%.

 

[diamondseeker2006]

Goodness! 40% higher than their normal premiums is NUTS!!!!

What’s nuts about it? The big reason insurance companies do replacement instead of cash out is because customers routinely submit paperwork that says their item is ‘worth’ many times what it’ll cost to actually replace it. Frankly, I’m surprised it’s only 40%.

Because their rates were already as high or higher than my Chubb cash policy for their replacement policy when I was comparing prices. It was like the biggest no-brainer in the world to choose Chubb at the time. I should check it now to see if that is still the case.

 

[diamondseeker2006]

Yep, just FYI, I put in the values covered on my Chubb policy last year into the JM premium calculator, and the amount for the Chubb cash-out policy was $328 and the JM replacement policy was $383.

 

[denverappraiser]

Yep, just FYI, I put in the values covered on my Chubb policy last year into the JM premium calculator, and the amount for the Chubb cash-out policy was $328 and the JM replacement policy was $383.

In nearly every market where available, the Chubb thing is significantly more expensive. When I bid them on my own personal policy it was close to triple for example. That's their call, they can charge what they want, and I certainly understand why you would go with them given your numbers but my question was more why it surprises you that a cash policy costs 40% more than an otherwise similar replacement policy is nuts.

Njfoses.
Perhaps you can find a different agency that will take over the policy. Are there Chubb agents in your neighborhood?

 

[diamondseeker2006]

Well, I thought I made it clear above, but I'll try again. All I can tell you is that JM is considerably more where I live, so you can't assume that Chubb is going to always be higher. It may be much higher in areas that have a high crime rate, etc. But it isn't higher everywhere!

approx $30k coverage from Chubb (cash-out policy)= $328

approx $30k coverage from JM (replacement policy) = $383 (their quote online today)

approx $30k coverage from JM (cash-out) at 40% higher = $536 (and in my opinion, it would be NUTS to pay $536 when you can get a policy from Chubb for $328!!!)

I wouldn't ever insure with a grossly inflated appraisal in the first place because that just means I pay insurance premiums that are too high. And I did compare rates at the time for Chubb, JM, and homeowners rider, and Chubb and homeowners were lower and Chubb had the advantage of being a cash-out policy.

But all this is really immaterial because if they are cancelling the policy, they will not be able to get a new Chubb stand alone policy from what we have been told here. I would compare the homeowners replacement policy with the JM replacement policy and if their coverage and conditions are the same, I'd go with the one with the lower rates. JM replacement policy had the the highest premiums of my three options. But I'd technically use them if their rates were equal to my homeowners because I like jewelry on a separate policy.

 

[jmarshall]

Well, I thought I made it clear above, but I'll try again. All I can tell you is that JM is considerably more where I live, so you can't assume that Chubb is going to always be higher. It may be much higher in areas that have a high crime rate, etc. But it isn't higher everywhere!

approx $30k coverage from Chubb (cash-out policy)= $328

approx $30k coverage from JM (replacement policy) = $383 (their quote online today)

approx $30k coverage from JM (cash-out) at 40% higher = $536 (and in my opinion, it would be NUTS to pay $536 when you can get a policy from Chubb for $328!!!)

I wouldn't ever insure with a grossly inflated appraisal in the first place because that just means I pay insurance premiums that are too high. And I did compare rates at the time for Chubb, JM, and homeowners rider, and Chubb and homeowners were lower and Chubb had the advantage of being a cash-out policy.

But all this is really immaterial because if they are cancelling the policy, they will not be able to get a new Chubb stand alone policy from what we have been told here. I would compare the homeowners replacement policy with the JM replacement policy and if their coverage and conditions are the same, I'd go with the one with the lower rates. JM replacement policy had the the highest premiums of my three options. But I'd technically use them if their rates were equal to my homeowners because I like jewelry on a separate policy.

Ask your HO agent about a stand alone inland marine policy.