Chubb Insurance Advice Please!

[elle]

Chubb claims it pays out up to 150% of the value of the item insured taking into account appraciation. Would it be wise to insure the ring for the actual amount I paid for it then (seeing as I have a "safety net" with the extra I MAY get should i need to file a claim) or should I insure it for the appraised amount which is like 60% more than sale price or should I use another appraisal which is 30% above sales price? Which is generally used?

The rate is so high, the premiums are shocking! There''s a difference of $150 in annual premiums between the highest appraised value and actual cost.

Thanks!

 

[DonaBella]

Date: 4/27/2006 1:46:11 AM
Author:elle
Chubb claims it pays out up to 150% of the value of the item insured taking into account appraciation. Would it be wise to insure the ring for the actual amount I paid for it then (seeing as I have a ''safety net'' with the extra I MAY get should i need to file a claim) or should I insure it for the appraised amount which is like 60% more than sale price or should I use another appraisal which is 30% above sales price? Which is generally used?

The rate is so high, the premiums are shocking! There''s a difference of $150 in annual premiums between the highest appraised value and actual cost.

Thanks!

I have Chubb Insurance and was advised by the appraiser, the jeweler and my insurance broker to round it up a tad for inflation purposes and they made any necessary and lawful adjustments on the paperwork to cover my rings. I agree it is expensive, but the way I understand it, you are investing so much initially for your rings, the diamond, etc., that you need to be realistic about replacement values and costs.

 

[Small]

I got a very good deal on my stone because it has a feather that was regarded as not eye clean (its under a prong so I don''t even see it lol) so I chose to insure for the amount the appraisal came in at. I know I couldn''t replace my diamond for the price I got it for so that''s another reason for the detailed appraisal...I needed to figure out how much to insure for. Now I''m safeguarded and would have enough money to replace my stone and/or get a bit bigger one if it came to that. Good luck!