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Chubb/Insurance question

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youjane1

Rough_Rock
Joined
Sep 20, 2005
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I''ve had Chubb insurance for a couple years now and I just noticed the value of my wife''s rings keep going up. Originally the e-ring was insured for $13,950 and the policy I just got lists it as $15,088. Similarly the wedding ring went from $3,095 to $3,219. Of course the premiums are going up too. Can anyone explain this? Is it just a standard practice for jewelry insurance? I''m honestly not thrilled with the way Chubb is set up but it doesn''t seem like there are any other options...blurgh.
 
they do inflation adjust every year. you can set it to what you want if you get it re-appraised. its usually a good idea since most folks forget about it after many years and their policy coverage isnt sufficient to replace a lost ring
 
Date: 9/2/2008 6:57:23 PM
Author:youjane1
I''ve had Chubb insurance for a couple years now and I just noticed the value of my wife''s rings keep going up. Originally the e-ring was insured for $13,950 and the policy I just got lists it as $15,088. Similarly the wedding ring went from $3,095 to $3,219. Of course the premiums are going up too. Can anyone explain this? Is it just a standard practice for jewelry insurance? I''m honestly not thrilled with the way Chubb is set up but it doesn''t seem like there are any other options...blurgh.
I have Chubb insurance and I know they are not set up to do that automatically, at least not in NY state. About a month before my policy renews, they send me an option sheet where I can choose to raise the insured value of my pieces by either 2%, 5% or 10% each year to keep up with inflation. For the first good number of years, I chose to do nothing and my jewelry renewed for it''s original appraised value; but with inflation and the diamond and metals market being what they have been for the past few years, I chose the 2% yearly inflation option. Now my jewelry''s value goes up each year because I approved that annual change.

I suspect that somewhere along the line either you or your wife may have chosen that option without understanding it. You''d best check that out with Chubb. The 800 number is on your bill and on their website. They have very nice and helpful customer service people.
 
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