Chubb/Touchstone and Appraised Value

[Volare]

Based upon my research here on PS, I went into the insurance buying phase of this journey wanting to get Chubb insurance. I had gathered the following information from here:

1. Chubb minimum value is $10k
2. As a cash value policy, I could set my insured value at my cost, appraised value, or anywhere in between.

In talking with Touchstone in an effort to secure the Chubb insurance, I’ve found the following to be the case:

1. Chubb minimum value is now $12k
2. The insured value must be either the appraised value or the cost I paid for the item

Here is my problem. I got a great deal on the stone from a PS approved vendor. I have a personal friend who is a jeweler who got the setting and mounted it at cost for me. My actual cost was well under $10k, but I was willing to pay to have it insured for $12k. I’m not interested in having it insured for the appraised value (over $15k) as that seems quite excessive and expensive.

I don’t know if I’m being jerked around by Touchstone or if Chubb has really changed their policies. Most of what I’ve read on here says that you don’t even need an appraisal for Chubb! Maybe someone could recommend a different vendor for Chubb? My understanding with both JM and GemShield is that I would again have to go with appraised value. Any help is greatly appreciated.

 

[Regular Guy]

A few other options to check out, still cash value, are reviewed here....

 

[D&T]

no, I don''t believe you are being jerked around. I was given the option to either insure based on my "receipt" paid or appraised value which I opted to insure for (not with Chubb, and maybe they have since up their min since Jan (when I last contacted them)), You have to pick your battle, you cannot pick and choose the amount in between, if so, then try for another appraisal and bring in your receipt to your appraiser and see if it will meet or slightly exceed your cost?.

 

[Volare]

Looks like the other options mentioned (State Farm, Fireman''s, and Geico) all require me to have my homeowners insurance thru them.

Any other experiences folks can share?

 

[Regular Guy]

Volare,

I appreciate your writing back.

I could presume (but would rather not) that you''ve reached representative from State Farm, etc., and have been told you are required Homeowners?

I do consider this insurance business really quite vile. Look at Chubb, for example, where you get to choose based on receipt or (double?) valuation. What logic embedded is that?

One sort of too obvious, minimalist, annoying suggestion, is to try the "Sharon Filmore."

This is already what had evolved to be the proven method with Chubb (now arriving at...at least Touchstone as an option).

Sharon, my old friend, when unable to get a quote (say, from an airline) that she wants, says: oh...wait...someone is at my door, and then hangs up. The understanding is that people are way to fallible, cannot be counted on, and that someone else with the same organization can still get you the sought after quote.

I can tell you I DID now long ago get a quote from State Farm. I would be surprised if this was really no longer available, and merely now treated, like with most Chubb agents, at their discretion, whereby many will say I will only deal with you if more money is at stake.

Just my guess.

 

[D&T]

I went with Gemshield, and used my appraised value, however, I could have insured with my purchased receipt value, Due to the difference in premiums as well as not hitting the "min" mark at Chubbs I opted with Gemshield, even at a areplacement value I am still protectd

 

[denverappraiser]

Your appraisal value is supposed to be providing sufficient but not excessive funding to replace the item with another of ‘like kind and quality’ in the appropriate marketplace. If you feel that the value conclusion by the appraiser is unnecessarily high to accomplish this, call them up and discuss it with them. Show them why you believe it to be less pricey than they expected (for example the sales receipt and/or advertisements for comparable things currently being offered for sale). Read the report in full and make sure understand both their definition of value and what they have chosen as the marketplace being described. Both should be contained within the body of the report. They may or may not agree with you, but they should be prepared to make their case about how they came to the conclusion they did and if they’ve made an error they should be prepared to correct it.


Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

 

[Volare]

I''m gonna work with my appraiser to adjust the value of the appraisal. Hopefully that will work out fine to resubmit with the lower value.