Chubb--What the Heck?

[juju]

Why is Chubb better than adding my jewelry to my State Farm homeowner's policy?

 

[travl4me1]

In State Farm's case. I had three attempts with a policy coming back with info left out from the appraisal (on the same article). I'm not suggesting it was intention, but it happened 3 times. One was leaving out carat weight, and the other clarity and color specs. State Farm (and several of the same) have a clause written like this "We will pay you no more thanthe cost to replace the item described in this policy for the premium and compliance with all applicable provisions of this policy.” If their adjuster can replace it for less than you insure it, -you can bet they will. This is the main reason why a great detailed appraisal is necessary. It is necessary to have more than just the 4 C's noted in your policy if you plan on getting back what you lost. If you are paying a premium at a value of 10K, you deserve 10K back or a ring just like what you lost. I actually gave them a wonderful appraisal and they kept leaving stuff off.




Chubbs is a full cash out in a total loss scenario. I take my check and go buy what I want to replace it. I do not have an adjuster telling me why one diamond is comparable to the one I lost (even though I know that may or may NOT be the case.) In my experience, Chubbs is more expensive, but it (to me) is a small price should I ever have a claim.

 

[yowahking]

You can also check with Jewelers Mutual insurance. They used to only broker through jewelry stores that carried their insurance. They now offer personal policies, no matter where you bought it. You just need an appraisal that they deem a good one, 80% are not. Something to be said for insuring it with the company who insures most of the jewelers in the nation.

 

[elmo]

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On 8/25/2004 11:08:19 AM yowahking wrote:

You can also check with Jewelers Mutual insurance. They used to only broker through jewelry stores that carried their insurance. They now offer personal policies, no matter where you bought it. You just need an appraisal that they deem a good one, 80% are not. Something to be said for insuring it with the company who insures most of the jewelers in the nation.
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JM is still replacement value not stated cash value, correct? I've also heard they require documented inspections and possibly appraisal updates every few years. Chubb still has the best overall value IMO for internet shoppers - instead of insuring at retail price you insure for purchase price and still have a pretty good buffer for cost increases built into the policy. Even though the premium for the same $ amount is higher, the net premium this way ends up being similar.

 

[travl4me1]

In my research for my particular needs, I was lead to believe Jewelers Mutual was still a replacement policy. However, they allowed replacement with the company or jeweler you purchased it through (rather than relying totally on an insurance adjuster.) You still got to be a part in approving your replacement, rather than being at the mercy of your assigned adjuster. JM still proved much better than my local insurance agent. The scheduled maintenance visits were minimal and something that needs to be done anyways. Minimal hasle IMO. That was not a deterant for me at all. Chubbs suited me best, but JM has a good policy in comparison to most.

 

[elmo]

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On 8/25/2004 12:53:22 PM travl4me1 wrote:



In my research for my particular needs, I was lead to believe Jewelers Mutual was still a replacement policy. However, they allowed replacement with the company or jeweler you purchased it through (rather than relying totally on an insurance adjuster.) You still got to be a part in approving your replacement, rather than being at the mercy of your assigned adjuster. JM still proved much better than my local insurance agent. The scheduled maintenance visits were minimal and something that needs to be done anyways. Minimal hasle IMO. That was not a deterant for me at all. Chubbs suited me best, but JM has a good policy in comparison to most.
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Anything in the fine print that the company can use to get out of paying a claim is something to be avoided. In this case, let's say you went two months beyond the mandated inspection period prior to a loss. I don't want to have to remember this sort of thing. Sounds like it may be a better-than-average option though.

 

[yowahking]

I do not know all the ins and outs of insurance companies, but I know that many people are happy about the new changes to how they did personal policies. I know that they offer a little break if you have a security system, and allows you to use the jeweler of your choice for inspections and repairs. On a side note, most people don't know that you can ask your appraiser to lower the value some so you don't pay as much for premiums. Some have a good source either with on line or local jewelers that use tighter margins. You just don't want to cut it too close in case market changes, or companies come and go. I do not have JM so no push, just adding information.

 

[ep6585]

I just insured my fiancee's rings through Guy Huntley and Chubb. He said without a Chubb homeowner's policy the minimum valuables policy premium was $200.00.

Has anyone been told different?

 

[bigbadbuff]

as in $200/yr for their bare minimum policy? Hmmm... was strongly considering Chubb for the insurance of my e-ring but that seems high...

 

[reena]

my policy premium was extremely high (i also live in NYC! the crime capital), but to me the peace of mind of getting a check--instead of someone else's idea of a "replacement" ring--in the event of a loss is priceless.

 

[vs2536]

Chubb's Valuable Articles policy is excellent and absolutely worth it. Here's why:

I've had them since early 2001 and have insured over $50k worth of stuff. Read carefully their policy and you will see that it's short, brief and to the point: you get paid for what you quote, and that's piece of mind.

I have had 2 minor claims so far and was not only treated profesionally with sympathy but was compensated immediately w/o questions. First was a loss of a stone on a diamond-ruby ring. The agent even volunteered to call the repair shot to make sure she got the right amount. No questions asked.

The second one was a loss of dimamond earings (about $1k) during move. We hesitated to call for over a month out of haste and to make sure we don't look suspicion even after having looked all over the place for the earnings. They were simply gone! I called and it was all taken care of. THat's it.

So, they have proven not only reliable but absolutely indispensible when you have so much valuable stuff (cameras, jewelry, etc). Their premium is about 2-3% of the declared value. After fedex destroyed my printer recently I'll be looking into Chubb's renters insurance more seriously. I don't need crap about replacement value and all that hoopla.

Just one happy customer to recommend Chubb,

 

[Mara]

yep depending on where you live, the rates are calculated. ours here in the bayarea is about 2% of the insured value...so that's not too bad. SF was around 1.6% so the extra money is not really that much and the peace of mind Reena noted is exactly why we went with them. don't want the hassle if anything does ever happen!




as others have probably noted, you dont need renters or homeowners in addition, though some agents will tell you this so i would keep calling around until you find one that does not require this. there was one recommended on here in the past as not requiring it. chubb really should clarify this to their agents in order to keep things consistent and keep customers from being pressured into opening additional policies.

 

[burnedbychubb]

I am a chubb customer and I have to tell everyone buyer beware! My experience with Chubb is not a good one!.

My wife lost her 6k diamond ring in july at Disney and Chubb has not paid the claim and has been harrassing us with private investigators and other antics!

Chubb likes to write policies but they hate to pay!

BUYER BEWARE!!!!