Diamond Insurance (not a bad deal)...

[esp102]

okay, so I called my homeowners insurance company (Erie) located in PA and this is what they said:


If the diamond is insured for 20k and a claim is filed, I can select ANY company to replace the diamond ring. However, if it costs 18k to replace it - I get 18k if it costs 25k to replace it, they pay 20k - I pay the remaining 5k. She recommends getting it appraised every 5 to 7 years.

They also have a cash out policy however if I don''t replace the ring they pay me 20k minus 10% - so I get 18k cash.

But if I decide to replace it - I get the 2k back.

The cost is about $180 a year while Chubb was $360 a year.

I don''t think this is a bad deal going through Erie. Since I can select any company to find me a replacement, I can go back on Pricescope and pick my company.

Any thoughts?

 

[Small]

Sounds good to me. You get to go with cash out if you want or any vendor you choose. Can''t beat that and the price is more than fair. I say go for it!

 

[atroop711]

why is CHUBB so $$$$. I live in NYC, we have my ring insured through them and it is only $260 a yr

 

[esp102]

Quote was for $25,000

 

[diamondseeker2006]

I think that is a great policy! We also insure jewelry through our homeowners policy.

 

[denverappraiser]

atroop,

Chubb, and all of the other companies, charge different rates for different parts of the country based on what they consider to be the related risks. This is reasonable enough but, interestingly, the companies seem to disagree wildly about which are the high risk areas. In some parts of the country, Chubb is as much as 2-3 times the price of their competitors and in others they are cheaper. That’s part of why it’s so important to look at each insurance deal individually.
Neil Beaty
GG(GIA) ISA NAJA
Professional Appraisals in Denver