Diamond ring insurance

[ElleElle]

Hello!
We are looking to switch our insurance coverage for my 2.55 carat H SI1 round brilliant set in platinum. Our current one, State Farm, increased our yearly payment to $1,000 a year which seems absurd!
Anyone use a reasonable insurance company that they can recommend?
Thanks!
ElleElle

 

[kenny]

Many people here use https://www.jewelersmutual.com

 

[Dancing Fire]

Many people here use https://www.jewelersmutual.com

But not Kenny...

 

[tyty333]

Many people here use https://www.jewelersmutual.com

But not Kenny...

Kenny's rich

 

[denverappraiser]

Hello!
We are looking to switch our insurance coverage for my 2.55 carat H SI1 round brilliant set in platinum. Our current one, State Farm, increased our yearly payment to $1,000 a year which seems absurd!
Anyone use a reasonable insurance company that they can recommend?
Thanks!
ElleElle

What's your declared value? Where did the number come from? Where are you located? Have you had claims activity on the account? Have you had it appraised recently?

Markets vary but in most, State Farm premiums are about 1-2%/year of your declared value, which is pretty typical. $1000 premium would suggest a $50k-100k valuation. That seems high for your description and you may be paying premiums for coverage you don't actually get.

 

[kenny]

Many people here use https://www.jewelersmutual.com

But not Kenny...

Kenny's rich

I'm just stoopid.

 

[ElleElle]

Hello!
We are looking to switch our insurance coverage for my 2.55 carat H SI1 round brilliant set in platinum. Our current one, State Farm, increased our yearly payment to $1,000 a year which seems absurd!
Anyone use a reasonable insurance company that they can recommend?
Thanks!
ElleElle

What's your declared value? Where did the number come from? Where are you located? Have you had claims activity on the account? Have you had it appraised recently?

Markets vary but in most, State Farm premiums are about 1-2%/year of your declared value, which is pretty typical. $1000 premium would suggest a $50k-100k valuation. That seems high for your description and you may be paying premiums for coverage you don't actually get.

Hi Denverappraiser,
Declared value is $35k. That number came from a reputable appraiser about a year ago and includes diamond and platinum setting. We're in LA. No claims activity.
We were paying 1-2% and then all of a sudden received a notice that we need to pay 3%.

thanks for the help!

 

[ElleElle]

Hello!
We are looking to switch our insurance coverage for my 2.55 carat H SI1 round brilliant set in platinum. Our current one, State Farm, increased our yearly payment to $1,000 a year which seems absurd!
Anyone use a reasonable insurance company that they can recommend?
Thanks!
ElleElle

What's your declared value? Where did the number come from? Where are you located? Have you had claims activity on the account? Have you had it appraised recently?

Markets vary but in most, State Farm premiums are about 1-2%/year of your declared value, which is pretty typical. $1000 premium would suggest a $50k-100k valuation. That seems high for your description and you may be paying premiums for coverage you don't actually get.

Hi Denverappraiser,
Declared value is $35k. That number came from a reputable appraiser about a year ago and includes diamond and platinum setting. We're in LA. No claims activity.
We were paying 1-2% and then all of a sudden received a notice that we need to pay 3%.

thanks for the help!

CORRECTION on the declared value. It's $41k

 

[Dancing Fire]

Many people here use https://www.jewelersmutual.com

But not Kenny...

Kenny's rich

I'm just stoopid.

You can use the insurance premium for upgrading your stone every few yrs...

 

[denverappraiser]

Hello!
We are looking to switch our insurance coverage for my 2.55 carat H SI1 round brilliant set in platinum. Our current one, State Farm, increased our yearly payment to $1,000 a year which seems absurd!
Anyone use a reasonable insurance company that they can recommend?
Thanks!
ElleElle

What's your declared value? Where did the number come from? Where are you located? Have you had claims activity on the account? Have you had it appraised recently?

Markets vary but in most, State Farm premiums are about 1-2%/year of your declared value, which is pretty typical. $1000 premium would suggest a $50k-100k valuation. That seems high for your description and you may be paying premiums for coverage you don't actually get.

Hi Denverappraiser,
Declared value is $35k. That number came from a reputable appraiser about a year ago and includes diamond and platinum setting. We're in LA. No claims activity.
We were paying 1-2% and then all of a sudden received a notice that we need to pay 3%.

thanks for the help!

CORRECTION on the declared value. It's $41k

A year old is fine but they may demand an update if you change companies. $41k may be a bit high but it's within the range of reasonable. Ask your appraiser and/or your agent about how the State Farm claims process works. That said, what's killing you is the LA address and it's unlikely you can do much about that. Shopping may help but expect trouble with everyone. Consider raising your deductible but mostly, you're stuck. Moving to Fargo would help a lot.

 

[ElleElle]

Hello!
We are looking to switch our insurance coverage for my 2.55 carat H SI1 round brilliant set in platinum. Our current one, State Farm, increased our yearly payment to $1,000 a year which seems absurd!
Anyone use a reasonable insurance company that they can recommend?
Thanks!
ElleElle

What's your declared value? Where did the number come from? Where are you located? Have you had claims activity on the account? Have you had it appraised recently?

Markets vary but in most, State Farm premiums are about 1-2%/year of your declared value, which is pretty typical. $1000 premium would suggest a $50k-100k valuation. That seems high for your description and you may be paying premiums for coverage you don't actually get.

Hi Denverappraiser,
Declared value is $35k. That number came from a reputable appraiser about a year ago and includes diamond and platinum setting. We're in LA. No claims activity.
We were paying 1-2% and then all of a sudden received a notice that we need to pay 3%.

thanks for the help!

CORRECTION on the declared value. It's $41k

A year old is fine but they may demand an update if you change companies. $41k may be a bit high but it's within the range of reasonable. Ask your appraiser and/or your agent about how the State Farm claims process works. That said, what's killing you is the LA address and it's unlikely you can do much about that. Shopping may help but expect trouble with everyone. Consider raising your deductible but mostly, you're stuck. Moving to Fargo would help a lot.

Thanks for all the info!!! Hope we can get the cost down!

 

[denverappraiser]

http://www.fargomoorhead.org/

 

[ElleElle]

http://www.fargomoorhead.org/

Haha! Life would be a lot cheaper and easier there!

 

[tyty333]

Many people here use https://www.jewelersmutual.com

But not Kenny...

Kenny's rich

I'm just stoopid.

Not stoopid...people vary

 

[Dancing Fire]

Many people here use https://www.jewelersmutual.com

But not Kenny...

Kenny's rich

I'm just stoopid.

Not stoopid...people vary

I wouldn't mind being rich and stoopid...

 

[kenny]

Many people here use https://www.jewelersmutual.com

But not Kenny...

Kenny's rich

I'm just stoopid.

Not stoopid...people vary

Yeah, people vary and some are stoopid.

OP, I apologize for my shameless thread-jacking colleagues.
I beat them daily, but they still misbehave.