Dropped by Jewelers Mutual after claim, now what?

[Wholovesskunks]

Any idea what I should do for my replacement ring? JM dropped me.

 

[Tophat1]

Huh.....no idea what to do other than try another insurer but you will likely have to disclose that JM dropped you and you may have trouble getting insured (or it will be expensive)

But now I'm wondering if this is common for JM to drop after a claim or if they dropped you because of how you upgraded upon replacement. I've got JM and while I never want to have to make a claim, you never know and I would hate to end up in a place of being unisureable

 

[Wholovesskunks]

Upgrading and paying the difference seems to be common with replacement rings. This was my first insurance claim ever in 20 years.

 

[Tophat1]

How did you lose your ring? Lost or stolen?

 

[Wholovesskunks]

It was lost.

 

[YadaYadaYada]

Although scheduling on your homeowners policy is not usually recommended, you might want to look into it if you can't get coverage on a separate policy.

I say this because it would just be a policy change and the company would not be prompted to pull a CLUE report detailing your claim history for such a change. They may discover it on renewal though. I would say to only use this option if you can't get coverage elsewhere since if you do have another jewelry claim having it attached to your homeowners policy could set you up for a non renewal.

 

[Tophat1]

Just spent some time reading yelp reviews. Sounds like it is very common for folks to get dropped after filing claims for lost engagement rings

 

[Calliecake]

Just spent some time reading yelp reviews. Sounds like it is very common for folks to get dropped after filing claims for lost engagement rings

I have heard this too thru the years.

 

[poshmommy]

JM refused to insure my new ring. They said it was a "high risk" item due to cost and my area of living. I live in a fancy suburb with extremely little crime, a floor vaulted 1000 lb safe that the ring lives in, and own a truly terrifying protection trained dog (not because we have to, but because my husband desperately wanted one). I have NEVER made a claim on any of my jewelry policies or car/house insurance. At first they sent us a standard letter hinting it may have something to do with our credit. We have awesome credit so panicked thinking that someone had stolen our identity. After we pulled all our credit reports and found no issues there we finally got in touch with JM and found out the real story. Our ring was simply too expensive and they didn't want the responsibility of insuring it. I will NEVER use them.

We turned to gemsafe underwritten by Sterling Risk. I really like them so far. They didn't bat an eye giving us a policy. They have replacement and cash value policies. The customer service was great. They did everything they could to get us insurance quick so I could take the ring out of the safe and enjoy it. Their premiums were cheaper then JM too. Hopefully I will never have to test their claims department. Maybe someone here has and can weigh in?

I would not put on your homeowners. If you have to make a claim your homeowners could drop you like JM did. Sorry for the hassle this has caused you, but there are other options out there.

 

[whitewave]

I use gemsafe also

 

[Niel]

It's somewhat common to have any insurance company non renew your policy after a total loss, or other undesirable losses. Particularly if you already had a low insurance score or other underwriting concern. Not to make assumptions of your underwriting score.....

To the previous poster who said they hinted at your credit. They were probably referencing your insurance score. It's different. They use the same information but it is weighted differently. When insuring something at the top of binding limit most companies will write those at exception only. Basically, they look at absolutely everything they can before determining if it's a safe risk.
There are other insurance companies out there. I did not not renew my Jewelers mutual insurance and went with lavalier.

 

[poshmommy]

I just added a jewelry item to my gemsafe policy and they do ask you if you have had an insurance claim in the last 3 years. I'm sure most policies will ask the same thing. Just wanted to give you a heads up. I'm sure you will, but for any lurkers reading, always be honest on legal documents.

You can also talk to your appraiser about other insurance companies. Mine had dealt most often with JM and was perturbed to see we had been turned down. He offered to look up others for us and even contact JM directly. However, I had already been referred to gemsafe through here and my research on the policy looked good. You never know what advice or contacts a professional appraiser may have for you too!

Intersting Neil about the insurance score. I have never heard about that. My husband claimed once for significant hail damage on his truck. Since then we carry hail damage coverage on our vehicles through the car dealers. I wonder if that had anything to do with it. We have never had any other insurance claims. For the record, I did advise him against it. People should always think about the downstream effects of small claims and what they can afford to deal with or learn to live with on less than catastrophic damage.

 

[BlingDreams]

If anyone is USAA eligible, they offer a separate jewelry insurance policy and are great to work with.

 

[flash_and_fire]

I just got a new ring and I'm conflicted about what to do, so this thread is very informational including previous threads about this. I compared online quotes with JM, Lavalier, and Gemsafe where you type in your area code and value of the ring, and Gemsafe was the cheapest. I'm planning on checking with my homeowner's insurance just to see what they'll say.

 

[marcy]

That stinks Wholovesskunks. I'll have to check on Gemsafe when my policy comes up for renewal.

 

[MK Malone]

I found this thread while looking for ring insurance. I checked out JM, my homeowner’s and gem safe. JM and homeowner’s were surprisingly the same price. Gem safe was considerably cheaper and they say they add up to 25% to cover inflation, in the case a replacement is needed. I’m wondering if anyone has filed a claim through gem safe. If so, how did it go?