Gem Safe insurance

[MK Malone]

Hi there! Some of you recently helped me chose a diamond and then helped me with a setting issues (girdle of 5 stone wedding band cutting into head/prongs of e ring). I’m now looking for jewelry insurance and was wanting to go with Gem Safe. I was filling out their online ap today and received the attached message. Anyone have any inside information? Like how long will it actually be before coverage for Texas is available again? And are rates increasing? Also, I read that if a claim is actually made, Gem Safe allows up to a 25% increase to cover inflation. I was going to use my receipts on each piece instead of an inflated appraisal. Does this sound like a logical thing to do? I don’t want to over pay on premiums if the 25% above purchase price will cover me. Thanks PS’ers!!

 

[whitewave]

I had to move all of my gem safe policies for what I think (IMO) is sheer Incompetence on their part which translated to me as a lack of faith In them. What is that saying, one hand doesn’t know what the other is doing,

It’s a sign. Go with Jewelers Mutual or get a jewelry policy from an insurance company. (I have no policies with Jewelers Mutual)

 

[MK Malone]

@whitewave That is disheartening! I sent them an email a few minutes ago asking when they will cover Texas again. Growing pains??

 

[whitewave]

There are threads in the archives about it

 

[scarsmum]

I got the same message for my area which is far from Texas.

 

[diamondseeker2006]

By all means use sales receipts and grading reports rather than inflated appraisals. Or you can show your appraiser what you paid and ask them to adjust value accordingly.