HELP! When is it too late to buy insurance?

[civictypesi]

When is it too late to buy insurance?
mid july - boyfriend bought rings (w-band and e-ring)
mid Aug - rings appraised within 30 days

don''t know why we didn''t buy it earlier. never thought ab it until I read up on it on pricescope here.

Can we buy jewelry insurance or is it too late? if we buy it now, will the value depreciate or will we have to pay higher premiums because we are getting it now? what companies do you recommend will take us now?

 

[Dreamer_D]

You can buy insurance at any time. Lots of people use jewelers mutual.

 

[Kay]

It is too late after the ring has been lost or stolen.

I have a policy with Chubb.

 

[civictypesi]

what''s the difference between the various jewelry insurance? jewelers vs. chubb vs. etc? how does one choose 1 insurance over the other?

 

[Kaleigh]

It''s not too late, the difference is some will give you a cash out option, others want you to go through their channels, and that''s where I have a problem.

 

[yssie]

JM doesn''t cash out but they let you use whatever jeweller you want to replace.

 

[HVVS]

JM will accept an appraisal up to 18 months old before they consider it outdated.

 

[denverappraiser]

Chubb offers a cash payment policy. This means that they will pay you a predetermined amount of cash in the case of a loss. Normally this will be based on the appraisal or sales documentation that you submit when you apply for the policy. You get to spend the money however and wherever you wish.

Jewelers Mutual (and most other insurers) will pay to replace the piece at that they consider to be a reasonable price from the vendor of your choosing. This leaves some wiggle room if your declared value is unreasonably high for the actual cost of the item and it commits you to buying jewelry with your money rather than tires, taxes or whatever. Their rules for what constitutes 'reasonable' charges on the part of your jeweler aren't overly restrictive but they are their rules, not yours and not your jewelers.

Chubb has a minimum for stand-alone jewelry policies. Reports of this vary depending on the agent and seem to be somewhere from $10k and up. Some people, a lot of people actually, have reported difficulty in getting an agent to write a Chubb jewelry only policy at all.

Jewelers Mutual is usually about half the price although this varies from market to market. High cost places like NYC and LA they’re much closer and low risk places, like small towns in the Midwest they’re more like triple.

Most of the ‘traditional’ insurance companies that offer car and home insurance also have programs for jewelry. If you’re a homeowner and you've been happy with your company, talk to your agent about what they has to offer.

The only time it's too late to buy a policy from any of the above is after a loss.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver