How to insure your Whiteflash diamond @mrs-b?

[mrs-b]

Hi @MamaBee -

Mine is a 3.05 VS2, so I'm guessing yours was a chunk more expensive than mine, being a VS1 - the clarity jump makes a big diff to price.

We insured it for the price we paid - appraisals are always optimistic and insurance companies aren't much swayed by them. They're much more interested in your receipt. Some allow for appreciation, but a lot don't. Costs more to get that.

My stuff is covered under a very complicated household insurance policy, and I'd definitely want another ACA.

 

[headlight]

Not mrs-b but I insured mine with the receipt for what I paid - not the appraised amount. I specified that it was a Whiteflash branded A Cut Above, spelled out the color/clarity, and gave the insurance company a copy of the AGS cert as well. Be as detailed as you can with the description so that they will replace with what you had. Insurance amounts can be increased or decreased over the years with a new appraisal - especially if prices skyrocket!

I did exactly the same thing with my ACA studs.

(That link they give you is sort of strange and WF told me they have nothing to do with it and the JM rep told me they can’t access that info, it is apparently a computer-generated thing.)

 

[Kasey Bug]

Your homeowners policy usually has a limit on unscheduled jewelry items. This means you don’t have to have the item appraised Orr placed on a special policy but it may be for example $2500/$5000 which means they will only pay up to $2500 per item not scheduled with a max of $5000 total per loss. mine is with State Farm with an increased coverage endorsement which helps to keep the price of the item in line with inflation. Insurance companies have the option to repair, replace or cash out so if you lose your high quality diamond they have to replace it with the same standards and you don’t have to accept what they find BUT they will not pay more than the stated price for the item. i had a 5 ct diamond tennis bracelet that was on my policy for $6000 (I hadn’t had it appraised for several years) but it couldn’t be replaced for that amount and I had called my jeweler in Los Angeles and he could replace it for that so I decided to take the cash. Depending on your policy and company, they may pay you actual cash value and once you replace the item they will pay you the difference of the cash value and replacement cost up to the policy limit. 40 yrs in the insur industry lol.

 

[headlight]

For a branded diamond, like an ACA, BGD, and CBI, I would strongly recommend you go with Jewelers Mutual which understands the specificity of the super ideal branded stone.
I suggest a jewelry-specific insurer for everything, versus homeowners policy.

 

[Bruin Bling]

@MamaBee - I’m piggybacking on your post from earlier this year as it was the latest and most relevant post on the Insurance topic Hope that’s okay!

I'm now I’m looking at using Jewelers Mutual to insure our WF diamond and Vatche pave ER setting and wedding band. My fiancé and I agree insurance makes sense for us.

When I used the link via Whiteflash, it connected me over to JM’s site, where I received a quote that used values of 30% above the price that I paid. That seemed super high to me!

Based on the comments on this post and others, I’m gathering we should update the JM application to reflect either the actual cost or maybe a 10% premium (but no more than that). Looks like the market has recently been moving a bit on the 2+ carat sizes, so not sure how much that plays into the insurance value to use for JM (stone is ACA 2.11 H VS1).

Also, re: deductibles… I think no deductible on the setting and band is a no brainer (it’s a $1 difference per year), but am wondering if a $500 deductible on the diamond makes sense (16% discount between $0 ded and $500 ded). I’m definitely not in the ‘know’ when it comes to jewelry insurance. Do people ever have differing deductibles between stone and setting?
If anyone has some thoughts on values to use and deductibles, I’d greatly appreciate it!

 

[Dmndsr4evr11]

@MamaBee - I’m piggybacking on your post from earlier this year as it was the latest and most relevant post on the Insurance topic Hope that’s okay!

I'm now I’m looking at using Jewelers Mutual to insure our WF diamond and Vatche pave ER setting and wedding band. My fiancé and I agree insurance makes sense for us.

When I used the link via Whiteflash, it connected me over to JM’s site, where I received a quote that used values of 30% above the price that I paid. That seemed super high to me!

Based on the comments on this post and others, I’m gathering we should update the JM application to reflect either the actual cost or maybe a 10% premium (but no more than that). Looks like the market has recently been moving a bit on the 2+ carat sizes, so not sure how much that plays into the insurance value to use for JM (stone is ACA 2.11 H VS1).

Also, re: deductibles… I think no deductible on the setting and band is a no brainer (it’s a $1 difference per year), but am wondering if a $500 deductible on the diamond makes sense (16% discount between $0 ded and $500 ded). I’m definitely not in the ‘know’ when it comes to jewelry insurance. Do people ever have differing deductibles between stone and setting?
If anyone has some thoughts on values to use and deductibles, I’d greatly appreciate it!

Did you get the ring???? Photos please!! Would love to hear from others. I don’t have a deductible and insure it for what I paid for the ring and setting. You can adjust the numbers in JM and send in your receipt.

 

[Bruin Bling]

Did you get the ring???? Photos please!! Would love to hear from others. I don’t have a deductible and insure it for what I paid for the ring and setting. You can adjust the numbers in JM and send in your receipt.

Thanks for quickly chiming in on this @Dmndsr4evr11 ! I am also curious to hear what others think, but it might be a YMMV sort of thing I'm wondering.

No, did not receive the ring yet, but it is at WF now. They weren't able to get the arrows symmetrical to the prongs due to the inscription, but now I have a question about how Vatche positioned the prongs in the setting itself (6-prong came offset starting at 11 o'clock vs. traditional 12 o'clock). Sent my SA an email after-hours so hopefully it will get looked at on Monday. Even she hasn't seen the finished items yet. I may draft a separate email thread to get some PS input (will @ you), but I'm confident/hopeful it will work out fine. Just want to make sure my fiancé is happy with it.

 

[Dmndsr4evr11]

What is YMMV? . Does she prefer offset prongs or traditional 12 o’clock 6 o’clock orientation? I initially thought of the offset 11 o’clock orientation but in the end I decided with the traditional 12o’clock. Honestly, you don’t see the arrows so distinctly except in certain lighting so it’s not like you will be staring at the arrows when it’s on your finger. It really won’t be that obvious as all you see are the sparkles . But I guess maybe it’s a mind thing having everything symmetrical?

 

[Bruin Bling]

YMMV = Your Mileage May Vary

When we originally finalized the order, she commented that she preferred the traditional orientation as she felt the offset made the round diamond seem a bit more square. I have a feeling that I'll need to revisit that with her.

Yeah, I think the arrows vs. prongs thing is more of a mind clean thing for me, at least.... thanks to the mild case of OCD in me I suppose!