Insurance/Appraisal

[zhaoyun]

Thanks for all those who helped me with my diamond selections. I pulled the trigger on the WF rock - http://www.whiteflash.com/loose-diamonds/round-cut-loose-diamond-2231141.htm. (sold to me)

However, because the search function is down, can anyone give me some insurance carriers suggestions?

The only quote that I gotten so far is from State Farm for a ring worth - 15k
$0ded: $417 premium.
$100 Ded: $388 premium
$250 ded: $354 premium
$500 Ded:$313 premium
$1000 ded: $250 premium

It looks reasonable. Right?

I did try to read up on the Independent Appraiser thread, but it was rather confusing. I don''t know how would an novice like me be able to appraise my appraiser (other than word of mouth, which you guys would come into play, or the fact that they are listed on pricescope?)

And, I know that I should not get a appraisal simply to get a higher insured value, so I feel better. (But, maybe a higher value accounts for inflation since diamonds are getting more scarce...) Does appraisal really help with getting back the "same ring" from the insurer when a ring is lost/stolen or is the certifications from WF good enough alone? Finally what is an average cost of a appraisal for the purpose of getting the ring insured?

 

[denverappraiser]

There’s an article in the journal section of the site on ‘appraise your appraiser’ that may be helpful for you. The key is to get good recommendations from folks who have done business with them before, check their credentials, talk with them over the phone and by email about what specific services you’re looking for and be very clear during your appraisal session about your questions and expectations.

Click here.

Insurance premiums vary quite a bit depending on your address, your claims history and the type of policy you choose. Most of the major insurance carriers offer jewelry insurance and there are a couple of specialty companies that offer stand alone policies. Jewelers Mutual and Gemshield come to mind right away. $417 for $15k worth of coverage is on the high side but, again, this may be related to your address. Shop some of the competitors and see what they have to say.


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

 

[zhaoyun]

Thanks. I will get started on the reading.

But any insurance provider recommendations?

 

[denverappraiser]

I''ve long been a client of Jewelers Mutual and I''m happy enough with them. Lots of people here like Chubb because of the way they handle claims.

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

 

[Sagebrush]

I like Chubb,

No "like kind and quality" BS with Chubb. You tell them the price, they send the check.

Best,

 

[luv2sparkle]

Someone mentioned in another thread that Chubb is no longer doing stand alone policies on jewelry. Don''t know if this is true, but the local agent was going to give me a call back regarding a quote and I never
heard back from them. I went with JM, because Gemshield does not cover your jewelry when it is not in your possesion. It is in their exclusions very clearly. Check with your homeowners and make sure you are
covered if you have to mail it off for a repair or polishing, or leave it at a local jewelers. Usually, a jewelers policy would cover you, but I like to have me own.

 

[luv2sparkle]

I posted earlier that it was rumored that Chubb would no longer do stand alone policies for jewelry. I have waited a week for the agent to get back to me and hadn''t heard. She just called and told me
they would do a policy and she will get back to me tomorrow. I have already bought a policy but I will be interested in her quote.

 

[zhaoyun]

Date: 4/29/2010 7:06:31 PM
Author: luv2sparkle
I posted earlier that it was rumored that Chubb would no longer do stand alone policies for jewelry. I have waited a week for the agent to get back to me and hadn''t heard. She just called and told me

they would do a policy and she will get back to me tomorrow. I have already bought a policy but I will be interested in her quote.

Thanks Luv2sparkle. Did you get an independent appraisal before you get your insurance? Yeah, I have to contact one of the chub agents and will wait for them to call back. But, I am running short on time, so we will see.