Insurance befuddlement!

[Porridge]

Hey all. I posted this in Hangout too, am I allowed to do that?

Anywho I''ve done an insurance search here on PS, and have been reading many many posts, and frankly...I''m baffled.

We currently have a rider on our homeowners (The Hartford-anyone have experience with them?). So we''re paying a percentage (1% only - cheap!) of the appraisal value (which is a few k more than what we paid). But if I (god forbid!) lose/damage my ring...THEY pick a replacement? Which is pretty much guaranteed to be waaaayyyyy below the appraisal value...so why am I paying a percentage of the appraisal value!?!

Oy...my brain hurts.

What I''ve gathered so far is that I should take out a separate policy for my ring with Chubb. I''m in the SoCal area, if anyone has more info/advice for me, I would LOVE to hear it!

Thanks...and apologies for my ignorance...my brain turns to mush when I hear the word "insurance"

 

[neatfreak]

Date: 1/27/2009 8:41:06 PM
Author:Porridge
Hey all. I posted this in Hangout too, am I allowed to do that?

No, you are supposed to keep it in one place. But you can ask admin to delete the one in Hangout.

And as to what your current policy is-you need to ask. Most companies do require you to work with their jeweler, which obviously isn''t what you want. Chubb is the most expensive option, but they give cash in the case of replacement. Jeweler''s Mutual is a middle ground, they don''t usually give cash but they will let you work with any jeweler you want to for a replacement. Many of us have JM and are very happy, if you know you''ll replace the ring (rather than pocketing the cash and not replacing) JM is a great option.

 

[diamondseeker2006]

I ended up switching my e-ring and studs to Chubb because I absolutely would want to choose my own replacements. The other items I left on our homeowners rider are not worn as often and not as important to me anyway ( and I would have had to pay for new appraisals on them to add them onto Chubb which was too much trouble!). I have about $27,000-28,000 of coverage with Chubb for $300 a year, so it is VERY little more than the homeowners rider. But I think the premiums will depend on your location.

 

[motownmama]

my jewelry is also with Chubb

 

[denverappraiser]

It’s true that they pick the replacement but you pick the appraiser. The description in the appraisal that you submit will be used as the purchase order for the replacement in the case of a loss. If a loss occurs, any excess capacity between the amount that it costs to replace the piece and the amount of insurance will be lost. Set the value accordingly. This is a good conversation to have with your appraiser. It''s what you''re paying them for.

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

 

[Porridge]

Thanks y''all! I''m getting on the phone to Chubb pronto!