Insurance Companies Please

[heididdl]

Becareful what you wish for. We just moved and went from owning to renting. Our insurance company dropped us because we had 3 jewelry claims in 25 years. So I need all the suggestions I can get for a separate jewelry policy thanks Price scopers need advice quick don';t feel great wearing my baubles uninsured.

 

[UrsTx]

I feel your pain. I had one jewelry claim and my insurance premium (which was home and auto with a jewelry rider) tripled in three years. I use Jewelers Mutual now and changed insurance companies for the home + auto. JM is obviously not tied to a homeowners or renters policy so I don't have to worry about possible claims increasing my home or auto policies.

 

[diamondseeker2006]

I am so sorry to hear this. I honestly have separated mine for that very reason, but it was just on a hunch that this would be the case. You have now confirmed it!

Besides Jeweler's Mutual, I would get quotes from Touchstone Insurance who offer jewelry insurance through jewelers and to individuals. The last I heard, they offered the JM type of replacement policy as well as the more expensive, but wonderful, cash policy (like Chubb) where you get a check and can choose your own replacements. I think it is through AIG?

http://www.touchstoneinsurance.com/index.html

I am honestly a little concerned that you may have problems getting a jewelry-only policy with 3 prior jewelry claims, though. Let us know what you find out.

Just for new people reading the thread, I usually warn new jewelry buyers to never make a small claim since increased premiums may more than pay for a setting repair, for example. I only recommend using the policy for a major loss of a valuable item (like cracked diamond or lost/stolen diamond ring). (I am not implying this is what you did, Heidi, just to be clear.)

 

[MollyMalone]

Lavalier & JIBNA (Jewelry Insurance Brokerage of North America) are two others that offer stand-alone policies, and JIBNA offers a cash-out policy, or at least they used to.

If you don't already have recent appraisals, that's something you could do right away (and will need to produce in order to get meaningful price quotes from any company). IIRC, you are in the metro NYC area? If so, I can happily recommend David Wolf:
http://www.justappraisers.com

Good luck!!

 

[WinkHPD]

Just want to add that if you have ever served in the Military or have family that has, check out USAA. Our homeowners and auto went way down when we switched years ago, and my wife, who was the administrative assistant for the head of the Idaho State Insurance Dept said that USAA has one of the fewest complaints filed against them of any company doing business in Idaho.

Wink

 

[PumpkinsAreAwesome]

Just want to add that if you have ever served in the Military or have family that has, check out USAA. Our homeowners and auto went way down when we switched years ago, and my wife, who was the administrative assistant for the head of the Idaho State Insurance Dept said that USAA has one of the fewest complaints filed against them of any company doing business in Idaho.

Wink

Thanks for the tip! I didn't even think about insuring a future ring [knock on wood] until reading these forums.

I looked at rates for USAA and where I live it's $60 a year for ring valued at $5000. For Jewelers Mutual it's $70 with no deductible.

From my understanding, USAA offers Replacement Cost Coverage. According to their site, "We offer replacement cost coverage for your items. That means you can repair or replace your stolen or damaged property with items similar in quality and worth." From my understanding based on review, if you lose your ring USAA finds something similar (at wholesale prices) and 1) gives it to you or 2) pays you the cost of that wholesale ring. In this case, it is crucial to submit and extremely detailed appraisal of your ring because they will use that info and ignore appraised value.

Given that, I'm almost inclined to get insurance from a place that will give me a lump sum payment if I ever lose my ring. Ah, the price of a little peace of mind!