Insurance for Diamonds

[jyeh74]

Hi folks,

I wasn't sure where to post this. But I was wondering if you guys insure your diamonds? If so, with who? I called my home/car insurance agent and she told me it was not worth it through them and to find an independent jewelry insurance company. My jewerly told me Jewelers Mutual is who she uses, but they are expensive. For those who have done research on a reputable jewelry insurance company, please chime in!

Thanks all!

 

[diamondseeker2006]

Jeweler's Mutual is the one most used here for independent jewelry insurance. In the past Chubb was an option, but they are no longer writing smaller jewelry policies.

Whether to get insurance or not has to do with whether it would be financially painful to have to replace the diamond if it was lost or damaged (chipped/shattered). If you have millions of dollars in the bank, you probably wouldn't worry about $10k pieces of jewelry. But many of us would not want to have to pay another $10k to replace a lost or damaged piece, so we get jewelry insurance. I personally have 3 items covered but not the rest of my fine jewelry.

 

[distracts]

I use Jeweler's Mutual also. I think most people on this forum do.

 

[jyeh74]

Is it because Jeweler's Mutual is the largest and most reputable insurance agency around? Do they have different price points, depending on the deductible?

 

[emerald-in-the-rough]

If you are lucky enough to have USAA as your P&C insurance, then they look like the way to go. Strong company and I just did a snapshot comparison vs. Jewler's Mutual and the USAA quote was 32% cheaper.

Unfortunately, you have to "qualify" to become a member of USAA for your insurance. It typically involves having some connection to someone who has served in the military.

Good Luck!

 

[Bosie]

If you have home owners insurance or rentor insurance go back to that carrier to add a "personal articles policy", it will be less expensive than JM

 

[yssie]

I'm looking for alternatives too - we moved last year and my JM rate skyrocketed into the absurd.

Rider on home insurance is sounding better and better, my hesitation is giving up the "owner stupidity" coverage - I'm generally so very careful, but...

 

[denverappraiser]

I'm looking for alternatives too - we moved last year and my JM rate skyrocketed into the absurd.

Rider on home insurance is sounding better and better, my hesitation is giving up the "owner stupidity" coverage - I'm generally so very careful, but...

Every company I can think of covers owner stupidity. That's actually the usual claim. If you're company somehow excluldes it, find a better company.

 

[MsP]

If you are lucky enough to have USAA as your P&C insurance, then they look like the way to go. Strong company and I just did a snapshot comparison vs. Jewler's Mutual and the USAA quote was 32% cheaper.

Unfortunately, you have to "qualify" to become a member of USAA for your insurance. It typically involves having some connection to someone who has served in the military.

Good Luck!

Have you filed any claims with them for jewelry or heard of anyone doing so? How'd it go?

 

[yssie]

I'm looking for alternatives too - we moved last year and my JM rate skyrocketed into the absurd.

Rider on home insurance is sounding better and better, my hesitation is giving up the "owner stupidity" coverage - I'm generally so very careful, but...

Every company I can think of covers owner stupidity. That's actually the usual claim. If you're company somehow excluldes it, find a better company.

I was under the impression a rider on my homeowners would not cover this - I'll have to check!!

 

[emerald-in-the-rough]

If you are lucky enough to have USAA as your P&C insurance, then they look like the way to go. Strong company and I just did a snapshot comparison vs. Jewler's Mutual and the USAA quote was 32% cheaper.

Unfortunately, you have to "qualify" to become a member of USAA for your insurance. It typically involves having some connection to someone who has served in the military.

Good Luck!

Have you filed any claims with them for jewelry or heard of anyone doing so? How'd it go?

I have not personally filed any claims or heard of anyone doing so for their Valuable Personal Property Coverage. In fact, I was only investigating the coverage this week as I am purchasing a $20K ring. With that being said, USAA is hands down the best company from a customer service standpoint that I have ever dealt with. That's powerful considering I run a Life Insurance Brokerage Agency with 30+ carriers!!!!

 

[Fife]

I called my home/car insurance agent and she told me it was not worth it through them and to find an independent jewelry insurance company.

Who is your insurer? I've never heard of a homeowners or renters policy that doesn't allow you to schedule jewelry. My ring is scheduled on my renters policy and costs me 1% of the purchase price per year (premium for a $12000 ring will cost me $120 per year)


It's covered for almost any reason - if it's accidentally smashed in a car door, left in a hotel etc.

 

[jyeh74]

I called my home/car insurance agent and she told me it was not worth it through them and to find an independent jewelry insurance company.

Who is your insurer? I've never heard of a homeowners or renters policy that doesn't allow you to schedule jewelry. My ring is scheduled on my renters policy and costs me 1% of the purchase price per year (premium for a $12000 ring will cost me $120 per year)


It's covered for almost any reason - if it's accidentally smashed in a car door, left in a hotel etc.

I have Mercury Insurance. They will cover. It was about 1.5% I believe. But he told me he thought that was expensive.

 

[MsP]

If you are lucky enough to have USAA as your P&C insurance, then they look like the way to go. Strong company and I just did a snapshot comparison vs. Jewler's Mutual and the USAA quote was 32% cheaper.

Unfortunately, you have to "qualify" to become a member of USAA for your insurance. It typically involves having some connection to someone who has served in the military.

Good Luck!

Have you filed any claims with them for jewelry or heard of anyone doing so? How'd it go?

I have not personally filed any claims or heard of anyone doing so for their Valuable Personal Property Coverage. In fact, I was only investigating the coverage this week as I am purchasing a $20K ring. With that being said, USAA is hands down the best company from a customer service standpoint that I have ever dealt with. That's powerful considering I run a Life Insurance Brokerage Agency with 30+ carriers!!!!

I use them for everything else (and agree they're great!)... but was leery about using them for jewelry because I've never heard of anyone using them.

 

[distracts]

Is it because Jeweler's Mutual is the largest and most reputable insurance agency around? Do they have different price points, depending on the deductible?

JM allows you to select what jeweler you want to repair or replace your ring, rather than doing it themselves. This makes a huge difference if you have a branded cut like an ACA from Whiteflash or an August Vintage from GOG, or a designer piece, and a pretty good difference if you have a colored stone or an antique, both of which are not exactly replaceable. Lots of insurance companies replace the piece on their own.

I have USAA for my other stuff but don't know much about their jewelry policy. I should probably look into it.

 

[Fife]

JM allows you to select what jeweler you want to repair or replace your ring, rather than doing it themselves.

Oh marketing.... Your homeowners policy is going to treat a loss in the same way.

 

[Christina...]

Interesting about USAA, my mom actually called and told me about it earlier this summer and encouraged me to look into since they use them and have noticed large discounts from their old insurer. I like that JM will cover the diamond while it is being shipped and while it is loose, should you choose to purchase the stone and the setting separately and from different vendors. I also like that they allow you to choose which vendor you work with in the case of loss.


Jyeh: Are congratulations in order? I'm assuming that you have finally found the perfect stone??

 

[rockafella]

When I called JM, they gave me two quotes for no deductible. One price if you have home security and one price if you do not. You do not have to send verification that you have ADT installed. Price is 5% less with ADT.

So if something were to happen to the stone, would they not insure it? Assuming you claim ADT but dont have it.

 

[jyeh74]

Interesting about USAA, my mom actually called and told me about it earlier this summer and encouraged me to look into since they use them and have noticed large discounts from their old insurer. I like that JM will cover the diamond while it is being shipped and while it is loose, should you choose to purchase the stone and the setting separately and from different vendors. I also like that they allow you to choose which vendor you work with in the case of loss.


Jyeh: Are congratulations in order? I'm assuming that you have finally found the perfect stone??

christina, yes finally decided on one! thanks for all your and others help here. It only took 3-4 months!