Insurance for my ring
- Thread starter findarock
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- May 12, 2006
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- 6,487
Hey there. Smart to think ahead.
Check out the thread Jeweler''s Mutual problems with? for an up to date thread on insurance. Just type Jeweler''s Mutual in the search box. Some of the older insurance threads have dated info in them. I know cause I spent alot of time reading them. LOL
If the threads spark questions just post your questions here.
HTH
Check out the thread Jeweler''s Mutual problems with? for an up to date thread on insurance. Just type Jeweler''s Mutual in the search box. Some of the older insurance threads have dated info in them. I know cause I spent alot of time reading them. LOL
If the threads spark questions just post your questions here.
HTH
- Joined
- May 12, 2006
- Messages
- 6,487
No unless you mean very minimal insurance that they can void for any reason, like you were one day late getting your ring inspected. REAL insurance is against damage, mysterious disappearance, theft. And it is not voided because you didn''t go to XYZ store every 6months on the dot.
Oh but some online stores may start to carry Jeweler''s Mutual soon.
- Joined
- May 12, 2006
- Messages
- 6,487
You must call your insurance co to get a quote. The rates are very different in different parts of the country.
I did not add it to my home owners. They do not cover as many types of loss/damage as Jeweler''s Mutual does. You can check out Jeweler''s Mutual at www.jewelersmutual.com Just want to say that I do NOT work for them.
Chubb is also a popular option for PSers. Check out the thread I mentioned earlier and you can read about the pros and cons.
JM may have a program with some online vendors NOT online people. You could get the insurance when you buy the stone/ring. I don''t think that applies to you.
Upside Down Man
Shiny_Rock
- Joined
- Oct 18, 2006
- Messages
- 147
I want to reiterate what the above posters have said - there have been recent threads which discuss insurance at great length. Run a search and review those.
I will briefly add that some thoughts:
1.) The appraisal value of your ring, and therefore the value you have your ring insured for, is *NOT* necessarily the value of the new ring you will get to replace your lost or stolen engagement ring. The appraisal value merely sets the UPPER LIMITS of what an insurance company is required to remit.
1a.) when you file a claim, most insurance policies will require you to replace the ring with a ring "of like kind or quality." What does that mean? They look at the DESCRIPTION OF THE RING included in your appraisal (NOT the value of the ring included in the appraisal). They use that description to contact a jeweler to determine how much a replacement will cost.
2.) Therefore, when you submit your appraisal, make sure it is as DETAILED AS POSIIBLE. For example, if the description merely says 1.10 H SI1 with platinum band weighing 5.53 mg, the insurance company will find out how much a replacement ring will cost keeping in mind only those specs. That could mean you get an EGL, non-ideal cut stone with strong blue flurescence that is not eye-clean, and as long as it is 1.10 H SI1, technically it is "of like kind or quality." That''s why you need to make sure your appraisal is as descriptive as possible: GIA cert 1.10 carat, H color, SI 1 clarity, ex polish, ex symmetry, no culet, no flurescence, table percentage 53%, depth 62.0%, crown angle 34.5%, pavillion angle 40.8%, etc. That way at least when they replace your ring, it will be as close to what you actually bought as possible.
You will hear people talk about Chubb insurance for your ring. Chubb is considered by many to be the best insurance policy out there. (I will also note that I don''t work for Chubb or anyone in the insurance business in any way.) Instead of dealing with all the "like kind or quality" business and worrying about how detailed your appraisal is, Chubb will give y ou the choice of trying to replace your ring with like kind or quality, or simply cutting you a check instead. The check they cut you is for the appraised value of the ring. So while the appraisal value is irrelevant for other insurance policies, with a Chubb policy you know you will get that amount if you choose. It''s a hassle-free way to deal with insurance claims. (They also have a built-in inflation protector, but I don''t want to get into that
)
The caveats with a Chubb plan is that:
1.) they might not insure your ring if the value is less than a significant number, which I think is $10,000, but might vary per location.
2.) it is very difficult to find an agent who will sell you a Chubb valuable articles policy without also having to buy renter''s/homeowner''s insurance from them as well. Agents who sell stand-alone policies exist, but you might have to work to find them.
3.) Because Chubb is virtually hassle-free and because they will cut you a check for the appraised value of the ring without "forcing" you to find a replacement first, you will pay a premium for such an attractive policy. Most Chubb policies cost more than your basic homeowner''s plans, and in some locations significantly more. Contact a Chubb agent in your area to get a price quote.
And no matter what you do, always always ALWAYS read the language in your insurance policy. Don''t trust the website and don''t trust the people on the phone who tell you what your plan is. It''s not that they''re lying to you, it''s just that they sometimes don''t have the right information, or are confused, or just get it wrong. The ONLY thing that defines the terms of the policy is the language. So please do yourself a favor and read it, so you know exactly what you are in store for if you have to file a claim.
In sum:
Use Chubb if you just want to get a check for the appraised value of your ring. Although you will likely have to pay a higher premium for this. Otherwise, get as detailed an appraisal as possible to submit when you apply for insurance.
I will briefly add that some thoughts:
1.) The appraisal value of your ring, and therefore the value you have your ring insured for, is *NOT* necessarily the value of the new ring you will get to replace your lost or stolen engagement ring. The appraisal value merely sets the UPPER LIMITS of what an insurance company is required to remit.
1a.) when you file a claim, most insurance policies will require you to replace the ring with a ring "of like kind or quality." What does that mean? They look at the DESCRIPTION OF THE RING included in your appraisal (NOT the value of the ring included in the appraisal). They use that description to contact a jeweler to determine how much a replacement will cost.
2.) Therefore, when you submit your appraisal, make sure it is as DETAILED AS POSIIBLE. For example, if the description merely says 1.10 H SI1 with platinum band weighing 5.53 mg, the insurance company will find out how much a replacement ring will cost keeping in mind only those specs. That could mean you get an EGL, non-ideal cut stone with strong blue flurescence that is not eye-clean, and as long as it is 1.10 H SI1, technically it is "of like kind or quality." That''s why you need to make sure your appraisal is as descriptive as possible: GIA cert 1.10 carat, H color, SI 1 clarity, ex polish, ex symmetry, no culet, no flurescence, table percentage 53%, depth 62.0%, crown angle 34.5%, pavillion angle 40.8%, etc. That way at least when they replace your ring, it will be as close to what you actually bought as possible.
You will hear people talk about Chubb insurance for your ring. Chubb is considered by many to be the best insurance policy out there. (I will also note that I don''t work for Chubb or anyone in the insurance business in any way.) Instead of dealing with all the "like kind or quality" business and worrying about how detailed your appraisal is, Chubb will give y ou the choice of trying to replace your ring with like kind or quality, or simply cutting you a check instead. The check they cut you is for the appraised value of the ring. So while the appraisal value is irrelevant for other insurance policies, with a Chubb policy you know you will get that amount if you choose. It''s a hassle-free way to deal with insurance claims. (They also have a built-in inflation protector, but I don''t want to get into that
The caveats with a Chubb plan is that:
1.) they might not insure your ring if the value is less than a significant number, which I think is $10,000, but might vary per location.
2.) it is very difficult to find an agent who will sell you a Chubb valuable articles policy without also having to buy renter''s/homeowner''s insurance from them as well. Agents who sell stand-alone policies exist, but you might have to work to find them.
3.) Because Chubb is virtually hassle-free and because they will cut you a check for the appraised value of the ring without "forcing" you to find a replacement first, you will pay a premium for such an attractive policy. Most Chubb policies cost more than your basic homeowner''s plans, and in some locations significantly more. Contact a Chubb agent in your area to get a price quote.
And no matter what you do, always always ALWAYS read the language in your insurance policy. Don''t trust the website and don''t trust the people on the phone who tell you what your plan is. It''s not that they''re lying to you, it''s just that they sometimes don''t have the right information, or are confused, or just get it wrong. The ONLY thing that defines the terms of the policy is the language. So please do yourself a favor and read it, so you know exactly what you are in store for if you have to file a claim.
In sum:
Use Chubb if you just want to get a check for the appraised value of your ring. Although you will likely have to pay a higher premium for this. Otherwise, get as detailed an appraisal as possible to submit when you apply for insurance.
diamondhunter10
Shiny_Rock
- Joined
- Oct 24, 2006
- Messages
- 106
regarding the insurance, so would you say that I should talk to my insurance broker to add it to my home owners and this detailed appraisal will allow me to get a better value for the ring should something happen.
Also, is this something that Chubb specializes vs Jewelers Mutual?
Thanks for your help
Also, is this something that Chubb specializes vs Jewelers Mutual?
Thanks for your help
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