Insurance help

[Starks]

I''d like to get a Chubb insurance policy but it''s going to be a min. of $200 a year through the insurance broker I''m going with. However, I could get a $25k of renters insurance with a add-on for the engagement ring from Mercury or Travelers for $275 a year. Has anyone dealt with any of these other companies? I currently have Mercury for my car insurance so I might be able to get a better rate in a year or so with them. I like the fact that Chubb gives you cash though, and you can replace it anywhere you want. Anyone think it would be worth it to go with Chubb and skip the renters insurance?

 

[dimonbob]

Chubb and Jewelers Mutual are a whole lot less hassle to deal with when you are trying to make a claim. Most of the other companies want to "replace" your diamond for you and you end up on the wrong end of that deal. It is best if you get a check for the amount that is due you so you can get your own replacement. This also gives you an opportunity to upgrade your diamond.

 

[Starks]

Jewelers Mutual is looking pretty good. For insurance with them it would be $80/year. How is their replacement option? Do they let you pick where you get the ring? Would it be the same quality, e.g. AGS triple 0 ideal? I got my ring from whiteflash (thanks

) and if it ever gets lost or stolen I would like to be able to replace it from you guys as well.

 

[dimonbob]

In your appraisal and in your insurance contract, make sure you have the complete information A Cut Above brand, hearts & arrows with an AGS Ideal diamond grading report. Of course color, clarity and carat weight. Also a complete description of the ring. If you pay $5000 for your ring and the appraisal is for $9000, I would not insure it for the full $9000 if you can have it replaced for $5500 next year. I would insure it for maybe $6500 and keep track on the www.whiteflash.com website every year and see what your diamond is selling for. If it goes up close to the $6500, you can always move up your insurance.
Take the cash option, not the replacement. Jewelers Mutual uses jewelers to find a replacement and a jewelry store cannot do any better than you in getting an A CUT ABOVE diamond from Whiteflash.