Insurance premium question

[Missy]

Hi everyone,

I was searching this issue but I still have a few questions.
I wanted to originally go with Chubb but it would have been exactly double what we are paying now with Hanover.
Chubb pays $replacement value but Hanover won''t do that. They will pick a ring that is as close as possible. Obviously not ideal at all but we just couldn''t afford Chubb. Hanover is costing us $1100 per year as it is!
We live in NYC.

Just wondering if anyone has an insurance policy they like that is affordable. preferably one that pays$replacement value vs them picking the ring.

Thanks for any insight and help!
Missy

 

[neatfreak]

Jeweler's mutual is great. They don't cash out like Chubb, but their policies are cheaper. What they DO provide is the assurance that you can work with any jeweler you want for your replacement. So you won't get screwed because YOU pick who to replace it with.

Your ring must be worth a lot of money to have premiums at $1100!

 

[Skippy123]

Date: 7/10/2008 11:05:53 PM
Author: neatfreak
Jeweler''s mutual is great. They don''t cash out like Chubb, but their policies are cheaper. What they DO provide is the assurance that you can work with any jeweler you want for your replacement. So you won''t get screwed because YOU pick who to replace it with.

Your ring must be worth a lot of money to have premiums at $1100!

That is good to know!! I hope you find someone reasonable Missy!

 

[neatfreak]

Date: 7/10/2008 11:07:15 PM
Author: Skippy123

Date: 7/10/2008 11:05:53 PM

Author: neatfreak

Jeweler''s mutual is great. They don''t cash out like Chubb, but their policies are cheaper. What they DO provide is the assurance that you can work with any jeweler you want for your replacement. So you won''t get screwed because YOU pick who to replace it with.


Your ring must be worth a lot of money to have premiums at $1100!

That is good to know!! I hope you find someone reasonable Missy!

Yeah, our claim with them was very easy. They said "call your jeweler, have them write up a replacement quote, and have him contact us". So I called Mark at ERD, he told JM how much it would cost to replace, JM said go ahead, Mark did it, and then I got the ring and he got paid. VERY easy and of course I was sure Mark wasn''t ripping me off in the process.

 

[Missy]

Thanks so much neatfreak and Skippy.

We have Hanover and my husband has left it to me if I want to change our policy. I went with the recommendation of our insurance agent and of course until you have a problem you won't know how difficult it will be! So that's great news about Jewelers Mutual. I am going to call our insurance agent in the AM and see how much it will be. Getting to choose the jeweler you want to work with is peace of mind for sure! And now that I am a PS'er I would choose one of the many beloved jewelers you guys love.

ETA: I just emailed my insurance agent. I hope she can work with Jeweler's Mutual.

Thanks so much guys!
Missy

PS If anyone else has Hanover I would love to hear from you too!

 

[neatfreak]

Missy, just to clarify, Jeweler''s Mutual is an independent insurance company, so I don''t know why you''d work with an agent (except one of theirs) to get a policy through them? Best just to call JM directly IMO...

 

[Missy]

Oh, thanks neatfreak.
Guess my agent will probably tell me that she can''t work with them then.
OK, I will call them directly.
Thanks again.

Missy

 

[Missy]

I just called J.M. and spent 15 min or so on the phone going through a preapproval process and so far so good. The quote was $1,050 per year so similar to Hanover but I get to pick the jeweler!! So, I think I might change policies. Just have to speak to my insurance agent to cancel Hanover if I do. Any comments or suggestions or warnings LOL?

Thanks so much Neatfreak!

Missy

 

[neatfreak]

Date: 7/11/2008 9:28:21 AM
Author: missy
I just called J.M. and spent 15 min or so on the phone going through a preapproval process and so far so good. The quote was $1,050 per year so similar to Hanover but I get to pick the jeweler!! So, I think I might change policies. Just have to speak to my insurance agent to cancel Hanover if I do. Any comments or suggestions or warnings LOL?


Thanks so much Neatfreak!


Missy

I don''t think so...JM has been great to me, and many other on this board have been very happy with their services. The key is knowing a jeweler you trust, then you can be sure that whatever replacement you get is exactly what you want.

The other thing is to make sure your appraisal isn''t overinflated or else you are paying premiums on something you will never collect on. The way to know this is to see if your appraisal is like 2x what it would cost to purchase your ring again today? If so, it''s overinflated and I personally would get an appraisal that isn''t so you can save $ on premiums. Also make sure you send them a copy of your GIA certificate and pictures just to be on the safe side. Include brand names in the appraisal if there are any. Then you will be COMPLETELY covered.

 

[Missy]

Thanks again.
Our appraisal is the exact amount for what it would cost to replace now. We just wouldn''t be able to replace the ring though if we did not have insurance. Right now it''s through a rider on our home insurance policy but they pick the ring and use their jeweler so I don''t care for that at all. I don''t have a trusted jeweler right now but I would hopefully be able to use one of the PS jewelers as you guys rave about them so I trust that.

I am a bit nervous to switch as I won''t be using my insurance agent that we have used for everything else but I believe J.M. is a superior jewelry insurance company based on the experience by you here.
Hopefully we will never have to use them to replace the ring but just in case, peace of mind is everything and next to our homes this is the most expensive purchase we have ever made.

Thanks Neatfreak!

Best wishes,
Missy