Insurance question, HELP PLEASE -CPR needed [:bigsmile:]

[guslik]

Hello everyone!
I have a question about insurance now.
I read posts on this forum regarding insurance and decided to go with either Chubb or Jewelers Mutual. Now before I go shopping for insurance, I''d like to know a little more about process. In someone''s post I read about different types of polices:
1) ACV (Actual Cash Value)
2) REPLACEMENT
or
3) AGREED VALUE (or sometimes called Valued At),
Can someone explain me what does it mean? Basically I want to know what these policies cover.
In addition, my ring is appraised more than twice than what I paid for it , how much should I appraise it for??
Lastly, I have two appraisals; first from the company, I bought my ring from and second from independent gemologist. Which appraisal do I use for insurance purpose?
First I thought that to buy insurance for a ring is a big waste of money, but honestly, now I''m scared to have my ring uninsured, what if I chip or loose the center stone??

I know many people on this forum got their jewelry insured; I would like to hear opinions from everybody.
Thanks!!!

 

[Mara]

I guess we have ACV through Chubb. If something happens to the ring and its deemed accidental and I decide to have it replaced, they just cut me a check for the insured value. End of story.

I wasn't comfortable with 'Replacement' since as we all know, there is more to a diamond purchase than what is listed on the GIA cert. I was fearful that I'd get my stone replaced with something that looked similar on the cert but in actuality was too deep or too thick of a girdle or who knows. I'm sure the State Farm people don't hang out on Pricescope reading about the ins and outs of diamonds!

This way we are covered, it wasnt too much more $$ and I know that we get the cash if anything happens. Our ring appraised at close to what we paid, so we didn't have the dilemma you are having with the appraisal...but also we did not want an inflated appraisal because then you have to pay the extra insurance on it.

While you are searching, ask which co's require you to insure for the appraised amount vs what you want to insure it for or vs what you paid. Some co's have guidelines and others don't.

Good luck! I would highly recommend insurance for an eRing, esp if it was an expensive purchase where it will be financially difficult to replace the ring should you not insure it and something happens.

 

[fire&ice]

Sometimes it depends on the relationship you have w/ your broker. Chubbs w/o question will give you the amount of $ insured. If you choose to go w/ a replacement policy, make sure you have as much information as possible on the stone (sarin, etc), they will have to get you a like stone.

I look at scheduling my good jewelry as a necessary evil. It's something you wear everyday.

 

[guslik]

Thanks Mara!

Anyone else? BTW, people, try to save your energy and don't argue with Jlim , it is obviously he is just waiting to fight with someone.

 

[jlim]

Oh, and to think I was just going to give you some advice. Well, I'll give it anyway. I don't get offended easily

I believe e-ring policy is separate from a homeowner's insurance policy that covers you from theft, burglary, fire etc.

So, in another words, ask your insurance agent specifically what it takes to insure the e-ring. But from reading your post, it seem you are looking to insure it by itself and not part of a homeowner's insurance nor renter's insurance.

Make sure the deductible is not too high either

 

[Mara]

guslik..yes I think we ALL agree on that point!!

 

[guslik]

Hi Again!
Thanks for info.
My homeowner's insurance company is State Farm; I am thinking to go with Chubb because I heard that they have many different policies to choose from for e-rings. Is it a problem that my homeowner's insurance company is not Chubb?

 

[Mara]

I don't know how many policies Chubb has for e-rings. I just called and said I wanted ring insurance, they said fax appraisal if you want that amount, I did and it was done. There wasn't alot of options...they cover everything and cut you a check. I don't think they do replacement, etc like other co's do. I liked that it was simple.

Yes they will insure you without a homeowners policy, but be sure to call them directly and not go through a Chubb agent..the agents will tell you different things than Chubb reps themselves. I just called Chubb directly and spoke to them. I don't have the # but it was posted recently in other Chubb posts.

Good luck!!

 

[fire&ice]

NiceIce likes & does some replacement for State Farm. Perhaps they can chime in.

I schedule my jewelry w/ my homeowners ins. It's easier. My policy is somewhat nebulous. I have been told that I would be given the $ since my contacts are better than his contacts. I have no reason to doubt his word - as he has delivered in the past. We had a break in & we reconstructed a 19th c door for less money then his contact. But, this is after years of a relationship.

Again, the most important thing is to document your stone out the wahzoo. Also, if you went w/ a replacement policy, don't submit an appraisal for 2x the amount. Research a reasonable amount for replacement of your stone. Remember, for the most part, insurance co. are given preverential pricing for stones.

Above all, it *is* a necessary evil unless you are willing to absorb the hit.