insurance question

[acegirl123]

Someone please tell me if this is reasonable for insuring a $20,000 ring and renters insurance

We are able to provide the following quote for you for your apartment insurance and scheduled jewelry from Chubb:

50,000 contents
500,000 liability
500 deductible
1 Scheduled Diamond Ring valued at $20,000

Total annual premium is $1187.00. We would we need a deposit check in the amount of $360.00 payable to Chubb Insurance along with a completed signed application and a copy of the jewelry appraisal.

 

[asscherisme]

Wow, that sounds high. But I have no idea where you live. I pay 1,050 for my homeowners and thats for a 4,000 square foot house! And I have my jewelry scheduled with state farm. It costs about 1 penny per thousand appraised so a $20,000 ring would cost me 200 a year. I have heard chubb is more expensive but I think they give cash out?

When I use to rent I paid about 300 a year for renters insurance. But I did not have any jewelry on there.

You may want to check out jewelers mutual as well.

My best friend who lives in Brooklyn, NY pays 4x what I pay for car insurance with the same company (state farm) and similar coverage. So geographic areas have a lot to do with it.

Did you get different quotes?

 

[dani13]

I have about $16 K worth of insurance with Chubb for my e-ring, and my premium is about $350 p/y. I live in the NY Metro area though. Chubb's policy are one of the best, but they also happen to be the most expensive. I guess it just depends on your comfort level. Do you have to get homeowners through them too? If you call around, I am sure you will find an agent that will just sell you a stand-alone policy for your ring....but I have to say that your ring insurance is probably about half of the amount you posted, and the rest is for the house.

 

[pahoyafan]

My fiance''s ring has a retail appraisal for about 21k, and Chubb denied me because they said it wasn''t expensive enough for a stand alone. We go through AllState now, and the agent let me insure it for what I paid, so it worked out in the end. Hopefully, someone who has had rental insurance can chime in.

 

[dani13]

Yes Pahoyafan, we ran into problems with getting a stand alone policy with Chubb for my e-ring too. We just had to keep calling around- different agencies have different rules. We eventually found an agent that would work with us.

 

[jasontb]

Let''s image you skipped the overpriced insurance and put the money in savings. It would be just under $100/month you would be saving. Put that in a mutal fund making 5% per year. In ten years you''d have over $15,000. In twenty years you''d have over $40,000. In thirty years...almost $85,000 dollars!

In the long run insurance is a waste. A HUGE waste. Unless you need it in the short term because you couldn''t stand the loss financially. As you can probably tell I am not a fan of insurance...but I may be the only person here who feels that way.

 

[Gonzodogg]

Date: 4/26/2006 7:59:04 PM
Author: jasontb
Let''s image you skipped the overpriced insurance and put the money in savings. It would be just under $100/month you would be saving. Put that in a mutal fund making 5% per year. In ten years you''d have over $15,000. In twenty years you''d have over $40,000. In thirty years...almost $85,000 dollars!

In the long run insurance is a waste. A HUGE waste. Unless you need it in the short term because you couldn''t stand the loss financially. As you can probably tell I am not a fan of insurance...but I may be the only person here who feels that way.

I don''t think that there is an insurance question that Jason hasn''t jumped in on to trash it. I wonder if there are any insurance reps here on PS that might want to pay you off.

Back to the first question - Chubb will probably charge you between $200-$300 a year to insure that ring depending on where you live. The extra cost is for all your other stuff so I cannot speak to that... BUT if the Chubb agent you are working with tells you that they cannot write a seperate policy just for your ring, they are not who you want to go with. Many Chubb agents will do a stand alone policy for just your ring.

 

[dani13]

Agreed, Gonzodogg. The only thing is that the insurance with Chubb is expensive- the premium will most likely be more than $200-300 per year for that ring. And Jason, insurance is definitely NOT a waste. I dont know about you, but I would not be able to stand the loss of my ring financially if something were to happen to it. It would be a waste to have it damaged or stolen and not have the insurance on it to replace it. We are not talking about a couple of thousand dollars here. And even if we were, I would still want insurance. It is that simple.

 

[londonblue]

well, it all depends on the amount of the rings in question right. i can imagine that losing a $20K+ ring would be pretty painful as it could be financially difficult to have to replace that with a similar valued ring - thus insurance.

but i'm getting a ering and band made for about $6K+, would chubb or any other insurance agency insure that amount stand-alone? and if so would it be worth the premiums? i could imagine that it would be more important for me to insure the rings early on as they have some emotional significance, and then wait and see as time goes on.

however, i can also see the point that jason is making, mutual funds can generate a lot more than 5%, many along the lines of 20-30% these days. even just a savings account, w/ today's current interest rates will return ~4.75%

 

[dani13]

Date: 4/27/2006 1:34:51 AM
Author: londonblue
well, it all depends on the amount of the rings in question right. i can imagine that losing a $20K+ ring would be pretty painful as it could be financially difficult to have to replace that with a similar valued ring - thus insurance.

but i''m getting a ering and band made for about $6K+, would chubb or any other insurance agency insure that amount stand-alone? and if so would it be worth the premiums? i could imagine that it would be more important for me to insure the rings early on as they have some emotional significance, and then wait and see as time goes on.

however, i can also see the point that jason is making, mutual funds can generate a lot more than 5%, many along the lines of 20-30% these days. even just a savings account, w/ today''s current interest rates will return ~4.75%

Yes, Londonblue, it definitely depends on the amount of the rings in question. Personally, I wanted a really good policy on my ring. I think if you call around you can get a Chubb policy, I know some people have had a problem getting stand-alone policies with Chubb, but you just need to keep calling agencies to find an agent that will work with you. I think it is up to you whether insuring your ring with Chubb is worth it. The bottom line is that Chubb is expensive insurance, but they carry one of the best jewelry policies out there. It just depends what your comfortable with.