Insurance question

[me1234]

How much would insurance, on average, cost for a $15K ring? Any estimates out there?

 

[trichrome]

No matter how much it will cost you, I strongly suggest you to get one.

Depending on your city, it will cost you around 250-300$ US/year (depending
also on the type of coverage).

Trichrome.

 

[The-Betrothed]

I have been quoted prices of around $10 per thousand.
Maybe this varies by geographic location.

Here is my problem/question-

I can't find anyone willing to insure my ring. I don't have a home-owner's/renter's policy and live in St. Louis, MO. I would really like to use Chubb. They have a nice blurb on their website for a special engagement ring policy and always insure for "agreed cash value".

My problem is that every Chubb referred local agent I call says that they are not willing to insure the ring by itself. I have talked to several. RocDoc gave me a name of a guy in Louisana I think who also can write Chubb policies, but I could never get that guy to call me back. I need to insure a $10,000 ring and I am beginning to wonder if these people think that it is not valuable enough (to them) to insure.

Any suggestions or referrals would be more than welcome. Please don't give me names of people that will not return my phone calls.

As always, thanks to the posters on this board, I would be lost without you.

The-Betrothed

 

[NewbieHere]

I had a Chubb agent in Houston write a policy about a week ago. Fax a request to Karen at 281-249-8006. The cost of the policy depends on the value of the ring and details about where the ring will "live" i.e., does the place have an alarm, smoke detectors, etc. Hopefully she will be able to help you too.

 

[Boulder]

I'm going to have to start worrying about the insurance question soon myself and was wondering about the homeowner's insurance option. Now, I have homeowner's insurance, but the ring will be at her place and I'm not even sure if she has renter's insurance. Would an insurance company even allow my coverage to cover her ring in that kind of situation?

 

[The-Betrothed]

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On 7/29/2003 10:21:16 AM Boulder wrote:

I'm going to have to start worrying about the insurance question soon myself and was wondering about the homeowner's insurance option. Now, I have homeowner's insurance, but the ring will be at her place and I'm not even sure if she has renter's insurance. Would an insurance company even allow my coverage to cover her ring in that kind of situation?

----------------

A friend of mine who is a homeowner said that his insurance would not cover the ring unless it lived under 'his roof'. This probably varies by company. Also, many companies only cover a dollar limited amount of jewelry by default and have 'replacement' policies vs. 'agreed cash value' policies.

The difference between the two is basically the difference between the insurance company replacing the ring with something they feel is equal vs. writing you a check for a predetermined amount in the event of damage/theft/loss.

TB

 

[Boulder]

Hmmm...sounds like I probably should start looking at insurance options outside of homeowner's insurance...thanks.

 

[princesscut]

My husband insured my ring through State Farm for about $ 150 per year give or take. We paid $12K but it appraised for $18K. I'm not sure of the details but if you'd like to know I can find out.

 

[Abazias]

Try http://www.jewelersmutual.com. I used them when I was a college student living in an apartment and did not have homeowners insurance.

Felicia

 

[Boulder]

Thanks for the info! I actually have State Farm as well. Maybe when we're under the same roof that'd be a good option...

 

[princesscut]

No problem! The only wierd thing was that State Farm wouldnt let us put it on the same policy as our renters insurance. We had to have a separate policy for the ring. That was fine with me, as long as its insured.

 

[kiwifuz]

If you decide to go with State Farm, or any other run of the mill insurer you may want to browse these boards for others experiences. From what I've read S.F. (who I have also) offers replacement. they tell you where to go and give you what they think is equivalent. So unless you cover all of you bases, meaning don't just say you have a 1 ct D VVS2 diamond solitare set in platnium, you have to be specific about brand, cut, etc or else they can give you anything that fits those specs. Also the seperate policy is the norm. A normal renter/homeowners policy will only cover something up to $1000, over that you have to get a seperate policy to cover the object.

 

[princesscut]

We actualy showed the Apprasial as well as the GIA report and had the lady make a copy to keep in our file. Thanks for that info K. Mabe we need to re-think our policy with SF. Thanks!

 

[kiwifuz]

I'd say that's fine, although if you took the time to look for a stone with ideal proportions then I'd make sure that info is included. So unless the appraisal mentions them I'd find a way to get them in there. No point in ending up with a GIA diamond with the same color and clarity and size info if you'll end up with a bad cut in the event of a loss....

 

[Fansidar]

The devil is in the details when it comes to insurance. As a result, the price of two policies can vary significantly even though they purport to offer similar coverage. Cheaper is not always better because you may be getting less than the more expensive policy. Before purchasing a policy, you want to make sure you understand, among other things, (i) the form of recovery and (ii) the type of loss that is covered.

(1) Form of Recovery: Under some policies, the insurer will write you a check for the stated insured value (i.e., you buy a $10,000 policy, you get a $10,000 check even it would cost only $8,000 to replace the ring). Others will pay only the actual replacement cost up to the value of the policy (i.e., you buy a $10,000 policy, you only get a $8,000 check because it would cost $8,000 to replace the ring). Some may restrict the dealers you may use to replace the ring.

(2) Type of Loss Covered: Some policies protect against some types of losses but not others. You're probably protected if a burglar steals the ring from your house. Are you protected if it is stolen from your hotel room while you're on vacation? Does it make a difference if you're on vacation in the United States or abroad? Are you covered if you accidentally leave the ring in a public bathroom? What if you accidentally drop it down the drain? What if you're not sure where it went? What if it chips during a car accident?

Hope this is helpful.