Insurance questions (Canada)

[bose]

I know this isn't the first thread on this topic, and I have tried to read many of them from the last 5 years or so.

From what I have learned so far, my only options in Canada (Ontario) are: home insurance and Jeweler's Mutual.

I will still have to get hold of a claims specialist of my home insurance tomorrow in order to make my final decision, but after initial research Jeweler's Mutual seems like the cheaper option and the coverage seems pretty comprehensive. I also appreciate that as Canadian I would be able to get a replacement from the US (which is where I bought the diamond). In addition it sounds great that I can get the loose diamond insured while it is being set at a local jeweler.

My questions:

(1) For all Canadians, what are your experiences with home insurance vs Jeweler's Mutual?

(2) Is there anything I need to be aware of about Jeweler's Mutual' coverage? For example, what would happen if my fiancee loses her ring on a trip abroad? Would we still get insurance once they replace the ring? From what they said it sounded like their rates wouldn't change in case of replacement but insurance would have to be approved by a specialist... Are you traveling abroad with your valuable jewelery?

Thank you in advance!

 

[breanne]

I'm Canadian and just went through JM because jewellery is their focus. I don't know how diligent homeowners insurance would be for the specific jewellery you're insuring, also, I believe it would only be covered should something happen within your home, not while away or otherwise.

JM has a lot of information provided on their website, as well as a mock policy you can read over. I do believe, if my memory serves me correctly, the jewellery is insured while travelling with JM.

 

[flyingpig]

https://www.jewelersmutual.com/jewelry-insurance-policy-information
https://www.jewelersmutual.com/jmweb/assets/MediaLibrary/pdf/JewelersMutualSamplePolicy2014.pdf

Yeap. it is world-wide coverage.
I never travel with luxury items (except my wrist watch and wedding band).

 

[RaiKai]

The differences for me between JM and any homeowner's rider was significant. For me JM was a no brainer.

I have made a claim with JM. No, it did not affect my premiums, I could add the replacement, and keep coverage. A claim under homeowner's can cause a rise in premiums (with original insurance company and future ones) and even no offer of renewal in the future.

JM does cover if you are travelling worldwide, but even more importantly it covers mysterious disappearance which is one of most common types of claims. They also have coverage extensions for newly acquired items, you can work with a jeweler you choose, etc.

Read the policies for both carefully, but like I said, for me JM was above and beyond any homeowner's riders I checked out.

I only travel abroad with some of my less meaningful, easier to replace jewelry, or a simple band etc. Even with insurance some of my items - like antiques or heirlooms - cannot ever truly be replaced in the same way. I do know some women will always travel with their engagement ring and just make sure it is insured. Your fiancee will have to decide what feels right for her.

 

[rubybeth]

Have been very happy with my JM insurance, though I'm not in Canada. I don't travel with valuable jewelry, but it would be covered if it was lost/stolen while traveling.

 

[bose]

thank you all very much for your responses! they are very helpful!

i'm glad to hear about your positive experiences with JM. i'm inclined to go with them. i did talk more with my home insurance (TD) but i'm never very sure how competent the people i talk to really are... the person on the phone claimed that with their platinum plus policy i could even get paid in cash in case of mysterious disappearance/loss/theft (world wide), if i prefer that. that seems too good to be true, no? (in any case, they definitely do cover jewellery even outside one's home)

i do appreciate the point that if i have any claim with home insurance, my premium may well go up.

thank you for the sample policy, breanne and flyingpig! thank you also for your comments on travel!

 

[hawk25]

Another Canadian here, just finished a repair with WC covered under JM (lost a melee stone). Process overall went smoothly, WF invoiced JM directly after I informed JM of the claim. The only hiccup was that a day after the ring was shipped from WF to me, I got a call from Fedex saying that taxes were owed on the repair. I tried explaining that it was paid for by insurance and that it was a repair job, but since the corporate invoice had an amount on it (WF's invoice to JM), then it was up to Canadian customs on whether tax was due or not. Maybe the customs rep was having a bad day. I got the impression from the WF reps that this wasn't the norm.

I called WF and they asked Fedex to charge the taxes to their account (superb customer service), but I do wonder what would happen if I was getting an entire wedding set replaced. Absorbing ~$30 is a lot different than $500+ in taxes. There are no taxes calculated on the WF invoice since it's an out of state sale.

 

[bose]

glad to hear you are making good experiences with JM from canada and with a US vendor, hawk25! (apart from the tax issue)

i received my loose diamond in the mail(!) and called JM to insure it for the setting process. everything has been smooth and easy so far! insurance cover should start within 1-2 days.

 

[rubybeth]

Forgot to add, I have also made a claim and premiums did not go up. Glad to hear that getting coverage is going smoothly!