Insurance Quote Check- Chubb

[Justinkeats]

I was hoping some of the PROS here could help me out. I am in the process of insuring my fiance''s e-ring through Chubb. I have no other insurance through them. They quoted me a premium of $888 for a value of $29,500. I live in Los Angeles. Does that sound about right? Thanks in advance for any help. Justin

 

[kcoursolle]

That sounds about right to me. Los Angeles premiums are high due to the high rate of crime. I''m here as well and it sounds similar to the premium I pay at jewelers mutual.

 

[jaz464]

I don''t know what the prices are like in LA but I would shop around and compare. Check out Jeweler''s Mutual and State Farm (I use S.F. and am very pleased with the service).

 

[climb2cloud9]

Yeah, definitely check out jewelers mutual. I got my ring insured with them recently and it was $300/year for ring value of 15K. super easy too.

http://www.jewelersmutual.com/

 

[surfgirl]

Yes, that sounds about right as LA has a very high rate due to theft rates there (at least I think that''s why the rates are higher). Be aware that your best coverage with the least hassles will be Chubb. JM and SF use a replacement format where with SF, you have to go through one of their approved local jewelers to get them to replace your ring and if you dont approve of their selection, you can get the money, but it will only be for the amount the approved SF jeweler could replace it for. Meaning, you wont get the full amount in a check. Chubb''s the only one to do it that way and my understanding is that they just give you a check for the entire insured amount, done deal, and you replace it yourself. I prefer that so i went with Chubb. I think there is some leeway with JM but it''s not as easy as Chubb is.

 

[diamondseeker2006]

Gosh, I don''t see how anyone affords to live out there! I have $24,000 of Chubb coverage for around $275!!!

 

[jaz464]

Date: 5/30/2007 7:48:29 PM
Author: surfgirl
Yes, that sounds about right as LA has a very high rate due to theft rates there (at least I think that''s why the rates are higher). Be aware that your best coverage with the least hassles will be Chubb. JM and SF use a replacement format where with SF, you have to go through one of their approved local jewelers to get them to replace your ring and if you dont approve of their selection, you can get the money, but it will only be for the amount the approved SF jeweler could replace it for. Meaning, you wont get the full amount in a check. Chubb''s the only one to do it that way and my understanding is that they just give you a check for the entire insured amount, done deal, and you replace it yourself. I prefer that so i went with Chubb. I think there is some leeway with JM but it''s not as easy as Chubb is.

My S.F. agent told me if something happened to my diamond/ring that I would get be cashed out. I believe it differs depending on the agent.

 

[dani13]

Date: 5/30/2007 7:57:15 PM
Author: diamondseeker2006
Gosh, I don't see how anyone affords to live out there! I have $24,000 of Chubb coverage for around $275!!!

DS-

Do you insure ALL of your jewelry with Chubb? I only insured my e-ring through them, but I have been thinking a lot about insuring all the rest of my jewelry with them as well, since my homeowners only covers up to a minimum (small) amount if something were to happen to the rest of my stuff. Just wondering what you actually have covered under your policy with them...

Justin-

Sorry to hijack...I live in NJ, and I pay a $400 p/y premium for $18K worth of insurance with Chubb. So, I am inclined to say that the number you were quoted sounds about right. Chubb is more expensive than the others, but imho, totally worth the hassle and piece of mind....

 

[diamondseeker2006]

Date: 5/30/2007 8:49:11 PM
Author: Dani

Date: 5/30/2007 7:57:15 PM
Author: diamondseeker2006
Gosh, I don't see how anyone affords to live out there! I have $24,000 of Chubb coverage for around $275!!!

DS-

Do you insure ALL of your jewelry with Chubb? I only insured my e-ring through them, but I have been thinking a lot about insuring all the rest of my jewelry with them as well, since my homeowners only covers up to a minimum (small) amount if something were to happen to the rest of my stuff. Just wondering what you actually have covered under your policy with them...

Justin-

Sorry to hijack...I live in NJ, and I pay a $400 p/y premium for $18K worth of insurance with Chubb. So, I am inclined to say that the number you were quoted sounds about right. Chubb is more expensive than the others, but imho, totally worth the hassle and piece of mind....

I have always had my better jewelry insured on a rider on our homeowners policy. And by that, I guess I mean things that are worth more than about $2500. But after reading here about the problems with insurance replacement of lost or damaged diamonds, I felt like I'd only want a cash-out policy for my e-ring diamond and studs since I'd for sure want to pick out the stones myself (plus I wear those far more than all my other items so they are more likely to be lost or damaged). So I put those on Chubb and left a few other things on our homeowner's rider. (One more reason was that I didn't want to go to the trouble of getting a new appraisal on the other items in order to switch them over. I had appraisals and sales receipts on the new diamonds to give to Chubb.)

 

[dani13]

Thanks, DS!! I think I am going to look into this....