insurance?

[hopelesslylost]

Are there any insurance companies that will write a check for lost/stolen/damaged jewelery? If so, what percent of the cost do they charge? I''m very worried about getting insurance that will offer to replace the ring. I mean, do they really know all that much about jewelery to be qualified to replace it?

 

[stone-cold11]

Which is why an accurate and updated appraisal is so important, so that the insurance company can know what to replace.

I think Chubb writes a check.

 

[atroop711]

I have chubb and they write out a check. They give you the what you paid PLUS more to cover the increase in diamond and setting prices

 

[Richard Sherwood]

Atroop, do you remember offhand how much your premiums are with Chubb?

 

[atroop711]

Date: 7/17/2009 7:04:26 PM
Author: Richard Sherwood
Atroop, do you remember offhand how much your premiums are with Chubb?

Hmm haven''t received my yrly statement yet but I think it''s like $240-ish for my e-ring alone. I just added my eternity band earlier this yr and that wasn''t more than an additional $40 per yr

 

[Sam82]

You can add a rider to your renter''s or homeowner''s insurance. I have an instrument valued at $2,400 and it only costs me about $15 a year to insure it.

 

[Amethyste]

I insure my ring with GemShield. my ring alone appraised close to $70,000 and the yearly premium for it was $425. They do not write a check though, only will replace with like/same.

also, not all homeowners insurance Companies want to insure higher valued jewelry items, my company ( Amica ) denied my request. So I had to turn to Gemshield.

 

[AmicusDye]

Based on what others have said, Chubb will write a check, but I have no knowledge of that myself.

I have spoken with Travellers and they write a check for the amount insured (which is based on the initial appraisal) *This is why you need to get it re-appraised every few years and send that information along to them so the amount insured, and in turn, your premium, is reflective of the actual loss. E.g., say your initial appraisal is $11,000 and you insure the ring for that amount, if you lose the ring 5 years later, you know you''ll get your $11,000, but you would have been better off paying a slightly higher premium if the ring was then worth $15k.

Jeweler''s Mutual posts a sample policy on their site and it clearly states that it is their option whether or not to replace the item or pay out the actual cash value. I make no judgment about their approach but based on my experience in the insurance industry in general, it would be highly unlikely that they would just pay you the money unless you are underinsured, as that would be most profitable for them.

The reason some people don''t just have endorsements to their home/renters policies is because (depending on the state) that amount is capped. In California, I believe the endorsement is limited to $10k, so if we use the $11K example from above, you could not just add it to your homeowners/renters policy and would have to get a new policy under Chubb, Travellers, JM, etc.

Also, don''t put to much stock in what other people pay for their insurance... there are several factors, not the least of which is the deductible they choose. Usually, yearly jewerly insurance premiums are calculated on a about 1.7% - 1.9% of appraisal value, then you start subtracting from there....other credits for carrying additional items or policies, home alarms, high deductibles, etc.

Try to learn as much as you can...it gets glossed over a lot but it''s really important to know.