Insurance?

[nicknamehere]

Hey guys,

I finally went ahead and purchased a diamond and I am having a setting made now.

I wanted to go ahead and get set up with some sort of insurance, but I really do not know how it works or who to go to. What are the different types of policies, and what do I need to do? I paid about $19k and my jeweler appraised it for $24k.

Any advice would be appreciated. Thanks!

 

[slg47]

popular options are jewelers mutual or getting a rider on your home insurance policy. Is the stone being set by the vendor who sold you the stone? if so it is most likely covered during the setting process (check with jeweler). If not then you would likely want to get an insurance policy in place during the setting process. Jewelers Mutual will do this with the appraisal for the stone and an estimate of the setting cost.

 

[centralsquare]

Jewelers Mutual is a common choice. Do you have homeowners? You could also add it to your policy. JM makes it very easy if you purchase from select vendors but all you'd need is the appraisal. While you paid less than what it's appraised at, given the trend of increasing prices, it's probably better safe than sorry!

 

[nicknamehere]

Thanks, I do not have homeowners. Any others besides JM?

Also, what kind of details should I be looking for on the policy? Replacement vs cash, or I select the replacement?

I saw Chubb come up a few times, are they good? I guess I just look for a local agent?

 

[Regular Guy]

State Farm's another.

I checked the one reference we used yesterday for Chubb with success for awhile, Touchstone. Reportage now is their minimum valuation for consideration of insuring is $60K. So, though I no of no one doing Chubb for new insurance (several people seem to be doing re-insures, if you've had an agent do it before) now...if you find someone, let us know. Or, maybe scouring this board will turn up something I've missed, based on my only casual review.

Best,

Ira Z.

 

[nicknamehere]

Thanks. Anyone know the difference in coverage between JM and Chubb? I'm looking at about a $200 difference in premiums between the two.

 

[Regular Guy]

So, Nick, you found an option to get Chubb? You should share with others here who the agent is.

Generally, the difference between these two is somewhat substantial, and by type.

Chubb would cash you out, allowing you to start again with whatever you like...maybe even pay you more...other Chubb accecionadoes could say more.

With JM, they'd make you whole again with a replacement jewelery piece, of like kind.

People usually favor the former.

Ira Z.

 

[nicknamehere]

Interesting. I just went to the Chubb website and shot an email to any of the local agents.

So you think the $175 extra is worth it for Chubb? It's about $325 vs $500.