Insurance

[Hkmitsui]

Hi everyone,

My mission is finally complete. I got the stone I am happy with and had to all set. In fact, I'm planning on proposing today. I wanted to thank everyone that replied to the posting I had before. The help was amazing. You guys rock. I will post a pic of the ring when I can. Now on to this post. Any one knows any good options for insurance? I checked out jewelers mutual and they seem expensive to me. Or is it due to the zero deductible? Is that necessary to have zero? I checked out state farm and it seems to be a shade cheaper. Just wondering if anyone had suggestions

Special shout out to gypsy and web diva. You guys are awesome

 

[webdiva]

Thank you! You're very welcome! We're so happy when we save people from the bad mall diamonds!

The main thing is to check the policy to see how they handle claims. Will they replace the diamond with a diamond THEY picked out? Or just give you a choice of a few diamonds they picked out? After spending so much time researching a diamond, *I* want to be the one picking out the new stone. With JM, you can pick the jeweler you want to work with for the claim. I'm not familiar with State Farm's policies - so you'd need to read it through (and not believe anything they tell you verbally). Good luck!

 

[ponder]

I have a personal articles policy added to my State Farm homeowners policy that covers all of my diamond jewelry. It is a cash payout policy which I have fortunately never used. The replacement value is determined primarily by receipt, or in the case of inherited/gifted items, by appraisal. There is a zero deductible and my agent assures me that he is usually able to issue a check within about 48hrs of a claim. Also a claim does not affect my homeowners premium since it is technically a separate policy like auto.

 

[TRIALnERROR]

You may want to check to see if you qualify for insurance through USAA. Not only are their rates more competitive than JM, but USAA gives you several options for replacement, including the option of selecting your own jeweler. They will (based on your appraisal): 1) offer to source a replacement through their store; 2) offer a replacement through any jeweler of your choice; 3) offer replacement value payment; or 4) in the case that your property is under-insured, they will offer you a cash payment for your total policy limit. If you opt for a replacement ring, they are required to use equal or better/bigger GIA certified diamonds to your satisfaction. The best part is they let YOU decide the option you want to take. Also, their customer service and turn-around for processing claims is outstanding.

 

[Hkmitsui]

Anyone knows what the typical deductible should be for a $18500 appraised ring?

 

[LibbyLA]

JM lets you choose your deductible.