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Insuring that small fortune

IbrahimSS

Rough_Rock
Joined
May 18, 2011
Messages
71
Hello

I know this question has probably been asked (I searched and read a few things already) and I'm not sure if this is the right forum for it. I'm just going to list out my questions because I have quite a few. I read I'll be spending about 1.5% a year on the insurance. Ah bleeding money on this ring....

  1. How am I supposed to go about getting insurance for this darn stone?
  2. I heard people use Chubb or Jeweler's Mutual or State Farm. Are there any others I should get quotes from?
  3. Does anyone have any experience with the above insurance companies? ie which do you recommend?
  4. I don't have a house. Do I need one for this?
  5. My understanding is I will need to get an appraisal. Can my retailer (GOG) do that?
  6. What else do I need to know about this?

Thanks
Sam
 

Stone-cold11

Super_Ideal_Rock
Joined
Sep 9, 2008
Messages
14,069
Only has experience with Jeweler's Mutual.

They just need you invoice, last time I check. They may have changed since then so check. Don't need a house, JM is a standalone insurance. Chubb maybe, but for those rider on rental/housing insurance, you will need a rental/housing insurance.
 

diamondseeker2006

Super_Ideal_Rock
Premium
Joined
Jan 11, 2006
Messages
56,280
What is the value of the ring? Chubb seems to only be insuring higher priced items, but I think it depends on the individual agent as to what level they will write a policy for. I really prefer insuring for purchase price as opposed to an inflated insurance value, so ask GOG if they would include the purchase price as part of their appraisal.

I have Chubb and chose it because they will write a check for the insured amount. But I think JM is good, too.
 

centralsquare

Ideal_Rock
Joined
Jan 18, 2009
Messages
2,201
I've used jewelers mutual and state farm. i'd recommend both. one thing on the appraisal...i agree that you don't want to insure the inflated price but one thing to keep in mind is that prices continue to rise. so insuring it at what you paid may result in being under insured. i just raised the value of my coverage b/c, if something were to happen now, i wouldn't have been able to fully replace.
 

jstarfireb

Ideal_Rock
Joined
Mar 24, 2007
Messages
6,232
centralsquare|1311452962|2975412 said:
I've used jewelers mutual and state farm. i'd recommend both. one thing on the appraisal...i agree that you don't want to insure the inflated price but one thing to keep in mind is that prices continue to rise. so insuring it at what you paid may result in being under insured. i just raised the value of my coverage b/c, if something were to happen now, i wouldn't have been able to fully replace.
Ditto; I chose an insurance value between the price we paid and the appraisal value. I wanted to leave some room for inflation and not overpay at the same time. However, with the way diamond prices have been skyrocketing, I think I'll have to increase my coverage soon.

I went with JM and have had no complaints. My engagement ring was not expensive enough to be insured by Chubb (I think their minimum value is $10k).
 

centralsquare

Ideal_Rock
Joined
Jan 18, 2009
Messages
2,201
jstarfireb|1311453299|2975417 said:
However, with the way diamond prices have been skyrocketing, I think I'll have to increase my coverage soon.
Me too...and I just increased my coverage. Not sure what;s going on with diamond prices, but it's insane!
 

IbrahimSS

Rough_Rock
Joined
May 18, 2011
Messages
71
The stone was about 37k and the setting about 4k. I'll try them all and compare rates.

I'm not totally sure what the best deal is. Like you guys pointed out, you can go with the purchase price but replacement will likely be more. I think however you're almost better off getting the savings on the insurance and paying the extra out of pocket in the (hopefully unnecessary ) case you have an issue with it.
 
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