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Jewelers Mutual vs. Homeowners for erings over 2.5 ct

po720

Rough_Rock
Joined
Aug 8, 2016
Messages
73
Hi all,

I just insured my loose stone with JM before getting it set and was hoping for any more recent experience with JM or homeowners insurance on ring issues like loss, damage, etc. I know my homeowners policy covers theft and you need a police report but I would have to clarify what types of "loss" are covered and they definitely do not cover damage like JM does, in the event that the stone gets chipped during setting or something. Has anyone else had positive or negative experiences with claims of any kind with JM or their homeowners coverage of their pieces?

Thank you all in advance!
 

RaiKai

Brilliant_Rock
Joined
Mar 8, 2010
Messages
1,255
I have made a JM claim before.

It was for a loss. I had an idea of where I lost it, but not exactly how, so it was one of those mysterious loss situations.

I can't say enough great things about JM. Not only do they cover of course added items, but they have extensions for newly acquired items, coverage for preventative repairs (like prong retipping), cover those mysterious disappearances that are probably the most likely thing to happen, and so on.

It was not a huge loss moneywise (under $3,000), but it was still an unwelcome one.

I opened a claim, and then had to send them some documents (proof of purchases, my own sworn statement, statement from someone I had reported loss to, name of jeweler I wanted to work with). Within a week I was approved to go ahead with my jeweler who I dealt with directly and I had my replacement not long after. JM paid my jeweler directly. I added the replacement item to my coverage as well.

Best part is...no increase in premiums, and they did not cancel on me (as homeowner's can do).

It is far more likely you will deal with a loss/disappearance or damage, IMO, than a theft. So I would recommend coverage that covers those perils, whoever you go with. You also need to look at whether your Homeowner's would cover you when traveling and so on - some don't, even some riders don't.

For something like 2.5ct with very specific specifications, I would absolutely recommend JM. You want control of any replacement. Lots of homeowner's policies and even riders do NOT give you full control of the replacement - they choose jewelers, stones, and so on.
 

po720

Rough_Rock
Joined
Aug 8, 2016
Messages
73
RaiKai,

Thank you so much for your detailed and thoughtful response! My homeowners would give a cash replacement of the appraisal value but only for theft or loss, not damage and I'm not 100% on the terms of the loss are :/ It's more expensive than JM and I really liked the fact that JM covers damage and mysterious loss. As you said, these are much more likely to happen! Would you mind sharing if you would recommend opting for the deductible or not? The difference in price for the 0 deductible option is almost $50 more annually than the $100 deductible option, but I'm not sure how much preventative repairs cost on an annual basis or if it's something that needs to be done less frequently and isn't that pricey? Thank you again so much!
 

Rockdiamond

Ideal_Rock
Trade
Joined
Jan 7, 2009
Messages
8,449
We've had amazing experiences working with our cients who are insured by JM.
I can't say enough good things about them.
For me, part of their superiority over "normal" insurance is their specialization. For example, when a client damaged a very costly micro pavé ring, JM had the basis of knowledge to understand that you can buy a halo for $1200, or $5k.
JM knows the difference.
 

LLJsmom

Super_Ideal_Rock
Premium
Joined
Oct 24, 2012
Messages
10,064
I have a personal collections policy with my homeowners. Worked great on a lost claim.
 

Rockdiamond

Ideal_Rock
Trade
Joined
Jan 7, 2009
Messages
8,449
If people have had good experiences with homeowners ( or not) it might be very informative to know which specific companies are performing well and otherwise.
 

po720

Rough_Rock
Joined
Aug 8, 2016
Messages
73
LLJsmom|1473967764|4077024 said:
I have a personal collections policy with my homeowners. Worked great on a lost claim.
LLJsmom, thank you for sharing! Did you have to go through any arduous process to "prove" the loss or were they easy to deal with? This is my biggest fear (as I'm sure is all of ours as theft is so much less likely) - losing the ring...
 

po720

Rough_Rock
Joined
Aug 8, 2016
Messages
73
Rockdiamond|1473967584|4077022 said:
We've had amazing experiences working with our cients who are insured by JM.
I can't say enough good things about them.
For me, part of their superiority over "normal" insurance is their specialization. For example, when a client damaged a very costly micro pavé ring, JM had the basis of knowledge to understand that you can buy a halo for $1200, or $5k.
JM knows the difference.
Rock diamond, thank you so much for sharing! My jeweler said they file claims with JM frequently but he mentioned appraising for higher than the bought value bc JM doesn't reimburse him for 100% of the appraised amount? Can you speak to this at all? He was going to originally appraise the stone for almost double what I paid for it (as well as retail pricing on the setting) and that is hiking up the premium to almost double annually so I'm not sure if I should have him bring down the appraisal amount closer to 20% more than the actual price paid?
 

po720

Rough_Rock
Joined
Aug 8, 2016
Messages
73
Rockdiamond|1473968005|4077025 said:
If people have had good experiences with homeowners ( or not) it might be very informative to know which specific companies are performing well and otherwise.
This would be amazingly helpful as I wouldn't feel comfortable prying for more information myself.. Allstate provides theft and loss worldwide so you are covered on vacation and it's a cash payout of the full appraisal value.
 

diamondseeker2006

Super_Ideal_Rock
Premium
Joined
Jan 11, 2006
Messages
56,297
po720, I am not the person you asked, but I would change jewelers! The price you paid is what the retail replacement value is on your ring if it was bought recently (and in fact, most diamond prices are lower now than they were 4 years ago). So under no circumstances would I agree to an appraisal that was more than 10% more than purchase price (if purchased new retail). An inflated appraisal only costs you more in premiums!!!! I insure for exactly what I paid an not one penny more! So far, I have not had to raise my coverage amounts because diamond prices have gone down over the last 4 years.

I'd always keep jewelry on a separate policy. I wouldn't want a jewelry claim to cause my whole homeowners policy to go up, and it could. Claims can make it harder to get new insurance in the future, as well.
 

Rockdiamond

Ideal_Rock
Trade
Joined
Jan 7, 2009
Messages
8,449
po720|1473968413|4077027 said:
Rockdiamond|1473967584|4077022 said:
We've had amazing experiences working with our cients who are insured by JM.
I can't say enough good things about them.
For me, part of their superiority over "normal" insurance is their specialization. For example, when a client damaged a very costly micro pavé ring, JM had the basis of knowledge to understand that you can buy a halo for $1200, or $5k.
JM knows the difference.
Rock diamond, thank you so much for sharing! My jeweler said they file claims with JM frequently but he mentioned appraising for higher than the bought value bc JM doesn't reimburse him for 100% of the appraised amount? Can you speak to this at all? He was going to originally appraise the stone for almost double what I paid for it (as well as retail pricing on the setting) and that is hiking up the premium to almost double annually so I'm not sure if I should have him bring down the appraisal amount closer to 20% more than the actual price paid?
Po- please call me David :wavey:
I'm strongly against what your jeweler is advising for a few reasons.
First and foremost, I consider it "wrong" to try and game the system.
If he sold you a ring for $10k today, there's absolutely no reason to believe he can't replace it for the same price.

Secondly, it seems that in so many cases people look at these inflated appraisals and believe them. Not saying you would- but if the habit of an appraiser is to double replacement cost, that's an issue.

Thirdly- based on what we know, it's just another "wrong" to have you spend double on your policy.
In many cases there's a deductible- a recent case we dealt with had a $500 deducible.
In my mind, that's an acceptable risk- instead of paying double every year for an inflated value and, in essence, trying to cheat the insurance company ( not that you would do such a thing on your own- it seems the jeweler is suggesting you do that)

We have found that JM does allow us to replace the items with like quality pieces- with the client paying only the deductible.
My advice is to insure for very close to the purchase price in most cases.
 

Niel

Super_Ideal_Rock
Premium
Joined
Jul 23, 2012
Messages
18,961
I work at an insurance company and becuase of that I would never use a rider. Companies look at frequency and values of claims to determine non renewal. Example say your home had a fire. Your standard market policy might be non renewed. Then you're stuck trying to find a nonstandard market policy which could then say something like "well just a fire, sure, but our underwriters won't write a risk with a fire plus another loss".

So knowing that I personally don't ever want to have to make a claim for jewelry on my homeowner's.
 

liaerfbv

Brilliant_Rock
Premium
Joined
Sep 16, 2007
Messages
1,290
I had a loss claim with JM and I had no issues. I even purchased and returned a ring and changed jewelers several times - no hassle.
 

Texas Leaguer

Ideal_Rock
Trade
Joined
Jul 27, 2009
Messages
3,320
Niel|1473970644|4077045 said:
I work at an insurance company and becuase of that I would never use a rider. Companies look at frequency and values of claims to determine non renewal. Example say your home had a fire. Your standard market policy might be non renewed. Then you're stuck trying to find a nonstandard market policy which could then say something like "well just a fire, sure, but our underwriters won't write a risk with a fire plus another loss".

So knowing that I personally don't ever want to have to make a claim for jewelry on my homeowner's.
I think this is one very good reason to get a standalone personal jewelry policy.

JM has been aces from my perspective. Very dedicated to getting their clients whole in a prompt and professional fashion.
 

Texas Leaguer

Ideal_Rock
Trade
Joined
Jul 27, 2009
Messages
3,320
liaerfbv|1473977261|4077093 said:
I had a loss claim with JM and I had no issues. I even purchased and returned a ring and changed jewelers several times - no hassle.
This is the other advantage of working with a jewelry specialist. They know how the industry works and how to navigate issues to facilitate the claims process for the benefit of their clients. Many people on the JM staff have come directly from the trade - including jewelers and gemologists.
 

Texas Leaguer

Ideal_Rock
Trade
Joined
Jul 27, 2009
Messages
3,320
po720|1473968413|4077027 said:
Rockdiamond|1473967584|4077022 said:
We've had amazing experiences working with our cients who are insured by JM.
I can't say enough good things about them.
For me, part of their superiority over "normal" insurance is their specialization. For example, when a client damaged a very costly micro pavé ring, JM had the basis of knowledge to understand that you can buy a halo for $1200, or $5k.
JM knows the difference.
Rock diamond, thank you so much for sharing! My jeweler said they file claims with JM frequently but he mentioned appraising for higher than the bought value bc JM doesn't reimburse him for 100% of the appraised amount? Can you speak to this at all? He was going to originally appraise the stone for almost double what I paid for it (as well as retail pricing on the setting) and that is hiking up the premium to almost double annually so I'm not sure if I should have him bring down the appraisal amount closer to 20% more than the actual price paid?
I'm not Rock Diamond but I can tell you that JM has a VERY generous reimbursement structure for the jeweler doing the replacement. There should be no reason for any jeweler to inflate appraisals in order to be well compensated for filling a JM claim.
 

po720

Rough_Rock
Joined
Aug 8, 2016
Messages
73
Thank you so much Texas leaguer, liaerfbv, Niel and diamondseeker and David again for providing so much nuanced and thoughtful feedback. I went to pick up the finished piece today (will be sure to post on SMTB!!) and got an updated apraisal with no issues :) I will stick with JM based on all the glowing reviews on here and fingers crossed that I never have to call it in! Thank you all so much for making the final step of this whole process that much more reassuring!! :appl: :wavey: :wavey: :wavey: :wavey:
 
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