Jewelry Insurance

[JA72]

Hello,

I would like to know what jewelry insurance policy has the best coverage/ best prices. I would like one that covers everything from theft, loss and would cover the stone when I send it out for maintenance/setting in case of damage or loss.

Mainly:
1. Which has the best coverage?
2.Do I have to get a policy for each of my pieces or is there one that covers all my jewelry?
3. Any drawbacks or limitations to a certain companies policy that I should be aware of?

I have never lost or had a piece stolen, so I am wondering if it is even necessary. When all is said and done the set will be around 15-18k. Do most people have a policy to cover their engagement and wedding rings?

Thanks!

 

[peaches]

I'd like to read the answer to this post myself!

Even though I could cover my ring under my current dwelling insurance policy, it just seems more effective to cover it under a separate policy from an insurer who specializes in fine jewelry. For some reason I assume that their coverage will be more thorough. I'm sure that's an erroneous assumption on my part, though.

 

[girlie-girl]

Most of the people who insure their rings separately from their home tend to use either Jeweler's Mutual or Chubb. I have mine insured through JM (http://www.jewelersmutual.com). For JM rates start as low as $1 per $100 of value with no deductible and you can get an estimate on their website without obligation.

Personally I think it's a good rule of thumb to insure anything you couldn't readily/easily replace or that has sentimental value, so what you choose to insure is up to you.

 

[sazza]

I have Chubb. It covers losing little stones out of my setting, damage, loss, theft, basically everything except for deliberately damaging it yourself. Their engagement ring coverage is for rings 15k and over BUT I got a policy for my engagement ring and got blanket insurance for the rest of my jewelry up to the 15k mark and I''m still only paying $150 a year.

I haven''t had to make a claim, thankfully, but I''ve heard it is easy. I bring my ring into the jeweler of my choice and my agent sends them a check for the repairs/replacement. There are no deductibles. My setting is an antique, and I''m a little fuzzy on how this works but my agent also said that if something happens to my ring that Chubb would have the setting remade and would pay up to 150% of the value of the ring to have it remade.

I know I called USAA and State Farm and both were the same price as Chubb except they would replace with like kind... which meant they would send me whatever stone/setting they thought was close to mine. I''m too much of a control freak for that!

Hope this helps

 

[MMT]

I would definitely cover it. I have Jewelers Mutual and I''m very happy. Our home owners policy is Allstate. They told me if I ever made a claim it would effect the rest of my policy. I figured it wasnt worth the risk to have my home owners policy go up. Their website is very informative, take a look

 

[Dancing Fire]

Date: 4/14/2009 8:53:35 AM
Author: sazza
I have Chubb. It covers losing little stones out of my setting, damage, loss, theft, basically everything except for deliberately damaging it yourself. Their engagement ring coverage is for rings 15k and over BUT I got a policy for my engagement ring and got blanket insurance for the rest of my jewelry up to the 15k mark and I''m still only paying $150 a year.

what do you meant by that ?

i just talk to an insurance agent he said...$2 per $100. if i own 3 pieces of jewelry value at 10k each then it would cost me $600 per yr. does that sound right?

 

[sazza]

Date: 4/14/2009 10:50:08 AM
Author: Dancing Fire

Date: 4/14/2009 8:53:35 AM

Author: sazza

I have Chubb. It covers losing little stones out of my setting, damage, loss, theft, basically everything except for deliberately damaging it yourself. Their engagement ring coverage is for rings 15k and over BUT I got a policy for my engagement ring and got blanket insurance for the rest of my jewelry up to the 15k mark and I''m still only paying $150 a year.

what do you meant by that ?

i just talk to an insurance agent he said...$2 per $100. if i own 3 pieces of jewelry value at 10k each then it would cost me $600 per yr. does that sound right?

Dancing Fire: I live in Washington, DC. Maybe the premiums are different for different areas?

 

[raz91]

I use Amica for my homeowner''s policy and I pay about $1 for every $150.

 

[beach]

I have Gemshield and it has the same coverage and better premiums in my area when compared to Jewelers Mutual.

 

[peaches]

Date: 4/14/2009 8:53:35 AM
Author: sazza
I have Chubb. It covers losing little stones out of my setting, damage, loss, theft, basically everything except for deliberately damaging it yourself. Their engagement ring coverage is for rings 15k and over BUT I got a policy for my engagement ring and got blanket insurance for the rest of my jewelry up to the 15k mark and I''m still only paying $150 a year.


I haven''t had to make a claim, thankfully, but I''ve heard it is easy. I bring my ring into the jeweler of my choice and my agent sends them a check for the repairs/replacement. There are no deductibles. My setting is an antique, and I''m a little fuzzy on how this works but my agent also said that if something happens to my ring that Chubb would have the setting remade and would pay up to 150% of the value of the ring to have it remade.


I know I called USAA and State Farm and both were the same price as Chubb except they would replace with like kind... which meant they would send me whatever stone/setting they thought was close to mine. I''m too much of a control freak for that!


Hope this helps

Hmm...I have USAA now but something told me it might be a better idea to have a separate policy for my e-ring. Looks like my instincts were dead on! Not into that "like kind" replacement policy.

 

[sanfranciscoellen]

Date: 4/14/2009 11:00:25 PM
Author: peaches

Date: 4/14/2009 8:53:35 AM

Author: sazza

I have Chubb. It covers losing little stones out of my setting, damage, loss, theft, basically everything except for deliberately damaging it yourself. Their engagement ring coverage is for rings 15k and over BUT I got a policy for my engagement ring and got blanket insurance for the rest of my jewelry up to the 15k mark and I''m still only paying $150 a year.



I haven''t had to make a claim, thankfully, but I''ve heard it is easy. I bring my ring into the jeweler of my choice and my agent sends them a check for the repairs/replacement. There are no deductibles. My setting is an antique, and I''m a little fuzzy on how this works but my agent also said that if something happens to my ring that Chubb would have the setting remade and would pay up to 150% of the value of the ring to have it remade.



I know I called USAA and State Farm and both were the same price as Chubb except they would replace with like kind... which meant they would send me whatever stone/setting they thought was close to mine. I''m too much of a control freak for that!



Hope this helps

Hmm...I have USAA now but something told me it might be a better idea to have a separate policy for my e-ring. Looks like my instincts were dead on! Not into that ''like kind'' replacement policy.

I posted this in another thread yesterday, but thought it might help...

I have USAA, and just had to work with them when my ring was stolen. They were fabulous, as we have experienced with everything we do with USAA.... banking, renters, life, auto, brokerage, you name it.

All you need to do is have a reputable appraisal, and when you call to add the policy, send the appraisal to them, and ask them over the phone to add ALL of the details to the description; mm size, crown angles, table %, you name it, metal content of the ring, sidestone info, everything. And insure it for what you really would have to pay to replace it; around here, in San Francisco, that''s pretty steep! I found myself insuring my new OEC ring for way closer to retail than I had with my last ring, because it is not as easy to replace an antique as a newly cut stone from an online vendor.

They did offer to send me a stone to view, but I told them that my asscher diamond took me loads of research to find and the odds of me liking their generic whatever diamond was 0%. I told them nicely that it would be a waste of both of our time, and they didn''t press it... did the replacement research and cashed out at 100%. Even if they do send you a stone to view, you absolutely can refuse it if you don''t like it.

I did not research other insurance, so I can''t speak to how they compare; but I wouldn''t worry about the replacement thing. What are the odds that they will find an antique stone in the EXACT color and EXACT size with the EXACT #''s? Zero!

Good luck!