Jewelry Insurance?

[RockySeeker]

Does anyone have any recommendations for jewelry insurance?

 

[rockysalamander]

I use Jewelers Mutual.

 

[atp223]

Most people recommend jewelers mutual. I had gemshield and just had a loss and they were super easy to work with. I haven’t decided who to insure the new ring through. I have to figure that out.

 

[Texas Leaguer]

We have a long history with Jewelers Mutual and I have nothing but good things to say about them. They take great care of their customers.

 

[crbl999]

I have my wife's ring insured with State Farm. It's a Personal Articles Policy with no deductible (I'm in Texas, this may be different for other states). My wife recently lost her ring in the ocean and State Farm was great. The adjustor called me Monday and upfront said I had two options. Work with one of their jewelers or cash for policy limits. I also had a detailed appraisal on file with them which was done by Neil Beaty (DenverAppraiser). Without the detailed appraisal and item description on my policy I don't think it would have been as smooth of a process. Based on my experience and hopefully my last (my wife was devastated) I would recommend this policy. New ring is in the works and will be from BGD just like the first.

 

[RockySeeker]

Thanks for the quick replies. I'm reading that most of the time, the appraisals are more than the amount paid. But if something were to happen, does the insurer return the appraised amount or just the amount paid? I'm just wondering why would one get insurance on a diamond that is appraised for say 25% more, but wouldn't get that cost back if the diamond was lost, stolen, etc?

 

[Texas Leaguer]

Different insurance companies have different practices. The appraisal amount sets the limit of what any of them will pay, and is the basis for the premium. An appraisal that is highly inflated, just costs you more and does not provide any value if the item can be replaced with 'like kind and quality' for less. However, a little buffer over what you paid does give you some protection against rising costs.

 

[Titan7]

We have been with Jeweler Mutual for 23 years, one claim 2 years ago, my wife hit her diamond on the girdle and chipped badly. JM was awesome to deal with, we actually paid the difference and when from a nice 1.01ct ideal cut to a 2.08 WF ACA. JM was so easy to deal with and it was seamless working with WF as they have a great relationship with them. Oh and WF and their ACA diamonds, stunning.