Jewelry Insurance?

[mjea]

Hi everyone - I’ve been using JM for jewelry insurance. I had to file a claim recently and didn’t love the process. I’m wondering if everyone uses JM or if others have had better experience with other providers?

thank you!

 

[Ceilimom]

Hi everyone - I’ve been using JM for jewelry insurance. I had to file a claim recently and didn’t love the process. I’m wondering if everyone uses JM or if others have had better experience with other providers?

thank you!

State Farm was awful, so much so I insured any new purchases with Jewelers Mutual.

 

[missy]

Our jewelry insurance is with our home/car/excess liability-umbrella policy company. PURE. They will pay me cash out should the pieces I have insured with them get stolen or lost. But I only have my ER and OEC studs insured with them. It isn't worth it (for me) to insure all my (smaller) pieces. Wouldn't be cost effective.

 

[mjea]

State Farm was awful, so much so I insured any new purchases with Jewelers Mutual.

Thanks @Ceilimom! I’m with JM too.

Our jewelry insurance is with our home/car/excess liability-umbrella policy company. PURE. They will pay me cash out should the pieces I have insured with them get stolen or lost. But I only have my ER and OEC studs insured with them. It isn't worth it (for me) to insure all my (smaller) pieces. Wouldn't be cost effective.

Thanks @missy! I used to insure more pieces but right now only insure the one item I wear the most.

 

[Ceilimom]

Hi everyone - I’ve been using JM for jewelry insurance. I had to file a claim recently and didn’t love the process. I’m wondering if everyone uses JM or if others have had better experience with other providers?

thank you!

meja what was like? It sounds upsetting. Which is the last thing you need when dealing with a loss.

 

[RunningwithScissors]

@mjea Can you describe your experience? I think many of us have JM (I do!) and would like to know what's involved if we have to make a claim. Sharing would be really helpful. Thanks!

 

[Mreader]

I would also like to know your experience @mjea I had a terrible experience with SF; there are lots of threads on jewelry insurance. Here is one and I'm number 23 where I describe my experience: https://www.pricescope.com/community/threads/jewelry-insurance-too-expensive.261286/#post-4874452

It's not always as simple as they cut you a check for the full amount if it's lost or stolen.

 

[mjea]

meja what was like? It sounds upsetting. Which is the last thing you need when dealing with a loss.

It could be the “bedside manner” of my specific claims specialist? All the comms were very curt and toward the end more delayed. Also, for their payment to the jeweler they mail a check and I don’t think they do any priority or rushed mail and can take 14+ business days! That just seems way too long given the many other options.

ETA: The actual claim filing process was very easy though. I spoke with a representative (you can also do it online), filed the documents they requested in addition to my own statement about damages, and which jeweler I'd like to work with. After that they got back to me about what they would cover (and not cover) and worked directly with the jeweler after that.

 

[mjea]

I would also like to know your experience @mjea I had a terrible experience with SF; there are lots of threads on jewelry insurance. Here is one and I'm number 23 where I describe my experience: https://www.pricescope.com/community/threads/jewelry-insurance-too-expensive.261286/#post-4874452

It's not always as simple as they cut you a check for the full amount if it's lost or stolen.

@Mreader I am SO SO sorry about what you went through. That must have been so scary and traumatic. I hope you were not physically harmed

In my case, the ring (platinum diamond eternity) required repair due to (I think) issues from when it was made in 2014. It was my first custom project, and it was a nightmare.
I had the prongs tightened before we went on lockdown in 2020, barely wore it at home and realized some of the stones were loose again. I went to a local well-known jeweler who told me based on what my prongs looked like, my best option was to come in to get the prongs retightened every 6 months, retip all the prongs (very pricey), or have it remade. Since the ring was not insured when it was made in 2014, JM said they would not pay for having it remade, but would pay for it to be repaired. I didn't feel good about retipping all the prongs as the fix, so I opted to have it remade. The ring has been done for weeks, but I'm waiting on JM's payment so that I can pay my portion of the invoice and get my wedding band back.

 

[MRBXXXFVVS1]

Is there a PS recommend insurance company? I was just paying our insurance bill and shocked at how expensive my ER insurance is. I did a quick shop around and the quotes are similar.

 

[mjea]

From what I’ve heard from people on PS and a PS approved appraiser, it seems JM is most widely used.

 

[sledge]

Does State Farm offer standalone jewelry insurance? Or was it part of a homeowners/renters? I'm with JM, but was "forwarded" to them through a Liberty Mutual agent

During our last move, about a year ago, we switched back to SF who I had used many moons before in a different state. They were good then and I had a good relationship with the agent. Maybe I have a poor SF agent currently but it’s just been a total piss poor experience as I’ve had both an auto and home claim. We may go back to USAA but am currently shopping for a new provider. These experiences have really fouled my opinion of SF who I previously held in higher regard.

Blah, moving on.

I said all that to say they do not offer a truly independent policy to my knowledge. They will write a “rider” to your homeowners that extends the dollar amount of their base coverage (around $5k I believe). However, read the fine print. While it’s fine for select items I take a separate policy at JM for my wife’s main pieces.

I do recall others mentioning Chubb doing a true jewelry policy but as memory serves it was limited who could get the policy.

 

[Mreader]

SF usually does have an independent policy if you want one called personal articles.

Hi everyone - I’ve been using JM for jewelry insurance. I had to file a claim recently and didn’t love the process. I’m wondering if everyone uses JM or if others have had better experience with other providers?

thank you

 

[Mreader]

Hi everyone - I’ve been using JM for jewelry insurance. I had to file a claim recently and didn’t love the process. I’m wondering if everyone uses JM or if others have had better experience with other providers?

thank you!

do you mind telling us why you didn’t have a good experience? I’m getting ready for work and had a poor experience with SF (it’s in a different thread and I’ll link it later). But wondering what happened to you.

 

[Wink]

The ring has been done for weeks, but I'm waiting on JM's payment so that I can pay my portion of the invoice and get my wedding band back.

I am curious about this. JM is going to pay your jeweler directly/ Can the jeweler not credit you for what JM is going to pay and then let you pay the balance?

When I work with JM, I know exactly how much they are going to pay, and it would never occur to me to hold up delivering the ring to my client until JM makes the payment.

 

[sledge]

SF usually does have an independent policy if you want one called personal articles.

I don’t think it’s truly independent. It’s just a rider or add-on to your home policy in a larger custom defined amount and usually with properly identified pieces.

You can’t obtain the rider without a HO policy. And loss on the rider also affects HO pricing, etc.

Additionally terms need to be carefully reviewed. Especially for those with super ideals as that is a branded stone that requires additional scrutiny to truly replace of similar kind.

 

[Mreader]

I don’t think it’s truly independent. It’s just a rider or add-on to your home policy in a larger custom defined amount and usually with properly identified pieces.

You can’t obtain the rider without a HO policy. And loss on the rider also affects HO pricing, etc.

Additionally terms need to be carefully reviewed. Especially for those with super ideals as that is a branded stone that requires additional scrutiny to truly replace of similar kind.

Maybe it varies from state to state. But my jewelry policy isn't a rider to my home owners. I do have a rider to that one too (for other jewelry items), but for my ering and studs, I have a separate policy that is called a personal articles policy. I had this even before I had a home haha.

 

[Wink]

Especially for those with super ideals as that is a branded stone that requires additional scrutiny to truly replace of similar kind.

It has been my experience that a branded product requires the insurance company to talk with a vendor selling that brand.

I had a USAA client who lost a Richard Homer cut gem and they contacted me as no one they had in their insurance replacement department had a Richard Homer contact they could work with and Richard would not deal with them directly.

I had the opportunity to work with a client who lost a diamond brand I used to represent and USAA was happy to work with me to have a similar diamond polished that was close to what was lost. (The client got a stone that was just a tiny bit larger if I recall correctly.)

I do not know of a single insurance company who would try to replace a branded diamond with a generic Gia XXX and call it like kind. The penalties for trying to defraud a client are draconian.

 

[cflutist]

It has been my experience that a branded product requires the insurance company to talk with a vendor selling that brand.

I had a USAA client who lost a Richard Homer cut gem and they contacted me as no one they had in their insurance replacement department had a Richard Homer contact they could work with and Richard would not deal with them directly.

I had the opportunity to work with a client who lost a diamond brand I used to represent and USAA was happy to work with me to have a similar diamond polished that was close to what was lost. (The client got a stone that was just a tiny bit larger if I recall correctly.)

I do not know of a single insurance company who would try to replace a branded diamond with a generic Gia XXX and call it like kind. The penalties for trying to defraud a client are draconian.

Given that a certain branded super-ideal (or AGS for that matter) doesn't exist anymore, how would one get State Farm to replace a loss with a Legacy diamond?

I had to kick and scream to have them put "Tiffany" in the description of my fancy yellow diamond ring.

 

[whitewave]

Given that a certain branded super-ideal (or AGS for that matter) doesn't exist anymore, how would one get State Farm to replace a loss with a Legacy diamond?

I had to kick and scream to have them put "Tiffany" in the description of my fancy yellow diamond ring.

State Farm just cut me a check for my CBI. No questions asked. It was a personal articles not attached to my homeowners as my homeowners isn’t with State Farm.

It couldn’t have been easier. It was literally “I’m so sorry to hear it, here is an email with some money in it. Happy holidays goodbye”

 

[Mreader]

State Farm just cut me a check for my CBI. No questions asked. It was a personal articles not attached to my homeowners as my homeowners isn’t with State Farm.

It couldn’t have been easier. It was literally “I’m so sorry to hear it, here is an email with some money in it. Happy holidays goodbye”

That is amazing. It's so weird how people's experiences differ.

 

[whitewave]

That is amazing. It's so weird how people's experiences differ.

Yea, I honestly was expecting a fight. With it CBI and all. I was stunned. All I had to do was open the email and it was electronic delivery of money to my bank account.

 

[Mreader]

do you mind telling us why you didn’t have a good experience? I’m getting ready for work and had a poor experience with SF (it’s in a different thread and I’ll link it later). But wondering what happened to you.

I just realized that I repeated a question when this was posted quite some time ago; sorry about that. I thought this was current and I see it's from 2021 so I got mixed up somehow.

 

[Mreader]

Yea, I honestly was expecting a fight. With it CBI and all. I was stunned. All I had to do was open the email and it was electronic delivery of money to my bank account.

Well it sounds like they have totally improved! Because my bad experience was back in 2004 haha and in Louisiana. They told me (here in TX) that that is what they would do if something happened to my things today, but I've always been suspicious given what they did back in 04. So good to know that it was easy for you!

 

[whitewave]

Well it sounds like they have totally improved! Because my bad experience was back in 2004 haha and in Louisiana. They told me (here in TX) that that is what they would do if something happened to my things today, but I've always been suspicious given what they did back in 04. So good to know that it was easy for you!

I did wonder if it’s because I filed in the run up to Christmas… end of the year and all of that?

The other ring was slightly more time consuming with the other insurance company (AmPac), and ended up taking about 5 days and they snail mailed a check.

SF was a woman and AmPac was two men lol so I wondered about that also.

 

[Wink]

Given that a certain branded super-ideal (or AGS for that matter) doesn't exist anymore, how would one get State Farm to replace a loss with a Legacy diamond?

I had to kick and scream to have them put "Tiffany" in the description of my fancy yellow diamond ring.

I know a company that is using the same cutting team that my former company used and is producing the same quality of cut. I know they will be happy to work with anyone needing to replace a quality cut diamond.

 

[Garry H (Cut Nut)]

BriteCo have had some good reviews.
A new online company started by a 3rd gen jeweller.
I have spoken with the founder and they have begun advertising here

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The do away with overheads etc and speed is in their interest.

 

[mjea]

I am curious about this. JM is going to pay your jeweler directly/ Can the jeweler not credit you for what JM is going to pay and then let you pay the balance?

When I work with JM, I know exactly how much they are going to pay, and it would never occur to me to hold up delivering the ring to my client until JM makes the payment.

Hi! Yes I had to wait a while until the jeweler received the check via snail mail and it cleared. After that the jeweler sent the ring insured and I got it 24 hrs later.

 

[Kya]

I use Zillion insurance. My experience with the actual company was very good.

One thing to keep in mind however, is that the repair/ replacement needs to be done with the original vendor. That is perfectly fair to me on their end - because the point is restore or replace.
The pitfall is that the vendor may feel less inclined to care much about servicing you because the insurance payout is guaranteed to go to him / her.

I had lost something with probably more sentimental value than monetary value and was distraught because I felt like a tangible part of a special memory was gone. Zillion insurance reps were excellent and super fast. However, the vendor ignored most of my emails and was impatient with me and said there was only one diamond that could replace mine. That diamond did not score as well on HCA as well as any of the brilliance / fire reports . I asked to at least see one other for comparison sake and was told there will not be anything. He said ‘you are being pickier this time around, last time you did not care’ which was farthest from the truth.
I am happy to at least have a nice replacement but the replacement’s cut is subpar to my previous , and I do feel bad. I miss the more obvious hearts and arrows and this is less fiery. Maybe had I been shown other options and had my emails been answered I would understand that there was ‘no other options’ …

So in short- I would recommend Zillion but only if you are sure that your initial vendor is kind enough to treat all clients equally , new customers and insurance replacements alike.

 

[Wink]

Hi! Yes I had to wait a while until the jeweler received the check via snail mail and it cleared.

This is shocking to me and as a client, I would be furious with having to wait until the check from a well known, and respected, business to arrive and clear.