Let's talk Jewelry Insurance...

[msop04]

All jewelry is insured for what you paid, regardless of the amount you are paying for coverage!!! (As ling as replacement value is the same)

I'm getting all of mine re appraised because I'm paying too much on inflated value appraisals when insurance only covers amount of replacement anyway!!!

This is important information!

For instance: say I paid $14,000 for a ring that appraised for 30k. If I use that appraisal, I have to pay for a 30k premium. If my ring is lost or stolen, insurance pays replacement value only, which give or take these days is around $14,000. You lost all that extra premium money!

You're exactly right, whitewave! I don't think people realize that they aren't going to get to file a claim on the appraisal amount -- it's going to be the exact price the insurer would pay to replace "like quality" -- and it ain't gonna be that inflated appraisal value, I can assure you!

Originally, I was paying based on the appraisal (at the suggestion of JM, of course ) -- what a crock of sh!t! I changed it as soon as I found out I was screwing myself... too bad I'd been paying a premium on a dollar amount that was 25-30% more than what it would take to replace it...
#youliveyoulearn

 

[WillyDiamond]

Is Gemsafe through Touchstone?

My Chubb is less than JM with better benefits, so I do think JM is just high. I'd switch if I could save 30%!!!

I would not put jewelry on homeowners as a claim could make the whole policy higher.

Nope-----your Personal Articles Policy is a separate policy from your Homeowners policy, it is not a rider. Look at each policy, it has a separate policy number. So if they dropped your personal articles policy, it would not affect your homeowners policy. If I used the above reasoning, if I had my HO's and Auto policy from the same carrier and the insurance company dropped my auto policy, they would drop my HO policy. Not happening.

 

[msop04]

Nope-----your Personal Articles Policy is a separate policy from your Homeowners policy, it is not a rider. Look at each policy, it has a separate policy number. So if they dropped your personal articles policy, it would not affect your homeowners policy. If I used the above reasoning, if I had my HO's and Auto policy from the same carrier and the insurance company dropped my auto policy, they would drop my HO policy. Not happening.

WD, my bezel pendant was actually on a rider... but I don't have it (the policy) anymore, so I guess that's a moot point.

 

[poshmommy]

The only real difference in coverage is that JM will allow you to choose whatever vendor/jeweler you wish, whereas GemSafe has you select a specific jeweler. This isn't a big deal to me, because I have a great upgrade policy with Diamonds Direct... I will be with them regardless.

GemSafe also has a plan where they will give you cash if you file a claim. Of course, those premiums are higher.

I questioned my rep about the listed vendor when I made my policy for my VC ring. She told me that it does not lock me into using the vendor that I list that it just makes it a contact person for help with like value on the stone. I would use Victor anyway, but I definitely listed him there since it is his branded stone. But the rep assured me I could use any vendor to replace the ring if I wanted. Who knows what the true story could be if there is an actual loss though.

 

[lilmosun]

I take the risk on most of my jewelry, but I like insuring the most valuable item because it would be painful to replace. I would never insure something I could easily replace. But some of my items I wear rarely and wouldn't bother replacing anyway. I have had my studs insured because earrings might be more easily lost, but I am really at the point of thinking that's unlikely and I could afford to replace a lost one if I did lose it.

I don't own anything truly expensive so losing a single piece wouldn't be irreplaceable (other than those that are sentimental pieces). What I really want is an affordable blanket in case of fire/theft because collectively, I couldn't replace what I have. My parents have it on their homeowner's insurance but my agent said none of their carriers offer that.

 

[msop04]

I questioned my rep about the listed vendor when I made my policy for my VC ring. She told me that it does not lock me into using the vendor that I list that it just makes it a contact person for help with like value on the stone. I would use Victor anyway, but I definitely listed him there since it is his branded stone. But the rep assured me I could use any vendor to replace the ring if I wanted. Who knows what the true story could be if there is an actual loss though.

Thanks for the info, poshmommy -- hopefully I'll never find out the answer!

 

[Vogue]

Nope-----your Personal Articles Policy is a separate policy from your Homeowners policy, it is not a rider. Look at each policy, it has a separate policy number. So if they dropped your personal articles policy, it would not affect your homeowners policy. If I used the above reasoning, if I had my HO's and Auto policy from the same carrier and the insurance company dropped my auto policy, they would drop my HO policy. Not happening.

Yeah, same. I have a Valuable Personal Property policy through USAA that is not part of my Homeowners. I insured the ring only for the purchase value and uploaded photographs of the ring, the GIA report, the receipt for the stone, and the receipt for the setting to prove ownership and value if necessary. If (heaven forbid) something happens and I have to file a claim, none of my other rates should go up. IMO, much simpler than having multiple policies through multiple insurers.

 

[WillyDiamond]

Robbery is one thing, but do you really think you can reach for a gun in time? Hope you never have to.
What about plain old loss, or the center stone pops out?
Kenny, sounds like you have the resources to absorb this, some PSers do not. Sounds like you are in a good position.
I insure my wife’s diamonds with a personal article policy from State Farm. It runs about 1 to 1.50% of the appraised value. I think it is well worth it. Happy to pay the premium for no losses, that’s life. Peace of mind!

 

[LJsapphire]

Anyone got any UK recommenations? Mine is currently under the home insurance but I found out they pay out with jeweller's vouchers & being an antique piece it would need to be remade. So that might be tricky. Looking to improve the coverage.
Thanks

 

[sledge]

No useful input on what to do. I'm listening and lurking as I need to get a policy in-place myself.

I agree... it's all about peace of mind. But I don't have that kind of cash hanging around, nor do I have the discipline to just save "what would be my premiums", I have peace of mind via insurance.

...and a gun.

This made me smile.

Robbery is one thing, but do you really think you can reach for a gun in time? Hope you never have to.
What about plain old loss, or the center stone pops out?
Kenny, sounds like you have the resources to absorb this, some PSers do not. Sounds like you are in a good position.
I insure my wife’s diamonds with a personal article policy from State Farm. It runs about 1 to 1.50% of the appraised value. I think it is well worth it. Happy to pay the premium for no losses, that’s life. Peace of mind!

There are too many variables you didn't describe to know if reaching for a gun is the best solution. I will say I sleep light and have many guns available for my use at various locations in my house. I regularly shoot and train for extreme situations. But in reality, a gun does not insure any protection. If you are rushed the odds are in favor of the person attacking vs the person reacting. Here it pays dividends to have trained yourself for unfavorable circumstances.

While I think some of Kenny's logic is flawed, I do agree with you that he has disciplined himself and has enough monetary cushion to take these risks. Life is all about risks and how to mitigate those risks to atolerance we find acceptable. For one person, losing a $5k diamond may be catastrophic whereas another may not flinch until the value raises to $100k. Knowing our own capabilities, risk tolerances and cost to hedge/minimize those risks all plays into the final decision of what is right for each individual.

 

[yssie]

As in all other capacities... rules are rarely absolute.

There are at least some cases wherein Chubb will underwrite a personal valuables policy sans home/auto. I can't enumerate those cases, but I can say that I switched from JM to Chubb a few months ago. My standalone policy through Chubb is for cash or replacement with like kind/quality, offers coverage up to 150% of insured amount, and with no deductible is ~30% lower than the nearest JM equivalent. It is more than GemSafe's quote, but I consider longevity of insurer, coverage for shipping finished pieces and loose stones, and option to cash out to be worth the extra expense.

It doesn't hurt to ask.

 

[WillyDiamond]

You come at me with a gun......you can have my cash and jewelry, my life is worth more than those material objects

 

[sledge]

You come at me with a gun......you can have my cash and jewelry, my life is worth more than those material objects

Totally agree. The problem here is you assume no harm will come if you surrender those items. If you aren't trained to take down an assailant, you can (and probably should) hope for the best. The problem is when someone shoves a gun in your face, very quickly you realize the seriousness of the matter and there becomes zero doubt they could careless about you. And in that moment, you sure as hell can't trust they will make a good decision at that point. I will take action when/if a reasonable opportunity presents itself as I trust myself and training more than the guy shoving a gun in my face. But I have mentally and physically trained for those situations. I won't hesitate to react and pull the trigger to eliminate a threat.

 

[ringcat]

Any recommendations for Australia? Currently insured via our contents insurance (similar to homeowners), but I like to shop around each renewal period.

@totallyfree get a quote from Q report in Australia when you renew next