Put ring on homeowners or get seperate jewelery policy?

[beaujolais]

Hi. I''m looking at a new purchase - about $5,000. Should I just put this on my homeowner''s policy or is it better to get a policy from Jewelers Direct? Now, what if you have an expensive setting? Is that included in the insurance? Is the setting price included, at all, in the apprasial?

Thanks.

 

[Skippy123]

I turned in the appraisal and the receipt for the ring w/a description of the ring. I got a seperate rider w/my homeowners and it was cheaper than the stand alone policy's.

 

[beaujolais]

Thanks so much. So why do people do stand alone policies, then?

Happy Hollidays ! !

 

[monarch64]

Separate rider on homeowner''s here...my guess is that people do stand-alones if they aren''t homeowners??? When DH and I first got engaged we were still renting.

 

[beaujolais]

Oh, obvious. I wasn''t thinking. Thanks.

 

[Pieface]

I guess it depends on your insurance co. Where I am itemising the jewellery into the contents insurance only covered it for loss in the home and not for damage. A separate personal valuables policy covers it outside of the home and for damage which I find preferable...at least until she gets used to having the ring.

$0.02 in the till

 

[Jypsie]

I''m a renter and I have a rider on my renters policy - which is essentially the same as a homeowners policy, the only difference is that a renters policy protects the contents of the unit and anyone within it, and the management company is responsible for the structure and any damage caused by the structure.

 

[kennyg]

I am getting separate insurance because she will not live with me until we can sort out her work/home situation now. When I give her the ring it is now hers and not mine, and not covered under my homeowner''s insurance. So I bought insurance under her name and current address, and when we finally consolidate homes I may switch to a homeowners insurance rider.

 

[BigDiamonds]

I think the most common reason for buying stand-alone is claims settlement provisions. Most homeowners policies will replace your ring with a "like and kind" substitute, and they get to decide what is an acceptable replacement. Companies like Chubb and Jewelers Mutual offer better settlement, where you can either take the cash value of the policy or get the credit at an approved jeweler to pick out your own replacement.

 

[diamondseeker2006]

Date: 12/18/2007 10:53:07 PM
Author: BigDiamonds
I think the most common reason for buying stand-alone is claims settlement provisions. Most homeowners policies will replace your ring with a ''like and kind'' substitute, and they get to decide what is an acceptable replacement. Companies like Chubb and Jewelers Mutual offer better settlement, where you can either take the cash value of the policy or get the credit at an approved jeweler to pick out your own replacement.

Ditto. For 30 years my jewelry was covered on homeowners, and I learned on PS that riders often do not write you a check for a loss. They often try to replace your item for you, or else settle for an amount that they could get the item for wholesale, which is less than the insured value. So when I got my new rings, we insured them with Chubb. They will write a check with no hassle for the amount the ring is insured for. The price was about the same as our homeowners rider. Some people have said there is a minimum amount that the item has to be to get a Chubb policy, and I am not sure about those details. But Jewelers Mutual would be my second choice.

Another advantage of a separate policy is that in the (hopefully unlikely) event of a claim, your whole homeowner''s policy wouldn''t go up.

 

[Skippy123]

Date: 12/18/2007 11:03:08 PM
Author: diamondseeker2006
Ditto. For 30 years my jewelry was covered on homeowners, and I learned on PS that riders often do not write you a check for a loss. They often try to replace your item for you, or else settle for an amount that they could get the item for wholesale, which is less than the insured value. So when I got my new rings, we insured them with Chubb. They will write a check with no hassle for the amount the ring is insured for. The price was about the same as our homeowners rider. Some people have said there is a minimum amount that the item has to be to get a Chubb policy, and I am not sure about those details. But Jewelers Mutual would be my second choice.

Another advantage of a separate policy is that in the (hopefully unlikely) event of a claim, your whole homeowner''s policy wouldn''t go up.

I submitted a claim and was paid out; I think it depends on the policy so everyone needs to look at the fine print. My insurance did not go up but they said if I lost it again it more than likely will go up.

 

[E B]

Date: 12/18/2007 10:35:58 PM
Author: Jypsie
I'm a renter and I have a rider on my renters policy - which is essentially the same as a homeowners policy, the only difference is that a renters policy protects the contents of the unit and anyone within it, and the management company is responsible for the structure and any damage caused by the structure.

Same here! It was considerably less than a stand-alone.

 

[Sparkalicious]

I''ve heard that a "pro" to getting a separate jewelry policy is if you have to make a claim you don''t "ding" your homeowner''s insurance and cause the premium to increase or some such thing. Sounded like it made sense to me.