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Rate Your Jewelry Insurance Company!

Discussion in 'RockyTalky' started by GirlyGirl, Jul 30, 2012.

  1. GirlyGirl
    Shiny_Rock

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    by GirlyGirl » Jul 30, 2012
    I grazed this forum for information on jewelry insurance. It seems as if the only options are replacement of "like in kind". I have no idea what that REALLY means, as cut diamonds are unique.

    As Chubb does not do stand alone policies anymore and I have elected not to use homeowners, it seems as if I am unable get a cash out policy.

    Jewelers Mutual comes up a lot. It is an advertiser. Its brochure came with my WF and GOG purchases. I wonder how they are when a person files a claim. Any experiences?

    Any other insurance companies with stand alone policies worth mentioning?
     
    


    


  2. GirlyGirl
    Shiny_Rock

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  3. ame
    Super_Ideal_Rock

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    by ame » Jul 30, 2012
    Chubb no longer writes standalone jewelry policies unless the item is valued at over $200,000.
     
  4. rubybeth
    Ideal_Rock

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    by rubybeth » Jul 30, 2012
    I have Jewelers Mutual and used it recently. My DH's ring had to be literally cut off his finger due to an injury and the subsequent swelling made it impossible to get the ring off, so he couldn't get treatment until it was off. I was surprised this was even covered by our policy, but I am glad it is. JM responded to the claim within 24 hours with instructions to take it to the jeweler of our choice (specified when I filed the claim online, a simple, easy form) to have it repaired, and pay our $15 deductible to the jeweler and they will pay the jeweler the remaining cost of the repair up to the coverage limit. We haven't gotten the ring fixed yet since DH's hand is still healing, but I was impressed with how easy it was to file the claim and get a reply.

    'Like and kind' means they will replace your item with a like item (so if you had an AGS 000 G VS2 1.25, they'd replace up to the value of your policy with an AGS 000 G VS2 1.25). This is why it's not worth it to over-insure, because you can't get an AGS 000 D VS1 1.5 just because your policy would cover that cost. Make sense?
     
    


    


  5. Odinsmom
    Rough_Rock

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    by Odinsmom » Jul 30, 2012
    I have a Chubb Valuable Articles policy. Chubb still writes them. The problem is that many insurance agents don't want to bother writing them as the commission is not high enough. I would call around or go through the Chubb website. I just checked their site and there is no dollar amount limitation. I have had two claims with Chubb and their service is beyond excellent.
     
  6. BigHenry
    Rough_Rock

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    by BigHenry » Jul 30, 2012
    How much does one expect to pay for insurance on a ring? say $7k for stone and setting?
     
  7. rubybeth
    Ideal_Rock

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    by rubybeth » Jul 30, 2012
    Best answer: it depends on where you live, what deductible you choose, and if you are considered high risk. You can get an instant 'quote' on JM's homepage by plugging in your zip code and then the value you want to insure for: http://www.jewelersmutual.com/ For me, $7k of coverage would be $70/year.
     
  8. BigHenry
    Rough_Rock

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    by BigHenry » Jul 30, 2012
    Sweet, 7k 0 deductible $105
     
  9. ame
    Super_Ideal_Rock

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    by ame » Jul 30, 2012
    Actually, they don't anymore. That was made effective within the last year due to too many fraudulent claims in light of the economy tanking. They will only do it now (this is above the agents) for jewelry items of special provenance valued over $200,000. They now require anyone under that value to have cars or home insured by them as well. I have sent TONS of people to my agent, as well as Touchstone, and Total Dollar, and all of them have tried but been turned down. The last successful policy I know of was last July. I called Chubb myself trying to get a friend with an AMAZING monster from Tiffany insured and even she wasn't able to because it was under $200,000, and not by much!

    You have been with them long enough to have had claims, so you and I are both "grandfathered in".
     
  10. TravelingGal
    Super_Ideal_Rock

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    by TravelingGal » Jul 30, 2012
    Yup, I can always add new things to my policy, but it's because I've had them since 2006. And it's pricey, with premiums that go up every year due to inflation. But to me, it's worth it. Peace of mind. My jewelry is simply not replaceable "like in kind". Most PSers are choosy when it comes to faceting, for god's sake!
     
    


    


  11. rubymd
    Rough_Rock

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    by rubymd » Jul 30, 2012
    I just took out a agreed upon value policy - stand alone with travelers. They have a $50 min charge per year and you must have a recent appraisal plus things need to be listed with the detailed information from the appraisal. It will only be for my bigger pieces. I also added a replacement rider for smaller things on my Home Owners insurance (also with travelers). I am not sure if travelers needs you to have other coverage with them to write the stand alone policy.
     
  12. distracts
    Ideal_Rock

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    by distracts » Jul 30, 2012
    Okay, we get it, Chubb is the bestest, woe for everyone who didn't get in on when they could. But can we NOT turn every single insurance thread into a thread about Chubb, and instead discuss other options?

    /cranky

    I use JM, as that's just the one my fiancé found out about. Because my ring is a sapphire, I would much prefer the payout because it will be hard to find something that matches in specs that I love as much. But I am just having to trust that being able to pick what jeweler I work with will be sufficient. I've never had to make a claim, so I don't really have an opinion either way on how good/not good it is.
     
  13. TravelingGal
    Super_Ideal_Rock

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    by TravelingGal » Jul 30, 2012
    Hey cranky, it was only brought up because the OP thought she could still get insurance through Chubb. ;))

    And my point to another poster is that yes, you can still add things if you're grandfathered in, but not if you are new. Second, Chubb is pricey. To some it's worth it, but honestly, to others it's in no way worth a premium, which goes up EVERY year, btw (at least living in L.A., mine does.)

    JM still has a good reputation around here, I believe.
     
  14. pinkjewel
    Ideal_Rock

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    by pinkjewel » Jul 30, 2012
    I have USAA VPP insurance. You do have to have other insurance with them to get it and have to be present or past military, BUT, if you qualify- they have excellent cash out jewelry insurance.
     
  15. GirlyGirl
    Shiny_Rock

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    by GirlyGirl » Jul 30, 2012
    It looks like there are no cash out stand alone policies. I was hoping Touchstone would do that.

    So, there's JM, GemShield, and JIBNA.

    I found this thread on USAA.
    https://www.pricescope.com/community/threads/usaa-insurance-claim-experience.155007/
    They pick the stone for you and will cash out if you don't like their inventory.

    With JM, I could at least choose my own jeweler. Found a thread.
    https://www.pricescope.com/community/threads/which-is-the-best-insurance-company-to-insure-engage-rngs.154238/
     
    


    


  16. Laila619
    Super_Ideal_Rock

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    by Laila619 » Jul 30, 2012
    I would use Jeweler's Mutual, but for some reason they are double the price of my State Farm! So I just took out a personal jewelry policy with State Farm instead, but it sure makes me nervous if I were to lose my ring. I'm worried they'll replace it with a junk bag.
     
  17. ame
    Super_Ideal_Rock

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    by ame » Jul 30, 2012
    Unfortunately they were the only one. JM is probably a pretty good solution, and you can use the same vendor you originally bought through with replacement IIRC.
     
  18. mogster
    Shiny_Rock

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    by mogster » Jul 30, 2012
    Well, I have JM and while my claim isn't complete yet, it's been easy thus far. I accidentally melted my ring on a Friday. Filed a claim via their website and heard back the following Tuesday. My claim was approved for repair. I sent the ring to ERD. Since it couldn't be repaired and needed to be replaced entirely, Mark had to contact JM for approval. It was OK and so now I am waiting for my ring to be recast.
     
  19. Gypsy
    Super_Ideal_Rock

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    by Gypsy » Jul 30, 2012
    Mogster... how exactly did you melt your ring? Is there a thread?
     
  20. mogster
    Shiny_Rock

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  21. ame
    Super_Ideal_Rock

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    by ame » Jul 30, 2012
    I am still completely shocked by that whole thing. I am glad there was only ring damage! I hope it can be remade quickly. Was your main stone ok?
     
  22. Gypsy
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  23. mogster
    Shiny_Rock

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    by mogster » Jul 30, 2012
    Thankfully, the main stone is OK, and, more thankfully, I am not dead. I'm glad I stuck the ring in with a twist tie and not my bare hands. Now I know not to go poking behind the walls where there are live wires. :errrr:

    I still need to call an electrician, but haven't gotten around to it between wedding planning and some other home improvement projects. *Sigh* I wonder if it is normal to have live wires behind the walls.
     
  24. MeandLB
    Rough_Rock

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    by MeandLB » Jul 30, 2012
    I was actually insured by Chubb earlier this year. I have a stand alone policy for my e-ring valued at $30k. I was not "grandfathered" in as this is the first item I have insured by them. I did a price comparison between Chubb and JM (using the JM website) and I'm not sure why, but my Chubb premium is cheaper than the estimated JM premium. The agent I used for Chubb did not want to be mentioned by name here but she did tell me it varies by agent who is willing to write it so the most I can tell you is that they do still offer it and you just have to search for it...if Chubb did stop offering it last year, then I don't know what to tell you because Chubb cashed my payment.
     
  25. Odinsmom
    Rough_Rock

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    by Odinsmom » Jul 30, 2012
    Precisely what I said. Look around for a Chubb agent. Use the search feature on their website. Most agents don't want to bother writing somebody only one policy which equals low commission. My premium is right in line with what someone quoted for their JM policy.
     
  26. AllieLuv83
    Brilliant_Rock

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    by AllieLuv83 » Jul 30, 2012
    I have a Travellers policy that is a payout policy, I purchased it when I first got my original diamond, and wanted a pay out because I had the most amazing eye clean SI2 stone, and I definitely didn't want them to replace it with another SI2, I called them through my Geico policy, and they forwarded me to the people that had to write the rider policy for me, when I lost my diamond ring, I called them and they had a check out to me that same day, I would give them an A++++, replacing my diamond on my policy was also very easy, just called them up when I got the new diamond and they put the ring onto my policy, I pay maybe $130 a year for my policy!
     
  27. GirlyGirl
    Shiny_Rock

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    by GirlyGirl » Jul 31, 2012
    Okay. Travelers is going on the list to call.
     
  28. GirlyGirl
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  29. TravelingGal
    Super_Ideal_Rock

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    by TravelingGal » Jul 31, 2012
    They stopped doing it THIS year. Before that, they did it for jewelry over a certain value and I think yours qualified.
     
  30. rubymd
    Rough_Rock

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    by rubymd » Jul 31, 2012
    I forgot to mention that both of the policies are pay out. My understanding is that the rider on my homeowners insurance they will determine the replacement value and offer to payout or have you go to a jeweler. The stand alone pays out agreed value. I got the stand alone since I just got a ruby ring and I didn't want a company deciding on what ruby might replace it since there are so many factors with a ruby. The rest of my jewelry is on the rider of the homeowners policy and is a replacement policy. All with travelers. But for those looking for a stand alone payout policy you should at least call travelers. I am not sure if you need a policy with them or Geico in order to get them to write it since I have 3 other policies with Geico/travelers (cars, my motorcycle policy, and my house).
     

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