Rate Your Jewelry Insurance Company!

[rubybeth]

GirlyGirl, you have an AVC in a Vatche setting and a Whiteflash band for your wedding ring. I really think Jewelers Mutual would work for your purposes, because you can insure for the actual replacement cost of your pieces (and adjust from year to year as prices rise), and list the vendors you got them from. Since you can pick your jeweler if an item is damaged or lost/stolen, you can name Good Old Gold or Whiteflash, and they will be able to get your replacement up to your coverage limit. I understand why a 'cash out' policy would be nice if you have an irreplaceable piece, but at least JM lets you choose your jeweler. Good luck!

 

[ponder]

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.

Laila,
Your personal articles policy from state farm is not a cash payout? Mine is.

 

[TRIALnERROR]

My vote goes to USAA, hands down. Not only are their rates more competitive than JM, but USAA gives you several options for replacement, including the option of selecting your own jeweler. They will (based on your appraisal): 1) offer to source a replacement through their store; 2) offer a replacement through any jeweler of your choice; 3) offer replacement value payment; or 4) in the case that your property is under-insured, they will offer you a cash payment for your total policy limit. If you opt for a replacement ring, they are required to use equal or better/bigger GIA certified diamonds to your satisfaction. The best part is they let YOU decide the option you want to take. Also, their customer service and turn-around for processing claims is outstanding.

 

[GirlyGirl]

My vote goes to USAA, hands down. Not only are their rates more competitive than JM, but USAA gives you several options for replacement, including the option of selecting your own jeweler. They will (based on your appraisal): 1) offer to source a replacement through their store; 2) offer a replacement through any jeweler of your choice; 3) offer replacement value payment; or 4) in the case that your property is under-insured, they will offer you a cash payment for your total policy limit. If you opt for a replacement ring, they are required to use equal or better/bigger GIA certified diamonds to your satisfaction. The best part is they let YOU decide the option you want to take. Also, their customer service and turn-around for processing claims is outstanding.

USAA is for military families. I am happy that they get taken care of for all they do.

 

[GirlyGirl]

I called Jewelers Mutual/Perfect Circle. They will not insure for less than the appraised value. I wish I could insure for the purchase price.

 

[rubybeth]

I called Jewelers Mutual/Perfect Circle. They will not insure for less than the appraised value. I wish I could insure for the purchase price.

Then you need a realistic appraisal, not an inflated one. It should account for rising prices within the next year or so, but not be double what you paid, like we see some people jubilantly posting about.

 

[GirlyGirl]

I called Jewelers Mutual/Perfect Circle. They will not insure for less than the appraised value. I wish I could insure for the purchase price.

Then you need a realistic appraisal, not an inflated one. It should account for rising prices within the next year or so, but not be double what you paid, like we see some people jubilantly posting about.

I know! I have a Blue Nile pendant worth about $5000, appraised for $9600. I am resetting the stone so I am stuck paying the premium for $9600 for about 6 months. Gah, it's irritating.

 

[Gypsy]

Get it re-appraised at what it would cost from Blue Nile today. That's the replacement value.

 

[GirlyGirl]

Get it re-appraised at what it would cost from Blue Nile today. That's the replacement value.

I thought about that. As I have decided to reset the diamond in September or October, it will be reappraised after it has been perfected into a ring.

I have been in contact with Pearlman's, trying to figure out which Beverley K would work best. It might actually be worth $9600 by the time everything is complete. LOL.

I decided to go with JM because I get to choose my own store.

 

[Laila619]

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.

Laila,
Your personal articles policy from state farm is not a cash payout? Mine is.

Hi Ponder,

I'm pretty sure they will try to replace with "like kind" first. If they can't, or I don't want that, I believe they will give a cash payout, but only for the amount of *their* cost to replace it, not the actual insured amount. Sounds like your State Farm policy is different?