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Ring Insurance Questions

mohelmo

Rough_Rock
Joined
Oct 30, 2016
Messages
24
Hi everyone,

A few questions please, I just received the ring this week and I am exploring insurance options. I bought the ring from JA and it recommends Jewelers mutual insurance. I'm just a little skeptical as their online reviews are really bad https://www.yelp.com/biz/jewelers-mutual-insurance-neenah

-Which company is everyone using or would recommend for their insurance?

-I paid for the ring around 18,000 USD + tax and it is appraised at 22,830. What should my premium look like?

-Do I use the appraised value or the invoice value for insurance?

Thank you very much!
 

noscrusir

Shiny_Rock
Joined
Aug 28, 2014
Messages
117
After buying my fiance's ring, I explored both Jewelers Mutual and Lavalier. The Lavalier polity was much less expensive for the same coverage. Had them for about 2 years now.

We had to make 1 claim for a repair and the process was simple, fast, and easy. They sent me a check within a week of the claim after I sent them all sufficient evidence. I would highly recommend them for ring insurance (if you don't want to use a home insurance floater policy or if you don't qualify for a cash-out insurance policy like Chubb).

Best of luck!
 

miraj

Rough_Rock
Joined
Sep 16, 2015
Messages
77
I put it in my homeowners policy as an addendum. But I haven't had to make a claim, so I can't say whether it's any good or not.

Make a list of all of the capabilities that Jeweler's Mutual and Lavalier offer. Understand what those things mean and what they don't cover. Then ask your homeowners insurance agent whether you can have a policy that does the same.

You should ask the agent whether the policy reimburses for the appraised value, amount paid, replacement value, or whatever value you want. Also ask for example situations in which the policy would not pay out.

Here are some questions that I asked:

Does the policy reimburse for appraised cash value or replacement with a substantially identical item? Are there reimbursement caps? How is inflation adjusted for?

What about damage -- is repair to its previous condition covered?

What situations are covered and what is not covered? Loss? Theft? Mysterious disappearance? Accidental damage? Flushed down toilet or fell down the sink?

What locations are covered? Worldwide?

What is the deductible and can I adjust to change the premium?

Does my homeowner's policy already have newly acquired item coverage? Would the addendum add that?

How will I need to prove the ring vanished if I make a claim?

Are there ways I can lower the premium besides the deductible? Keeping it in a safe?
 

heididdl

Ideal_Rock
Joined
Oct 25, 2012
Messages
2,291
WE've been married for 30 years and I've had to make 3 claims for jewelry over those years. We had an addendum to our home owners. Then they just dropped us. We had trouble getting insurance until I found Jewelers mutual. They are pretty reasonable considering what we insure. I hope to never have another claim but you never know.

One diamond pendant swiped off my neck

Diamond dangling earring fell off

Diamond tennis bracalet fell off

Not bad for 30 years
 

diamondseeker2006

Super_Ideal_Rock
Premium
Joined
Jan 11, 2006
Messages
55,607
My advice is to never use jewelry insurance for a setting repair. Use it for a total loss of the ring or loss or damage to the diamond. Small claims will run up premiums and possibly make it harder to get insurance the next time.

Second bit of advice, insure for what you paid, not an inflated insurance value if you paid retail. Obviously second hand purchases would have to use an appraisal. They are not going to shell out more than an item costs to replace, so overinsuring is not helping you one bit.

Aside from the ones mentioned, Touchstone Insurance does jewelry policies in many states. Click on Consumers. Then call and get some rates.

http://www.touchstoneinsurance.com/index.html
 
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