Find your diamond
Find your jewelry
shape
carat
color
clarity

Rock Insurance HELP!

I

islandmouse

Rough_Rock
Joined
Jul 25, 2014
Messages
40
Hi all,

Looking to get some insight on insurance. Thanks to this truly AMAZING forum, we purchased a stunning round brilliant toward the end of 2014. I am truly so excited to see how he's going to pop the question! :love: :dance:

Anyway, now I'm in the market for insurance. Anyone have any suggestions? The ring was appraised for around $25k. I'm not sure if it would be best to look into a separate ring insurance policy or add it to a current homeowners insurance policy, etc.

If you need any other details, please feel free to ask. Thanks in advance. :bigsmile:
 
We have a Personal Valuable Property Policy with the same company that covers our homeowners, car, etc. It is specifically for itemized jewelry.
 
How much did the ring cost?
 
diamondseeker2006|1422300701|3822287 said:
How much did the ring cost?
Click to expand...

The stone was around 18k (not including taxes). The setting was about 1500. With tax, around 21k total.
 
Okay, good! Sometimes people come here with appraisals of twice what they paid for the ring and all that does is enrich insurance companies when premiums are overpaid. I'd probably go with Jewelers Mutual since they are pretty good about letting you work with the jeweler of your choice for a replacement. Since you have some cushion between what you paid and what the appraisal says, I'd opt for a $1000-2500 deductible to lower the premium a little.
 
diamondseeker2006|1422301213|3822294 said:
Okay, good! Sometimes people come here with appraisals of twice what they paid for the ring and all that does is enrich insurance companies when premiums are overpaid. I'd probably go with Jewelers Mutual since they are pretty good about letting you work with the jeweler of your choice for a replacement. Since you have some cushion between what you paid and what the appraisal says, I'd opt for a $1000-2500 deductible to lower the premium a little.
Click to expand...

VERY helpful. Thank you! Yeah, we worked with Chris at ERD and he suggested going with an appraisal slightly more but not significantly more. My boyfriend was pretty meticulous about that as well because of the possibility of a high premium. I saw JM is highly recommended on the forum, so I'll look into them. Thanks, Diamondseeker. :appl:
 
Although my stone is nowhere near your price, I just got mine insured with Jewelers Mutual and I've been very satisfied with their customer service.
 
I agree I don't like having a rider. Some riders have limits anyways, and then you have to make a claim on your home owners if something happens.

Also, there's an issue of what your homeowners insures, is it just loss and mysterious disappearance? Is it damage too?

I use jewelers mutual for these reason
 
Glad I read this, very informative. Do we have to have the ring re-appraised by an independent appraiser for insurance purposes, or just use the one that comes with the ring (obviously inflated)?
 
newbie1234|1422317078|3822417 said:
Glad I read this, very informative. Do we have to have the ring re-appraised by an independent appraiser for insurance purposes, or just use the one that comes with the ring (obviously inflated)?
Click to expand...

Depending on the insurance company you may be able to use a detailed receipt. They usually have a timeframe though, like 3 months or less, of something.
 
Niel|1422317355|3822419 said:
newbie1234|1422317078|3822417 said:
Glad I read this, very informative. Do we have to have the ring re-appraised by an independent appraiser for insurance purposes, or just use the one that comes with the ring (obviously inflated)?
Click to expand...

Depending on the insurance company you may be able to use a detailed receipt. They usually have a timeframe though, like 3 months or less, of something.
Click to expand...

Thanks so much Niel !
 
Niel|1422305585|3822333 said:
I agree I don't like having a rider. Some riders have limits anyways, and then you have to make a claim on your home owners if something happens.

Also, there's an issue of what your homeowners insures, is it just loss and mysterious disappearance? Is it damage too?

I use jewelers mutual for these reason
Click to expand...

I have recently had to file a claim on my rider policy for my lost e-ring and never heard of Jewelers Mutual before checking out Pricescope. As I will be looking for insurance on my new ring, could you elaborate as to the advantages of a JM policy vs rider policy. Are the premiums and coverage better through JM? Thanks!
 
I don't know how your rider works on your policy.

What I'd suggest is you go to JMs website. You can do a quick quote over the phone to see what the premiums are, and they also have a sample of a generic policy jacket online you can read. I'd compare that to the endorsement for your homeowners insurance.
 
Thanks, I'll check it out.
 
Sorry to follow up with this. I have been reading the forum a bit more, and I see reference to a detailed appraisal, and I'm concerned ours might not be detailed enough. We invested a lot of time searching for the stone, making sure the HCA was right, requesting Idealscopes, etc. and I'm starting to think that the appraisal we were given is not detailed. It just contains the color, carat, cut, and clarity with the GIA certificate number and a photo of the ring in its setting. It does not include the Idealscope, HCA, ASET, etc. I read somewhere on Pricescope that a detailed appraisal needs to include some of this information. I'm concerned this appraisal might not be detailed enough if something happens, especially if an insurance company can just pick out a stone that doesn't necessarily meet the standards we were looking for with, e.g., crown angle, pavilion angle, etc.

What do y'all recommend having on the appraisal? I dealt with a good PS vendor, who has been highly recommended on this forum. Our appraisal was sent to us from them. However, from our experience with this vendor, we do think the customer service was somewhat lacking. They were nice enough, but we also found them to be very passive and laid back.

THANK YOU!!!
 
I have a Jewelers Mutual policy on my engagement ring. I never even thought to have it appraised. I just sent them my AGS report and my receipt for both the diamond and the setting. They insured the ring for the purchase price. I pay about $270 a year on a $18k policy less a $1k deductible. I think their pricing is very reasonable.

The detailed stats of your stone (crown, pavilion) should be on your GIA report. I wouldn't think they would need a separate document with that information.
 
Generally speaking the best pricing will be a Personal Articles Rider on your H/O's policy
 
WillyDiamond|1423108838|3827586 said:
Generally speaking the best pricing will be a Personal Articles Rider on your H/O's policy
Click to expand...
But should price be the determining consideration? My car & homeowners insurance agent (Allstate) recommended JM rather than a rider through him.
 
Jewelers Mutual is a fantastic company and we had no issues when we had a loss several years ago. I would just get a very detailed appraisal (we had a branded cut ); there are appraisers under the resources drop down menu .
 
I recently lost my engagement ring and filed a claim with my insurance company. The only documentation I had was an appraisal (exactly as you described), a copy of my diamond certificate, receipts/purchase information through the jeweler and did not experience any problems. I think that the ASET, IS and other images are more for consumer knowledge and confidence in purchasing. From my experience, the insurance company is going to replace or "pay out" based on the certificate specs and market value.
 
GET 3 FREE HCA RESULTS JOIN THE FORUM. ASK FOR HELP
Jewelry Blog
PriceScope-Concierge-Ad
Find prime cuts.
Top