Stand-Alone Jewelry Insurance Policies

[OMG_AMG]

hello fellow PS'ers,

Since I am still anxiously waiting for my ring to be completed by BGD, I have in the meantime been looking into different stand-alone jewelry insurance policies for the ring.

I do not currently own a house and as such, I have narrowed it down to either Jewelers Mutual (Perfect Circle) or Chubb.

Unfortunately as I found out after calling multiple insurance agents, Chubb does NOT offer stand-alone insurance policies for jewelry. Several agents told me that Chubb's policies change constantly and apparently during a time, there were a lot of fraudulent claims which ultimately resulted in Chubb only offering jewelry insurance in conjunction with a home owner's or renter's policy. No more stand-alone policies.

As for JM, I got a quick quote from them, and they told me it would be about $455 per year!!

The gf lives in Los Angeles county, and they insure by where the wearer resides (county).

Call me crazy, but $38 per month seems pricey to insure a 1.7 F VS2 platinum ring!

To put things into perspective, I pay about $34 a month for my annual Disneyland pass! :/

Do any of you have tips and/or tricks on how to save on insurance premiums? Any other route or company that I can go through to get a cheaper rate?

I'm trying to explore all of my options here

 

[AprilBaby]

I'm getting a 3 ct eternity ring from WF and the quoted me $54/year!

 

[diamondseeker2006]

What is the amount you are insuring for? Is it what you paid or some other amount?

 

[ame]

Chubb doesn't write standalone anymore, sadly. Which is a damn shame.

But I do know that there's a lot to do with where you live, crime rates in that city, etc. as to how they determine the rate. Thats actually not bad at all. I live in STL and mind you I am with Chubb but I sadly pay not too much less than that per year for a 1.15 HVS1 stone in a plat setting (that's JUST the ering)...crime rates!

 

[SMC]

What is the amount you are insuring for? Is it what you paid or some other amount?

+1. If you have an inflated jewelry appraisal, you will pay higher premiums. Insure it for what you paid, maybe slightly above if you're worried that diamond prices will go up a lot in the next few years.

Does your gf have renter's insurance? You can check to see what the premium is to add the jewelry to her policy. It might be cheaper but I've read that homeowner's jewelry riders are generally not as comprehensive as JM's.

Premiums will also go down if you elect a higher deductible or install a safe or security system.

 

[OMG_AMG]

I'm getting a 3 ct eternity ring from WF and the quoted me $54/year!

nice! I want to pay that much per year =[

What is the amount you are insuring for? Is it what you paid or some other amount?

I paid approximately $18,200...that's the amount they used to give me the quick quote

I was told that insurance for Los Angeles county is expensive

 

[diamondseeker2006]

Okay, good. They will want an appraisal and you need to tell BG that you want the amount paid as the value. After all, that is the true replacement value!!!

I guess you have no choice as long as she lives there! Try to get her to move! I pay about $300 a year for $30,000 worth with Chubb in the southeast!

 

[OMG_AMG]

What is the amount you are insuring for? Is it what you paid or some other amount?

+1. If you have an inflated jewelry appraisal, you will pay higher premiums. Insure it for what you paid, maybe slightly above if you're worried that diamond prices will go up a lot in the next few years.

Does your gf have renter's insurance? You can check to see what the premium is to add the jewelry to her policy. It might be cheaper but I've read that homeowner's jewelry riders are generally not as comprehensive as JM's.

Premiums will also go down if you elect a higher deductible or install a safe or security system.

thanks for the tips! the gf currently lives with her parents in a house, but once I move down from NorCal, we plan to purchase a house together...but the actual purchase of a house probably won't be till next year

I'd prefer to have a comprehensive standalone jewelry policy in the interim since we might travel and I haven't planned out the proposal yet

 

[SB621]

Have you tried USAA? They are usually for military but anyone can get valuable personal property insurance through them.

 

[antiquesparkler]

USAA is my suggestion as well. I am not sure if they offer stand alone policies but they are great to work with and my car insurance with them is the cheapest I have ever found. Good luck!

 

[sonnyjane]

Wow I'm surprised at the difference between LA rates and San Diego rates! I'm only two hours away haha! I actually just got my JM paperwork in the mail today because I added a piece last week and it looks like my pieces average about $12-$13 per $1,000 of insured value per year.

 

[OMG_AMG]

Okay, good. They will want an appraisal and you need to tell BG that you want the amount paid as the value. After all, that is the true replacement value!!!

I guess you have no choice as long as she lives there! Try to get her to move! I pay about $300 a year for $30,000 worth with Chubb in the southeast!

she probably won't be willing to move haha...but yeah, that's an excellent rate you got there

Have you tried USAA? They are usually for military but anyone can get valuable personal property insurance through them.

USAA is my suggestion as well. I am not sure if they offer stand alone policies but they are great to work with and my car insurance with them is the cheapest I have ever found. Good luck!

thanks! i'll contact USAA and see what they say

Wow I'm surprised at the difference between LA rates and San Diego rates! I'm only two hours away haha! I actually just got my JM paperwork in the mail today because I added a piece last week and it looks like my pieces average about $12-$13 per $1,000 of insured value per year.

maybe the crime rate in LA is rather high compared to other areas?

 

[ame]

Crime rate has a LOT to do with it. A friend of mine who until last year lived in Boston proper was given a rate in the 4 figures per year for her ring--mind you it's quite a ring--because of where she lived and the crime rate of that particular area being higher than other neighborhoods. She lived in what I thought was a pretty high end and safe area but apparently because of the fact that it is high end it was a prime target for break ins, therefore her rate was much higher. They told her if she moved over ten blocks her rate would go down exponentially. Her rate where she lived in Manhattan--where they lived before Boston--was cheaper by $300 a year.

But when they moved back here after they decided they wanted to raise their kids here where their parents are (free babysitting), her rate only barely went down, bec we are the most dangerous city in the world, afterall

 

[OMG_AMG]

wow, surprised that a 10 block radius would make such a big difference!!

In any case, I just contacted USAA and they do have a "Valuable Personal Property Insurance" that covers jewelry...BUT there is one caveat...all of their insurance policies only cater to clients with a military background (e.g. you have family in the military or you're in the military)

So I guess USAA and Chubb are out of the picture.

Looks like it will have to be JM if there are no other cheaper options w/ comparable coverage out there :/

Any more suggestions?

On a side note, I have always wondered how insurance companies handle "mysterious disappearances?" I mean, I'm sure its not the first time someone has tried to pull a "hey I can't find my ring" but they really just hid it somewhere so they can collect the insurance money. I personally wouldn't do such a thing as I have ethics and morals, but I'm sure many others out there would not hesitate to do it.

 

[WillyDiamond]

On a side note, I have always wondered how insurance companies handle "mysterious disappearances?" I mean, I'm sure its not the first time someone has tried to pull a "hey I can't find my ring" but they really just hid it somewhere so they can collect the insurance money. I personally wouldn't do such a thing as I have ethics and morals, but I'm sure many others out there would not hesitate to do it.

It's called insurance fraud, and yes they do prosecute

 

[OMG_AMG]

On a side note, I have always wondered how insurance companies handle "mysterious disappearances?" I mean, I'm sure its not the first time someone has tried to pull a "hey I can't find my ring" but they really just hid it somewhere so they can collect the insurance money. I personally wouldn't do such a thing as I have ethics and morals, but I'm sure many others out there would not hesitate to do it.

It's called insurance fraud, and yes they do prosecute

^ yep, you are correct

In any case, I looked around and it seems that for stand-alone policies, most people are insuring with JM at this point in time

Can anyone confirm whether or not JM reimburses with a check or a like-for-like replacement in the event of a claim? I would like to hear about any positive or negative experiences during the claims process from anyone that currently has JM.

Also, BGD mentioned that they did not want to do an appraisal for my ring; they said that they are biased since they are in the ring/setting industry...they recommended that I take my completed ring to an independent appraiser to get it appraised for insurance purposes...is this normal? Do vendors not do appraisals?

 

[hearts-arrows_girl]

I also live in Los Angeles County, and yes, insurance is pricey here. I pay $655 per year for a 2.19 I VS1 wedding set. I went through Gemshield, because they offered the lowest rates. I was paying over $950 a year through my homeowner's policy. The insurance quote you posted is correct for LA. Now you just have to find a carrier that suits your needs.

 

[Bryson]

I just purchased a 1.74 D VS1 from BN and BN does an appraisal and sends it with the ring...you would think that there could be some potential for bias. My JM quote estimated right under $300 per year in the southeast. I plan to have an independent appraisal done when I get the ring by an appraiser that does not buy or sell jewlery. I assume that the appraiser needs to remove the diamond from the ring to appraise the stone? That makes me a bit nervous if he does...what if he re-sets the diamond improperly and it falls out of the ring? I know...excessive worrying, haha.

 

[LibbyLA]

Bryson,

Appraiser does not have to unset the diamond. If you take the cert for the diamond (GIA, AGS, whatever), the appraiser will have all the necessary info on the diamond.

liz

 

[OMG_AMG]

thanks for the info guys

I did a lot of reading and I now have a better understanding of how JM works, how they insure your jewelry and most importantly, how you are reimbursed (with an item that is of the "same kind and quality")

With that said, I will be taking my finished ring (when I receive it) to an independent appraiser and will be having it appraised for a price that is slightly higher than what I paid for it (no more than 10% higher) to help offset any increases in diamond prices in the next 2 years

I found out that JM does offer rate discounts if you have any of the following:

1) an eligible security system: local alarm, 2% discount, and central station alarm, 5% discount.

2) policyholders who have been insured with Jewelers Mutual for three or more years: the discount of 2% each year applies to the remainder of the life of the policy

3) Gemprint discount of 5% if the gem identification system is noted in the appraisal description or if you submit a copy of your Gemprint report.

I assume these discounts are stack-able?

Also, has anyone gotten their diamond Gemprinted before? If so, how much does it cost?