Standalone cash value jewelry insurance

[justdeb__]

Hi all,

So we just got the e-ring and are now looking for a standalone policy. FI wanted to add it to our home insurance, but I wanted a policy that would cover an event of loss or damage outside of the home, which I feel would be a more likely scenario should a loss occur. Please feel free to correct me if I'm mistaken! Insurance mumbo jumbo is lost on me

After perusing a few recent threads on insurance, two companies were mentioned -- GemSafe and Jeweler's Mutual. However, neither seem to offer a cash value reimbursement for claims. Our good friends had their e-ring insured by Chubbs awhile back. They selected Chubbs because it was one of only a few companies that offered a cash value policy rather than replacement. Unfortunately, they are no longer insured by Chubbs because the company stopped offering that kind of policy.

Does anyone know of any other companies that offers reimbursement rather than replacement? Or am I mistaken to think a reimbursement policy is somehow better than replacement? I was just told the former was better by our friends but they have never had to file a claim before so can't say for sure if it is.

 

[denverappraiser]

I know of none that offer this without bundling with your house(s) and other property, and even then there are serious limits. No cheap houses . Talk to your insurance broker about it. Chubb does still do this for example. I know several who CAN write declared value policies in the right situations, but most prefer to avoid the negotiation that it involves.

People like them because the claims are easier. People dislike them because the premiums are higher. It's your call where you want to be on that.

 

[rockysalamander]

I used JM. IF I like a piece well enough to insure it, I want it replaced.

 

[oldminer]

Chubb is an extraordinary insurer, but they are very selective about their choice of customer. You have to live in an acceptable demographic area and fit the profile they have set for becoming one of their customers. This way helps keep their loss rate ultra-low and their client satisfaction levels high. Not everyone can obtain Chubb coverage.
I understood that Texas was a state where agreed cash value policies were often issued for jewelry, or possibly it was a legal requirement in that state to offer them. I'm not certain on this and my info may be out of date. However, such coverage does cost more than replacement coverage. It is so very tempting to "lose" and item instead of trying to sell it if you no longer wish to own it and want some new item instead. Insurance companies don't want to be scammed by their customers any more than you want it to happen to you.
JM has a fine track record for replacing items for their customers, as do many other recognized names in the insurance industry. These companies make a good profit on jewelry coverage. If you are not acting in a suspicious manner, you have nothing to be concerned about when it comes to reasonable treatment on most replacements.
One thing for certain, a well constructed and thorough appraisal BEFORE a loss helps you to get an excellent replacement should it be necessary.

 

[justdeb__]

@oldminer Thanks so much for the info! I think we've narrowed it down to GemSafe since they seem to have 3 tiers of coverage (GemValue, GemSafe, GemExtended) and seems to offer the same coverage as JM and slightly lower premiums.

 

[SimoneDi]

Please read this before committing: https://www.pricescope.com/community/threads/gemsafe-insurance-very-poor-customer-service.237262/

 

[justdeb__]

Thanks Simone. I will reach out to JM, GemSafe, as well as Lavalier and gauge my responses from them before I make a decision.