State Farm Stand Alone, JM, or Chubb

[chief44444]

Hi Gang,

You all have been such a tremendous help in my engagement ring search. Now that I have one ordered and on it's way from ERD it's time to find insurance. I have read a lot of the threads that discuss the various options and it seems that the collective favorites are JM and Chubb. I currently have SF for Home and Autos, and when I called they said they do stand alone policies for jewelry. Their quote for no deductible was a bit less than JM.

Sadly, I still have a couple questions I hope someone can help me sort out. Is one company better than the others if

1) We lose or damage the ring while on vacation in another country?

2) The ring is chipped or damaged while my fiance is wearing it at work (she's an MD and relatively likely to bang it on something)

3) The payout policy in case of the previous two scenarios? I spent a long time hunting the diamond and would not want to accept "similar", I would want to use Mark again to find nearly identical.

Thank you for your help with these. If it helps, the ring's specs are as follows: 1.31 H VS1 Cushion Modern set in ERD's Ada Platinum with .63Ct melee. Also please feel free to point me to threads that might answer the questions.

Cheers!

 

[diamondseeker2006]

The reason I prefer Chubb is that it is very simple. They cover the stone or jewelry item for a certain amount, and if it is lost, stolen, damaged, etc. They cut you a check and you replace with whatever you want. So I'd get a quote from them to compare with the others, but their coverage is worth a little more, IMO. Also, Jeweler's Mutual pretty much makes you cover at the inflated "appraisal" amount, and Chubb has let me cover the amount we paid. That just seems better to me. From time to time they offer me the chance to increase coverage by 10% (or other) without getting a new appraisal. I hope I never make a jewelry claim (and never have in the past), but I want good coverage on expensive items such as an e-ring that I'd want control over the replacement.

 

[Owies Nana]

We were told that Chubb will only insure your ring IF you insure your house (worth over $500k) with them. They will not write stand alone jewelry policies.

 

[Gibson486]

We were told that Chubb will only insure your ring IF you insure your house (worth over $500k) with them. They will not write stand alone jewelry policies.

same here. I rent and I really do not want renter's insurance....

 

[mrssalvo]

many folks here have stand alone policy's with Chubb and do not have a homeowner's policy with them. It's just finding an agent who will do it. I just added mine as a scheduled rider to my homeowners. I provided a very detailed appraisal. Some homeowner's even offer a cash out in their policy's so check with your homeowners(ours does now). I had to make a claim on my old ring years ago. Our homeowner's at the time couldn't find a suitable replacement so they cut me a check.

 

[Owies Nana]

We have a rider on our homeowner's policy, and it is for "agreed upon" value.

With prices going through the roof, it is essential to keep the appraisals current though. Otherwise, there is no replacing the goods should something happen to them.

 

[diamondseeker2006]

I just have a stand-alone policy with Chubb. We've never had any other insurance with them.

 

[Owies Nana]

DS, when did you get your stand alone policy? According the agent my husband spoke with (a couple of months ago when I got my updated appraisals), they did write stand alone policies in the past and have continued for previous customers, but that they don't do it any more with new customers unless the new customer insures the house where the jewels reside.

 

[geisha_gyrl]

Great thread. I'm also looking to insure my ER. I currently have Travelers for my homeowners and should check what their replacement policies are.

 

[diamondseeker2006]

Well, it certainly could be that they have changed their policy. I probably got the coverage 4 years ago. We used to have jewelry on our homeowners but switched the jewelry to Chubb when I got my new ring and studs because I wanted control over the replacements and most homeowners policies attempt to provide a replacement. Although I have heard of people here refusing the replacements until they are offered a check..but it is often less than the covered amount.

 

[Owies Nana]

I also want control over my replacements, and am not sure that can happen with USAA, which is why we looked into Chubb.

I will ask hubby to do more leg work to find another agent to see if the info he got from the first guy is confirmed, especially now that we have another rock to add to our policy.

 

[Owies Nana]

So, I just got off the phone with customer service at Chubb's home office after being transferred to four different people before getting an answer as to whether or not they will write a stand alone policy.

The first three folks I talked with didn't know the answer. When I got to the fourth, the rep initially told me that they do not do it. When I told her that I knew of several people who had stand alone policies, she admitted that "it is not normally done" when "people only have a few things to insure." When I asked if she had ever seen it done, she said she had, then added "but it is an underwriting decision...." which means, apparently, that the agents choose what they want to underwrite and what they don't...just as mrssalvo said. Thank you, mrssalvo!

We will be shopping for Chubb agents to insure our collection.

 

[diamondseeker2006]

Owies Nana, I also tried to call the Chubb corporate office, and it is amazing how little the people know who answer the phones!!!! I was told I would have to contact my agent. So I called my agent and she said she would have to check as they represent multiple companies. I asked her to please find out the minimums, etc., so we'd really know the rules. I asked her what states she could write policies for and she said most of the Southeast. I told her if she can find out the rules, I'll just post her name and phone number for anyone in the SE who wants a stand-alone jewelry (valuables) policy!

I do believe this is about agents who just don't want to bother with small policies. But hopefully we can find out the current rules for a stand-alone policy for sure this time!!!!

 

[ked123]

I was not able to find a Chubb agent who would write a stand alone policy in my area. I was told that they offered this in the past, but no longer do (seems like a fairly recent decision). I am interested in getting a policy through Chubb so if anyone has contact info for an agent who will write such policies, please post.

 

[denverappraiser]

All things being equal, nearly everyone would prefer the Chubb approach to claims. Unfortunately, all things are not equal. As you've doscovered, Chubb is not available in every market or to every customer. In fact, they tend to be quite picky and rather few people find that they are even elligible for a policy. Secondly, Chubb premiums are routinely 2-3 times the price of their most obvious competitors although this varies dramatically with where you are and the details of the policy. An awful lot of people decide that they're willing to put up with a 'replacement' type policy in exchange for cheaper premiums.

I believe Bill at www.touchstoneinsurance.com is a Chubb agent licensed in all 50 states. Not that it matters all that much but I think he's physically in Chicago.

 

[diamondseeker2006]

Gosh, maybe it is where I live, but my Chubb premiums in comparison to what it would cost on homeowners was a grand total of about $40 more a YEAR!!! ($280 vs. $240 for around $24,000 in coverage...I only have 1 ring and studs on that policy). So by no means is Chubb necessarily that much higher. Maybe in high crime areas, sure. Always compare rates, obviously.

 

[Sheherizaad]

An awful lot of people decide that they're willing to put up with a 'replacement' type policy in exchange for cheaper premiums.

This is the crux really. At the end of the day, I'm paying around $700 +/- annually for protection of about $45k worth of jewelry. If I went with Chubb, I would have had to pay $2k annually. Granted, this has a lot to do with specifics to me (i.e. my location, deductable amounts, etc), but suffice it to say, it's a substantial difference for a trade off that is not very valuable to me (i.e. cash payout). To you a cash payout may be more important.

 

[Haven]

I learned that many agents don't want to offer the Chubb stand-alone policy, for whatever reason, but that they still do exist.

I have my Chubb policy through William Castro of Total Dollar Insurance. I got his name from a PS thread several years ago, and he's been wonderful to work with these past four years. If you are still interested in a Chubb policy, you can reach him at:

William Castro
Phone: 516-833-1550

If you look him on the http://www.totaldollar.com website there is also an option to send him an email through the site.

 

[Haven]

Gosh, maybe it is where I live, but my Chubb premiums in comparison to what it would cost on homeowners was a grand total of about $40 more a YEAR!!! ($280 vs. $240 for around $24,000 in coverage...I only have 1 ring and studs on that policy). So by no means is Chubb necessarily that much higher. Maybe in high crime areas, sure. Always compare rates, obviously.

This is also my experience. I live just outside of Chicago.

 

[asymons412]

Well, I'll chime in for JM. I have a policy covering ~6.2k for a $70 annual premium. They do not do cash payout, but my jeweler is associated with JM and therefore would work with me to replace my ring in the event of a loss. Working with a jeweler I trust (and one who knows my ring!) is important to me. Also, the fact that JM specializes in this sort of thing made choosing my policy an easy decision.

As you probably know, JM includes coverage for "mysterious dissapearance" as they advertise , theft or chipping, etc. I have never have to make a claim (and hopefully never will!), but several people on PS have made claims and I have only heard positive feedback regarding JM service.

 

[300GCP]

Well, I'll chime in for JM. I have a policy covering ~6.2k for a $70 annual premium. They do not do cash payout, but my jeweler is associated with JM and therefore would work with me to replace my ring in the event of a loss. Working with a jeweler I trust (and one who knows my ring!) is important to me. Also, the fact that JM specializes in this sort of thing made choosing my policy an easy decision.

As you probably know, JM includes coverage for "mysterious dissapearance" as they advertise , theft or chipping, etc. I have never have to make a claim (and hopefully never will!), but several people on PS have made claims and I have only heard positive feedback regarding JM service.

What exactly is considered a "mysterious disappearance"? Simply losing it?

 

[Sheherizaad]

Mysterious disappearance to me was described as a stone falling out or the ring getting misplaced in a way that you can't explain. The example that was given to me was you put your ring in it's ring holder and you wake up and it's not there anymore. But nothing else has been stolen or broken into or anything. You can't conclusively say it was stolen nor can you say you lost it....

 

[Owies Nana]

Hubby just told me that he found a Chubb agent willing to underwrite a stand alone policy for us...once the agent found out exactly what we were trying to insure, he suddenly became quite interested!

 

[diamondseeker2006]

Hubby just told me that he found a Chubb agent willing to underwrite a stand alone policy for us...once the agent found out exactly what we were trying to insure, he suddenly became quite interested!

My guess was that some agents just didn't want to bother with small policies, but apparently Chubb does still offer stand-alone policies!

 

[Dancing Fire]

Well, I'll chime in for JM. I have a policy covering ~6.2k for a $70 annual premium. They do not do cash payout, but my jeweler is associated with JM and therefore would work with me to replace my ring in the event of a loss. Working with a jeweler I trust (and one who knows my ring!) is important to me. Also, the fact that JM specializes in this sort of thing made choosing my policy an easy decision.

As you probably know, JM includes coverage for "mysterious dissapearance" as they advertise , theft or chipping, etc. I have never have to make a claim (and hopefully never will!), but several people on PS have made claims and I have only heard positive feedback regarding JM service.

What exactly is considered a "mysterious disappearance"? Simply losing it?

..or your dog ate it for breakfast...

 

[rte]

Hubby just told me that he found a Chubb agent willing to underwrite a stand alone policy for us...once the agent found out exactly what we were trying to insure, he suddenly became quite interested!

Hello All
I have not posted here for about a year
I have pop in from time to time to check things out and now am on the hunt for an insurance policy for an E-ring

The ring is 3 years new
One 1.4ct F VS2 RB diamond in a custom 18K yellow Movado style setting in southwest AZ

(anyone have any leads on a Chubb rep in my area)

Thanks in advance

 

[Regular Guy]

(anyone have any leads on a Chubb rep in my area)

Thought I'd pop in.

Hi guys!

Looks like Denver's lead is current, and you need a $12K minimum from their on line web presence. You won't need to be local to use them.

Last I talked to the Total Dollar guy, he said he was not doing (new) agreements as of my phone call, though that was years ago.

Lots of fun.

Warm regards,

Ira Z.

 

[Owies Nana]

I just talked with Ralph at Touchstone for a Chubb policy, and he indicated that Touchstone's website is incorrect. The amount Chubb requires is $60-$70k. He is calling me back with more details, which I will post here, as soon as he returns my call.

 

[chief44444]

I also just spoke with Touchstone, even went through an application. But, the CSR (name??) indicated that Chubb would no longer offer stand alone policies. So I paid $195 to JM to insure ring appraised at 13K.

If someone does find a Chubb agent that will work, please let me know. I don think it's very complicated to switch policies??

 

[danfitz36]

so i just spoke with liberty mutual (i have car and renters insurance through them). i don't have my actual appraisal yet so nothing has been finalized, but here's what they're potentially offering.

$27 a month for $15k coverage with no deductible. their normal policy is to find the ring for me using my gia report and appraisal. but if they can't find something i'm happy with they will also write a check so that i can find the stone i want. i told them i was buying a cushion and the cut can vary from stone to stone unpredictably and they seemed to be perfectly fine with me finding the stone myself.

i still haven't spoken with JM, but this first option doesn't sound half bad.