I know everybody here loves Chubb's for insurance because they pay out cash in a claim. After a ton of research (see the thread spelled Travellers) and talking to many different agents I signed up for a Travelers policy (through Geico).
First let me say I have not made any claims so this is just based on what the policy is and not how they handle the claims, though working with any insurance agency claims department seems to be hit or miss (even with Chubb's).
The main points to why I'm very happy with Travelers is because it is an agreed value policy (they cut you a check) and it is significantly cheaper than Chubb's. I'm in Chicago and I'm paying about $9.50 in premium for $1,000 for coverage. Chubb's wanted to charge me double that amount ($20 per $1,000). I am covering both my wife's e-ring and wedding band.
The main negative for most people about this policy will be that you need your home owner's through them as well. This wasn't a big deal for me since I live in a condo so my condo policy + the personal articles policy was cheaper than the Chubb's quote for just the valuable articles! I have no problem with moving my home policy to Travelers as this whole thing is being guaranteed through Geico and I've been very happy with them for my auto insurance.
The other negative is that I don't think they don't offer you the 150% increase in coverage, but this really isn't that big of a deal if you get new appraisals regularly (every 3-5 years). Keep in mind that Chubb's won't just pay you 150% if you have a claim, but if your appraisal is 5 years old they look at THEIR tables to determine what percentage diamonds and platinum have gone up in those 5 years and mark it up by that percent. This is obviously impacted in the premiums you pay so I'd rather just get a new appraisal and only pay premiums for what I would need to replace. You could aways buy a precious metals or diamond ETF if you are concerned about the escalating prices.
I think anyone looking to cover very expensive jewelery should definitely take a look at Travelers. For anyone covering under $10k in jewelery the extra premium per thousand might not be worth it to switch your home owners policy, but as you start needing to cover more and more on a separate floater that difference becomes very attractive.
Hope this helps.
First let me say I have not made any claims so this is just based on what the policy is and not how they handle the claims, though working with any insurance agency claims department seems to be hit or miss (even with Chubb's).
The main points to why I'm very happy with Travelers is because it is an agreed value policy (they cut you a check) and it is significantly cheaper than Chubb's. I'm in Chicago and I'm paying about $9.50 in premium for $1,000 for coverage. Chubb's wanted to charge me double that amount ($20 per $1,000). I am covering both my wife's e-ring and wedding band.
The main negative for most people about this policy will be that you need your home owner's through them as well. This wasn't a big deal for me since I live in a condo so my condo policy + the personal articles policy was cheaper than the Chubb's quote for just the valuable articles! I have no problem with moving my home policy to Travelers as this whole thing is being guaranteed through Geico and I've been very happy with them for my auto insurance.
The other negative is that I don't think they don't offer you the 150% increase in coverage, but this really isn't that big of a deal if you get new appraisals regularly (every 3-5 years). Keep in mind that Chubb's won't just pay you 150% if you have a claim, but if your appraisal is 5 years old they look at THEIR tables to determine what percentage diamonds and platinum have gone up in those 5 years and mark it up by that percent. This is obviously impacted in the premiums you pay so I'd rather just get a new appraisal and only pay premiums for what I would need to replace. You could aways buy a precious metals or diamond ETF if you are concerned about the escalating prices.
I think anyone looking to cover very expensive jewelery should definitely take a look at Travelers. For anyone covering under $10k in jewelery the extra premium per thousand might not be worth it to switch your home owners policy, but as you start needing to cover more and more on a separate floater that difference becomes very attractive.
Hope this helps.
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