Which is the "Best" Insurance company to insure engage rngs?

[iluvdiamonds2]

I don't know what everyone's experience is, but what do you think the best insurance company is out there for engagement rings/diamonds?

Thank yoU!

 

[kelpie]

Re: Which is the "Best" Insurance company to insure engage r

If you are eligible for USAA (you must be affiliated w/ a veteran or State Dept), that is the best. Otherwise I'd say a lot of people choose jeweler's mutual.

 

[pixies]

Re: Which is the "Best" Insurance company to insure engage r

If you are eligible for USAA (you must be affiliated w/ a veteran or State Dept), that is the best. Otherwise I'd say a lot of people choose jeweler's mutual.

I'm glad to see this topic pop up again. I'd be interested in what people have to say on the matter. Kelpie, would you pick USAA over JM? Why or why not? I know you get to work w/ your choice of jeweler w/ JM.

 

[Siamese Kitty]

Re: Which is the "Best" Insurance company to insure engage r

I've been very happy with Travelers. I had to make a claim a while back and they were extremely fair.

 

[Bosie]

Re: Which is the "Best" Insurance company to insure engage r

I have a personal articles rider under my Home Owners policy, they paid timely on a claim.
Jewelers Mutual is a good stand alone policy but more expensive than a rider to your Home Owners policy

 

[clgwli]

Re: Which is the "Best" Insurance company to insure engage r

I have a personal articles rider under my Home Owners policy, they paid timely on a claim.
Jewelers Mutual is a good stand alone policy but more expensive than a rider to your Home Owners policy

I wouldn't make a blanket statement like that. My home owners was nearly the same as JM however they covered less and gave me less say in replacement. Plus I would have had to pay a deductible where JM I would pay $0.

 

[denverappraiser]

Re: Which is the "Best" Insurance company to insure engage r

'Best' is a tough questiion and people approach it differently.

Many people choose to go with the same company tht issued their homeowners/renters policy because it's fast and easy to do, becaue they already have an agent in place and that they have a relationship with and a company that they presumably trust and have experience with.

The usual reason people choose to go with Jewelers Mutual, Gemshield or one fo the specialty jewelry companies is that they're experts in their field, that they are NOT associated with your homeowners policy (or you don't have one), It's very easy to do, and often they are a little bit cheaper.

The reason people go with Chubb or one or a similar 'declared value' type of policy is that the claims procedure pays cash in stead of replacement.

Which of these is 'best' will depend on your own circumstances and temprament. In every case I know of, the companies are happy to give free quotes and to explain the details of their policy and why they think you should go with THEM instead of their competitors. This is part of what the agents are paid to do so don't feel shy about asking them.

 

[iluvdiamonds2]

Re: Which is the "Best" Insurance company to insure engage r

I have a separate Jeweler's insurance through my insurance company - I pay an annual fee of $80 or something. It is separate from my car and homeowners, but w/ same company. I was wondering if JM covers certain things better?

I guess if I went w/ current jewelry policy, I'd have to call and add it *Before* I leave the store w the stone?
How does this work?

 

[denverappraiser]

Re: Which is the "Best" Insurance company to insure engage r

Agian, it varies from company to company but some, including Jewelers Mutual, will have a certain amount of coverage for new purchases made by their existing customers. Some of the credit card companies also offer limited coverage on new purchases while you go through the process of securing 'real' insurance. Most make the logistics of securing a policy pretty easy. The faster and easier they make it, the faster they get THEIR paycheck after all.

 

[Bosie]

Re: Which is the "Best" Insurance company to insure engage r

I have a personal articles rider under my Home Owners policy, they paid timely on a claim.
Jewelers Mutual is a good stand alone policy but more expensive than a rider to your Home Owners policy

I wouldn't make a blanket statement like that. My home owners was nearly the same as JM however they covered less and gave me less say in replacement. Plus I would have had to pay a deductible where JM I would pay $0.

Some of the HO policies also have a $0 deductibe, you just pay a higher premium.
I would be surprised if you shopped it apples to apples, that the HO policy would not be less expensive, due to the fact that Property and Casualty gives multiline discounts. Best of luck.

 

[clgwli]

Re: Which is the "Best" Insurance company to insure engage r

I have a personal articles rider under my Home Owners policy, they paid timely on a claim.
Jewelers Mutual is a good stand alone policy but more expensive than a rider to your Home Owners policy

I wouldn't make a blanket statement like that. My home owners was nearly the same as JM however they covered less and gave me less say in replacement. Plus I would have had to pay a deductible where JM I would pay $0.

Some of the HO policies also have a $0 deductibe, you just pay a higher premium.
I would be surprised if you shopped it apples to apples, that the HO policy would not be less expensive, due to the fact that Property and Casualty gives multiline discounts. Best of luck.

I did shop apples to apples and my HO was more expensive for the same coverage AND I could not choose my own jeweler if something did get lost/damaged. That's why I suggest to the OP to shop around. What may have been true for you, may not be for others for a bunch of reasons.

 

[ZhenyaH]

Re: Which is the "Best" Insurance company to insure engage r

I've seen several recommendations about USAA for insuring jewelry. While I admit that USAA is a great compant for banking and auto/home insurance, it may not be the "best" or even good for jewelry.

The diamond fell out of my ering about 10 days ago. Luckily, it was insured by USAA as a separate rider the amount I paid to purchase it. When I filed the claim, I found out the coverage is for replacement value. What this means is that USAA will find a replacement diamond of the same spces (GIA specs, in my case). I can send the ring to them to have it set or they'll send the diamond to me to have it set. They'll pay for the re-setting. I have 30 days to return the diamond if it's not what I'm looking for.

But what if you don't want USAA to find the diamond and want the cash instead (so that you get exactly what you're looking for)? USAA will pay you the same amount of money that they'll pay to the wholesale vendor from which the replacement diamond can be purchsed. I'm not sure what the typical mark up is but the "example" that was used to describe the claim process is that if you paid $4000 from a BM store, USAA can acquire the diamond of the same specs for $2000. USAA will pay you $2000. I have a co-worker whose wife had her ering insured by USAA and lost the ring. He verified that the process described above is how "replacement value" works out.

Once my ordeal is over, I'll write a separate post about USAA.

 

[kelpie]

Re: Which is the "Best" Insurance company to insure engage r

Huh, that is too bad about USAA putting you through the ringer. My understanding was the would do cash replacement if you had a unique or even carefully selected item. Did your ring have an appraisal on record with them? It seems like your ring is insured for XX amount it should be replaced for XX amount. I have looked through their diamond store or wherever where you are supposed to get "exclusive deals" but PS prices are much better. I am about to switch with them since I heard so many good things and am now eligible but maybe based on your experience (I'm interested to hear once it's resolved) I'll stick with JM. I understand cash policies are harder and harder to find and that was why I wanted them. Since my ring is an antique diamond in a custom setting I certainly wouldn't trust their opinion on what a suitable replacement is. The reason I was going to switch from JM is they seem sloppy. I asked a rep if my jewelery was covered from loss worldwide. She was adamant that is was not and was kind of snotty. I look at my contract and it specifically says "covered from loss worldwide". If I have a loss overseas how much trouble is it going to be to get my claimed paid if they don't think it should be covered regardless of what the contract says?

ETA- Jen, I want to also add how sorry I am you lost your diamond. Since they are all in a virtual inventory. Why not do the selecting of a diamond similar to yours using the search functions and resources here? Once you've found the one you want, insist that they get you that specific diamond, give them the specs and report number. Almost everyone has access to the same pool of diamonds.

 

[denverappraiser]

Re: Which is the "Best" Insurance company to insure engage r

I've seen several recommendations about USAA for insuring jewelry. While I admit that USAA is a great compant for banking and auto/home insurance, it may not be the "best" or even good for jewelry.

The diamond fell out of my engagement ring about 10 days ago. Luckily, it was insured by USAA as a separate rider the amount I paid to purchase it. When I filed the claim, I found out the coverage is for replacement value. What this means is that USAA will find a replacement diamond of the same spces (GIA specs, in my case). I can send the ring to them to have it set or they'll send the diamond to me to have it set. They'll pay for the re-setting. I have 30 days to return the diamond if it's not what I'm looking for.

But what if you don't want USAA to find the diamond and want the cash instead (so that you get exactly what you're looking for)? USAA will pay you the same amount of money that they'll pay to the wholesale vendor from which the replacement diamond can be purchsed. I'm not sure what the typical mark up is but the "example" that was used to describe the claim process is that if you paid $4000 from a BM store, USAA can acquire the diamond of the same specs for $2000. USAA will pay you $2000. I have a co-worker whose wife had her engagement ring insured by USAA and lost the ring. He verified that the process described above is how "replacement value" works out.

Once my ordeal is over, I'll write a separate post about USAA.

This is a pretty typical procedure with the replacement type policies although most will contrat with a local jeweler to do the repair/replacement and it will be entirely behind the scenes where they get the pieces and what they pay for things. The concept is the same in that they are agreeing to replace with 'like kind and quality', not to cash out for the face value of the policy and usually not to shop at the same source you did. Just because you paid a lot, doesn't mean that they will. If you decide to cash out, the amount they owe will be the amount of the damages, meaning the cost to repair/replace. This may or may not be the same as what you paid or the value declared by your 'appraiser'. This process is another of the reasons to get a professional appraisal rather than just use the packing materials supplied by the seller. It's easy to end up paying double or triple on your insurance for no extra coverage.

This is basically the way JM does it too although they really dislike cash settlements. They say they allow you to choose your own jeweler, which is correct as far as it goes, but they are not agreeing to pay your chosen jeweler however much they want to charge for whatever they want to do. As with USAA (and nearly everyone else), they also negotiate behind the scenes with the jeweler and if the jeweler isn't cooperative, the do have limits and the policyholder then needs to either pay the 'extra' or find a different jeweler.

 

[4cynthia]

Re: Which is the "Best" Insurance company to insure engage r

Kelpie, I apologize for any miscommunication you may have received. What you read in your agreement is correct—coverage with Jewelers Mutual is indeed worldwide. You receive comprehensive coverage from such occurrences as accidental loss, damage, theft and mysterious disappearance whether the incident took place in your own backyard, on the beach in Jamaica, or anywhere in the world.

Instead of cash policies, we offer repair or replacement coverage. What’s nice is you can return to your jeweler of choice for any necessary repair or replacement work. Our main goal is to get you back to the position you were in before the loss or damage occurred. Thank you for sticking with Jewelers Mutual!

Cynthia Moschea
Jewelers Mutual Insurance Company

 

[MarkBroumand]

Re: Which is the "Best" Insurance company to insure engage r

Which of these is 'best' will depend on your own circumstances and temprament. In every case I know of, the companies are happy to give free quotes and to explain the details of their policy and why they think you should go with THEM instead of their competitors. This is part of what the agents are paid to do so don't feel shy about asking them.

I think this is the point. You have to shop around and ask questions in order to find out which policy will work best for YOU. Begin with your homeowner's then go to a more specialized company such as JM and compare.

Imagine (God forbid) you were to lose your ring. What would you want from your insurance company? When you compare look for their procedures and solutions. That might be able to guide you a little better.