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Insurance rate opinion! Please help.

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Obsessed

Shiny_Rock
Joined
Feb 6, 2004
Messages
104
My fiancee just got the final quote from Statefarm, her homeowner insurance provider. They quoted the following:

Item will be covered 100% of retail price: 13.5K
Deductible: $1000

Annual premium: $285
Location: San Fernando Valley(Greater Los Angeles)

My fiancee said something to the effect that this would be a seperate policy from the homeowners insurance. I thought you can get some sort of an addition to the original homeowners insurance? Is this a reasonable deal? If there is better deal to be had, who should i contact?

Thank you.
 

PMR

Rough_Rock
Joined
Feb 8, 2004
Messages
55
I have State Farm and just got my ring insured. The cost of the ring was about $13,800 and the price of the insurance is around $160. Also, I don't have a deductible. It is a separate policy from the homeowners insurance. Maybe because I live in Maryland insurance is cheaper.
confused.gif
 

Obsessed

Shiny_Rock
Joined
Feb 6, 2004
Messages
104
thanks for your response.... see, that makes me hesitant about signing up with SF right now! I understand that Los Angeles is an area with high insurance for everything, but that is a huge difference.... on top of that they want me to have a 1K deductible!
angryfire.gif


Any other opinions?
 

Nicrez

Ideal_Rock
Joined
Jan 21, 2004
Messages
3,230
We just signed up wityh Jeweler's Mutual and for a $15K assessed stone we are paying $255 a year at NJ's rate of $1.70.




We had a deductible option but chose to forgo it. For your area (non LA County), it would be:




$15,000 or less value = $1.50 (LA = 2.00)


$15,001- $30,000 = $1.90 (LA = 2.50)


$30,000 - Greater = $2.25 (LA = 3.00)




So according to Jeweler's Mutual's rates, you would be paying $202.50/year.
 

fire&ice

Ideal_Rock
Joined
Jul 22, 2002
Messages
7,828
Rates are locality driven. Insured jewelry are listed in a scheduled jewelery rider attached to your homeowner's policy. I haven't heard of a deductible for jewelry; though, 1k deductible for your homeowners policy is not unusual. The rider usually covers *all* types of losses - from theft to pitching the ring in the ocean. Most regular homeowner's policies have a approx. $1500 limit on jewelry loss (even in the event of theft). Some policies offer an addendum that will cover up to 20K. This addendum will cover the loss *only* in the event of theft from your home.

Also, for jewelry not worn everyday, many insurance companies offer a "vault" rate which is *dramatically* lower in price to insure. When I choose to take something out of the safety deposit box to wear, I just call my insurer & it's covered in the scheduled jewelry (I pay the premium for out of the box coverage). When I put it back into the vault, I call and pay the lower premium for the vault rate.

One has to be very careful to read & research exactly what is covered & what is not.

I seem to recall I pay close to 300.00 for the priviledge of wearing my ring. It's insured for around 25k.
 
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