diamond insurance deductible question

[jcrow]

Living where we do, we are unable right now to have insurance through Chubb because of the recent hurricanes.
So, we are going to insure our new ring through our renter's insurance. The plan is to switch once the ban is lifted with Chubb. My renter's insurance company offered several deductible options- from $100 to $1000. I know this may seem silly and I probably already know the answer but I was wanting some opinions on which to choose.

ETA: $0 - $1000 deductible.

 

[Leila]

Hi Jcrow. We went through Jeweler''s Mutual since we don''t have a local Chubb agent here. We chose, actually husband chose the $500 deductible since it made a big difference in our rate, saved almost $50. The next jump was 1000 and it didn''t have a big difference in the rate. For us, if the ring gets damaged and we need to shell out 500 to fix it, we''re okay with that. It''s what you''re comfortable with. Plus, my husband is super frugal and think zero deductible is unnecessary since I''m so careful with my ring. He thinks he''ll never see the day it''ll get damaged somehow and he has to get it fixed.

 

[fire&ice]

Make sure that the ring is actually covered. With most insurers, this is done on a rider to your insurance. The ring must be scheduled. With our insurance, a deductible for scheduled property isn''t available.

 

[jcrow]

Date: 12/7/2005 9:45:35 AM
Author: fire&ice
Make sure that the ring is actually covered. With most insurers, this is done on a rider to your insurance. The ring must be scheduled. With our insurance, a deductible for scheduled property isn''t available.

I guess i am not folllowing you- what do you mean? the ring and not only the diamond?

 

[jcrow]

ok- update.

i talked with my insurance agent. we were talking about what happens if something happens to the ring. she said that they go through stores in our town to replace exactly what i had. i said well, that''s the thing. what happens in the case like mine where my diamond can''t be found here in my state, much less my town.

she had never heard of an ACA so i told her about it. that''s it''s a branded diamond sold exculsively at a particular store in Texas.

she said she thinks they''d give the cash value that we''ve insured. i asked her to double check. i added that it took my fiance a long time to find the perfect diamond. I told her that i''d hate to not have exactly what i have know in the event that something happens.

she called back and said that if they can''t find an exact replacement (ACA) that they''d give us the value insured through them.

i thought that went against what i read about insurance companies other than Chubb??

Should i get this in writing from them? what if it''s what''s said now, but not followed through later??

Please Help.

 

[njc]

Who is your renters insurance through? I know All-State will pay out if they cant find a exact replacement, but they have to look first... Laney and mrssalvo have done so.

The more documentation you have on the specifics of your diamond and ring the better covered you are to get exactly what you had provided the policy is able to be cashed out if nothing can be found to match. Like instead of just (im making this up) RB, 2.13, G, VS1, in a platinum setting, you should have ACA branded RB, AGS certified 2.13, G, VS1, thin girdle, crown/pavilon angles, idealscope, sarin, etc in a Tacori Koala hand engraved platinum setting with 3-sided pave of G-H, VS1 2-point diamonds.

Hope that makes sense and helps!

 

[fire&ice]

Date: 12/7/2005 12:47:56 PM
Author: jcrow

Date: 12/7/2005 9:45:35 AM
Author: fire&ice
Make sure that the ring is actually covered. With most insurers, this is done on a rider to your insurance. The ring must be scheduled. With our insurance, a deductible for scheduled property isn''t available.

I guess i am not folllowing you- what do you mean? the ring and not only the diamond?

Sorry, I will try to make myself clearer. Most policies I have dealt with have two distinct coverages. The policy itself covers your home and contents with *all* jewelry only being covered up to around $1,500.00. In the event of a loss, you receive your damages less your deductible (determined by you - we have a $500.00). Jewelry that you want covered for full amount must be retained on a separate "rider or schedule". You pay for that coverage separate. In our cases, there is no deductible for coverage.

Also, make sure your coverage is for theft damage & loss. Some policies only cover your ring/diamond in the event of a theft from your property.

The deductible in general is what you think you can handle. It''s not worth it to put a claim in under 500.00. I''m not sure I''d put a claim under 1k. But, the difference in price between the 500 & 1k coverage in the event of a more serious loss didn''t make good economic sense to us.

Good luck. Seems like you are getting your ducks in a row!

 

[jcrow]

thanks.

yes- we are getting a ridder. i need to double check what the policy covers- damage, theft, loss...

 

[Mara]

there''s another company that works like chubb i think, where they pay out the value. i think it may be jewelers mutual or something? aljdewey has her insurance on her ring through them. in terms of getting what that gal told you in writing, yes i would definitely do it, but not sure if they will give it to you. it seems like sometimes the insurance companies just say things but it was hard to get things in writing.