Insurance - what to look for???

esp102 · Jun 16, 2006

Hi,

I''m going to be shopping for ring insurance and have seen people comment on Chubb Insurance and Jewler Mutual.

I have my house insurance with Erie Insurance and they can put my ring on a rider policy. The agent said if there is a claim filed they have the right to find the diamond at a cheaper cost than it''s insured value. For example, if it''s insured for $25,000 and they can find the diamond for $18,000 they will go with that...

The problem is that''s the stone is an E, 1.80, Round new AGS-Ideal cert, EX EX - good luck finding one if a claim is filed.

I assume having the appriasal state everything about the diamond is most important. I hope to never file a claim but want to peace of mind.

Anyway... what should people look for in a policy?

Thanks!

mrssalvo · Jun 16, 2006

do a search here on insurance and many old threads will pop up. many people prefer chubb because of their cash out policy. you insure for said amound and if you something happens to the ring they write you a check. no questions or hassels. It is slightly more $ than a home owners rider. that said, I had my ring on my homeowners and they ended up cashing me out b/c they could not find a stone like mine. Laney also ended up getting the cash from her home owners rider for the same reason. the key is to read your policy. most will try to replace with like kind before giving you anything. Make sure your appraisal is detailed to every last crown angle. it will make it harder for them to find a "like kind" that way. you'll also want to check you rider and make sure they will cover everything from loss, stolen to you accidently ran over it with your car, they like to leave little things out so they don't have to pay.

you can read Laney's saga here

klavigne · Jun 16, 2006

I just searched around and found plenty of stones that match the few specs you mentioned. I wouldn''t think it would be a problem at all to find a stone that would match all your specs, they are fairly common, they seem to be everywhere. It''s not like its a fancy shape or a D, FL. Besides, what are the chances of something happening right away. In two years that "new" AGS cert will be pretty old and finding old certs will be the problem. Good Luck.
BTW, I use JM and think they rule, awesome policy!