Is this Chubb quote insurance quote reasonable?

[8*flash]

I just got my new e-ring insured through Chubb. Stand alone plan for $11,500 and it was like $225 for the year. Is that reasonable? My homeowners quoted me for $1.38 but I was told to go to Chubb because if in the event of a claim they are much better and they will just cut a check instead of "replace like kind or quality". Chubb didn''t even care about seeing an appraisal which I find strange. Almost makes me feel like they just intend on taking anyones premiums and then if there is a claim they will screw you. Maybe I''m just paranoid. Any thoughts, experiences?

 

[NewbieHere]

Chubb wrote a policy for my son earlier this month. The diamond e-ring had a replacement value $10,000 and the policy premium was $214 for the year. The premium is based on where the ring "resides" i.e., fire alarms, smoke detectors, house alarms, etc.

I would say your quote sounds ballpark.

 

[8*flash]

Those factors were never addressed. They didn't care about any of that stuff. In fact, the only thing they wanted was my address and how much the thing appraised for. Seems weird they would just take your word for it. She said something like, "anything under $50k we don't require an actual appraisal to initiate the policy"

 

[Mara]

Who did you work with, an authorized Chubb agent?

I went through Chubb directly which now I guess you can't do...you have to work through an authorized rep...but anyway it depends on where you live and how much the appraisal is (or whatever the amount is you want to insure the ring for) that determines your premium. We got $10,500 of insurance for $200 a year...in the Bayarea, California (SF).

I had to fax over my appraisal form and they started the insurance when they got the appraisal info. But all they wanted was the one page out of the 17 page report with the $$ and stated information on it (e.g. 24 G VS stones make up the band and center stone is 1.23c etc), they didn't want to see anything else. I could have just typed that up myself and sent it over, a little odd. Though they asked if I wanted to insure for the appraisal amount or for another amount (e.g. what we paid if it was less). So I guess if I had said 'what we paid' maybe they wouldn't even have wanted the appraisal. Who knows.

I have not heard anything negative about Chubb in payouts or hassles with claims. I think one of the reasons they are slightly more expensive than say a State Farm or similar is because they do cut the checks and give you relatively little hassles. Whereas with the other co's you are not sure what you will get, a check or a replacement *they* deem acceptable. I'd rather pay slightly more for peace of mind.