Jewelry Insurance..who to choose?

[kanne]

I''ve been searching for decent insurance, but need some advice. What should I look for when choosing a policy/company? I could go through my homeowner''s policy but and not 100% sure I want to go that route.

Help!

 

[NoonersMom]

Hi Lovey, I''m researching the same. The route that I''ve taken is asked for sample policies to read the verbiage. I am very surprised by some of them.
Things that I am checking for:
- Do they do a cash payout, a repalcement or can you choose which you''d prefer.
- If they do a replacement can you go to your choice of jeweler or do you have to go to one they choose?
- What does the "losses not covered" clause state? One policy I looked at stated "marring, scratching, tearing and denting unless caused by fire, thieves or accidents to conveyances". Hmmm, what happens if you crack it or have a major chip at some point in time?
- What constitutes wear & tear?
- What is their settlement policy? Our homeowners agent told me that basically they replace at 90% of the appraised value regardless of quality. As part of the policy he would have to physically see the ring before they would insure it. I thought that was a bit odd given that we''d have all the receipts & an independent appraiser''s opinion w/report. Makes me feel that they would be difficult to work with or there would be a ton of hoops to jump through in the event of a loss.

Basically when I''ve been searching I''ve kept in mind who is going to be the easiest to deal with in the event of a claim, how flexible are they going to be if there is a claim and am I going to be able to get the same quality (or better if it''s not available). I would love to hear other thoughts on this matter. One can never be too informed.

 

[mrssalvo]

my homeowners does replacement/or cash out depending on the circumstances. My appraisal is so specific and detailed (4 pages) they would probably cash out rather than go through the hassel of finding the "same" stone. If they do go to the trouble then worst case I get another stone just like the one i''ve got.

 

[claimsjeff]

Please let me know if you have any specific questions that I can answer.

Thanks
Jeff A. Mills, SCLA
Vice President Claims
Jewelers Mutual Insurance Co.

 

[kanne]

Nooners

Thanks for the great post. Just got the quote back from Clarendon (my homeowners). $580 a year and they get the pick the jeweler/replacement.

so THAT''s not gonna happen......

apparently the insurance agent wanted to know "why I needed such an expensive ring"