JEWELRY INSURANCE?

[SOPHIE2881]

Hi I have been searching through old posts to try and find the agent I think a number of you had recommended for my mom's insurance policy. She was a paying a fortune to State Farm and unhappy with the customer service. A number of you had recommended an agent who is able to offer policies for a number of jewelry-only stand-alone policy companies depending on type of coverage she is looking for. Any recommendations would be appreciated.

 

[autumngems]

Jewelers Mutual

 

[NY_Resonant]

Jeweler’s Mutual seems to be a common recommendation on this forum.
I’m also considering BriteCo personally —- It‘s 66% of the cost and covers up to 125% of appraised amount compared to Jeweler’s mutual based on my own quote. Coverage seems equivalent aside from that.

 

[whitewave]

I have State Farm and it’s much less expensive than anywhere else. Does you mom live in a high crime/expense area? I also had to put a claim in recently and it was a breeze.

BTW, anywhere she switches to will need appraisals within I think the last 2 years.

 

[yssie]

My recommendation depends on the total value you're looking to insure... What order of magnitude are we talking here?

 

[MMtwo]

Jewelers Mutual for me.

 

[CaseyLouLou]

I have State Farm and it’s much less expensive than anywhere else. Does you mom live in a high crime/expense area? I also had to put a claim in recently and it was a breeze.

BTW, anywhere she switches to will need appraisals within I think the last 2 years.

I have State Farm too and I’m trying to decide if it’s sufficient. It’s definitely the cheapest. Can you please elaborate on the claims process? Did you have a formal appraisal for the item?

My issue is that I have many inexpensive pieces that aren’t worth paying $125 each for an appraisal but they all add up to enough where if I were robbed I would want the lot insured. I have an appraisal for my anniversary band and that’s about it.

 

[anon34985]

I have State Farm too and I’m trying to decide if it’s sufficient. It’s definitely the cheapest. Can you please elaborate on the claims process? Did you have a formal appraisal for the item?

My issue is that I have many inexpensive pieces that aren’t worth paying $125 each for an appraisal but they all add up to enough where if I were robbed I would want the lot insured. I have an appraisal for my anniversary band and that’s about it.

Jewelers mutual you don't need an appraisal- you can use your receipt. I do not have my engagement ring insured at appraised value which is something like 18k when the cost was 12k. An insurance company will only give you the amount of money to make you whole again, so if you insure for appraised value, you are basically throwing money out the window unless inflation of diamonds goes through the roof!

 

[Austina]

I had to provide appraisals to Jewellers Mutual.

 

[anon34985]

I had to provide appraisals to Jewellers Mutual.

You certainly do not "have" to if you don't want to insure for appraised value; this is right from their website.

 

[jewels4life]

Jewelers mutual you don't need an appraisal- you can use your receipt. I do not have my engagement ring insured at appraised value which is something like 18k when the cost was 12k. An insurance company will only give you the amount of money to make you whole again, so if you insure for appraised value, you are basically throwing money out the window unless inflation of diamonds goes through the roof!

Same. I have 2 rings insured with them and only uploaded my receipts.

 

[RunningwithScissors]

I was asked to provide appraisals for both my Ering and my stud earrings. But both are unusually expensive due to their color/clarity stats, so maybe JM asks if the item is over a certain threshold. I also know JM uses underwriters, so maybe its easier finding an underwriter for these oddly expensive items with an appraisal to back them up.

 

[CaseyLouLou]

You certainly do not "have" to if you don't want to insure for appraised value; this is right from their website.

It kind of seems to say that they are happy to take your money for ‘insurance’ without an appraisal but you better have one when you file a claim. I do think a receipt would suffice but in my case many items were purchased a long time ago and so the receipt wouldn’t be sufficient for replacement value now. It’s frustrating that it has to be so complicated.

I think I will stick with State Farm because it’s a lot less expensive and you can prove ownership with receipts but place a higher value on the itemized list. When it comes time to file a claim then you just have to be able to justify that higher replacement value.

 

[LilAlex]

I think most here know this but each item must be scheduled with the underwriter of you howmowner's insurance. And it's probably not suitable for most PS-grade jewelry. In my experience, most commercial "jewelry store" appraisals are of the "diamond ring, Ladies Medium" sort and they will often just buy you a comparable replacement. My understanding is that you need a very detailed appraisal to support a higher-than-average valuation -- not just a receipt that may only prove you are a terrible shopper.

 

[RunningwithScissors]

I think most here know this but each item must be scheduled with the underwriter of you howmowner's insurance. And it's probably not suitable for most PS-grade jewelry. In my experience, most commercial "jewelry store" appraisals are of the "diamond ring, Ladies Medium" sort and they will often just buy you a comparable replacement. My understanding is that you need a very detailed appraisal to support a higher-than-average valuation -- not just a receipt that may only prove you are a terrible shopper.

This. 100%. Unless you are okay with your ACA or CBI to be replaced with a Zales special.

I was advised by @Wink to make sure the brand names where included in the descriptions on my appraisals, and I would encourage others to do the same.

 

[anon34985]

This. 100%. Unless you are okay with your ACA or CBI to be replaced with a Zales special.

I was advised by @Wink to make sure the brand names where included in the descriptions on my appraisals, and I would encourage others to do the same.

Interesting! The way I understood my JM policy was I would choose the jeweler and if I wanted to upgrade- I would just pay the difference between my payout and the new piece.
I am interested in looking around for new insurance- my ring isn't especially expensive, but I would much rather reimbursement than a replacement. Does anyone know of any insurance companies that offer this? I've emailed JM asking if that is an option.

 

[MeowMeow]

So I actually just worked with JM to replace a piece of mine I managed to lose >.< I had a 0 deductible plan and was insured for 1400 because of my old appraisal. I've developed sensitivities to textures since my diamond band was made for me going on 6 years ago. So I chose my local jeweller since I could touch all the settings and see how they felt vs trying to go online and not know if something would hurt or not. So the shop decided how much it would be to replace my diamonds exactly as it would be if I chose the same thing. Which was almost 1900 these days. And then we priced out what I was looking for, which is a 5 stone band with a smooth shank so my stupid princess skin won't get mad wearing it. And I paid the difference while JM paid the 1400. They were very kind to me during the process. And I'm a neurotic person so I appreciated them and their patience lol.

Also I have insured both with receipts and with appraisals. And I feel like going by the appraisal is less stress. So while I have initially insured my band again with a receipt. I'm going to get another appraisal for them asap.

 

[CaseyLouLou]

I think most here know this but each item must be scheduled with the underwriter of you howmowner's insurance. And it's probably not suitable for most PS-grade jewelry. In my experience, most commercial "jewelry store" appraisals are of the "diamond ring, Ladies Medium" sort and they will often just buy you a comparable replacement. My understanding is that you need a very detailed appraisal to support a higher-than-average valuation -- not just a receipt that may only prove you are a terrible shopper.

Only a select few of my pieces are “PS grade”. Most are not worth spending $125 per piece for an appraisal. State Farm lets me describe each piece in detail and provide that list with the value. My agent said that as long as the description matches the photos and any receipts I have then I should be fine when filing a claim. I do have appraisals for a couple of pieces but it’s just not cost effective to get one for 50 items. I just make sure I put all of the details including the diamond quality and gram weight into the description.

I may use JM for my most precious items but even then I’m not sure it’s worth paying double if I have proper documentation to provide to SF.

 

[whitewave]

I think most here know this but each item must be scheduled with the underwriter of you howmowner's insurance. And it's probably not suitable for most PS-grade jewelry. In my experience, most commercial "jewelry store" appraisals are of the "diamond ring, Ladies Medium" sort and they will often just buy you a comparable replacement. My understanding is that you need a very detailed appraisal to support a higher-than-average valuation -- not just a receipt that may only prove you are a terrible shopper.

I don’t have homeowners with state farm. I have jewelry policies and life insurance With state farm.

@CaseyLouLou I sent in detailed receipts which were recent.

with the claim it went like this 5 mins: oh that’s terrible, I’m so sorry. Check your email for a letter with electronic money in it.

couldn't have been easier, YMMV.

 

[anon34985]

I don’t have homeowners with state farm. I have jewelry policies and life insurance With state farm.

@CaseyLouLou I sent in detailed receipts which were recent.

with the claim it went like this 5 mins: oh that’s terrible, I’m so sorry. Check your email for a letter with electronic money in it.

couldn't have been easier, YMMV.

I notice on the SF website, it says replacement, was it difficult getting reimbursement instead of replacement?

 

[RunningwithScissors]

Interesting! The way I understood my JM policy was I would choose the jeweler and if I wanted to upgrade- I would just pay the difference between my payout and the new piece.
I am interested in looking around for new insurance- my ring isn't especially expensive, but I would much rather reimbursement than a replacement. Does anyone know of any insurance companies that offer this? I've emailed JM asking if that is an option.

My understanding is that is what JM does, gives a reimbursement, not a replacement.

What I was trying to say is that if you own a super ideal cut diamond, you want to make sure you document that it is one, with the brand name. Otherwise if something happens to that diamond, many insurance companies will only give you compensation for the dollar value of a generic diamond, which is less than what it would cost to replace your super ideal diamond.

 

[sledge]

If you are seeking a cash reimbursement policy you need to be specific in your wording with the insurance provider. I believe most are replacement policies and JM is no different. I seem to recall someone getting a cash policy from Chubbs.

As others eluded to it’s also important to insure for a proper value. If you paid $10k and insure for $20k and experience a loss, the provider will pay up to a maximum of $20k but will seek to find & pay current market value for an equal stone. If market is $22k, then you will be short $2k. If it’s $12k that is the most they will pay. Therefore, it’s a good idea to review and update your policy amounts every few years. Most likely prices will increase and I’d rather have a little cushion in my favor, but at the same time grossly over inflating coverage only causes you to pay higher premiums with no benefit.

When I got my policy for my wife’s ring I submitted a copy of the AGS lab report which shows the branding along with copies of ASET and H&A images. If we experience loss I am not the least bit interested in a run of the mill GIA 3X that meets color, clarity and carats. I want a true equal replacement which is a super ideal stone. As such, providing documentation upfront & prior to a loss is crucial to getting the right replacement.

From the JM website:

How much should I insure my item for?

Your policy with Jewelers Mutual Group is a repair or replacement policy. It’s not a cash reimbursement policy. The item value you choose when applying for insurance is the highest amount we will pay for your repair or replacement in the event of a loss. It's very important to get it right...

www.jewelersmutual.com

 

[Wink]

This. 100%. Unless you are okay with your ACA or CBI to be replaced with a Zales special.

Well said @RunningwithScissors, I have never had an issue when working with a client who had a proper appraisal. I have worked with a few who did not have a proper appraisal, and it took some "working" with the adjuster to get a proper replacement done.

I always prefer to start with a fully loaded magazine when going into battle.

 

[RunningwithScissors]

This is off-topic, but WE MISS YOU @Wink !!!

 

[sledge]

This is off-topic, but WE MISS YOU @Wink !!!

Echo that sentiment. Missed you buddy. Hope all is well with you.

 

[Wink]

This is off-topic, but WE MISS YOU @Wink !!!

Echo that sentiment. Missed you buddy. Hope all is well with you.

Thank you both. I am still here and love working with my friends at Continental. We are sponsors here at Pricescope and we are here for the long run. I would love to brag about all the great things we do, but do not want to get a time out!

 

[Resonance.Of.Life]

I think Chubb is one of the only company that offers a payout vs a replacement policy. As far as I know they do not issue stand alone jewelry policies anymore unless it is of great value. However, I will say their replacement policy is great- they will replace your lost jewelry up to 150% of the appraised value to get exactly what you had before. This is great because it accounts for inflation ect.

Chubb was actually cheaper than Jeweler's Mutual for me by several hundred dollars. However, I also have Chubb insurance for my homes, cars, and umbrella policy.

 

[Dreamer_D]

Most insurance policies that you add a jewelry item to as an individual item (eg. household insurance) will replace your item using their own suppliers. In that case you better have an appraisal or other documentation describing eg the lab report that accompanies your lost diamond of setting and you better be happy with any old replacement item! JM is the only insurance I found in Canada that let me choose the vendor and the replacement item, including choosing vendors in the US if I wanted (in that case I would pay and be reimbursed from JM, whereas if I use a Canadian company they work with the jeweler directly). This is a big deal if you care about the quality and won't accept any old thing, or if you have a rare or unusual piece, which is the case for me. So I've been using JM. Ain't cheap but worth it for peace of mind.

 

[CaseyLouLou]

Most insurance policies that you add a jewelry item to as an individual item (eg. household insurance) will replace your item using their own suppliers. In that case you better have an appraisal or other documentation describing eg the lab report that accompanies your lost diamond of setting and you better be happy with any old replacement item! JM is the only insurance I found in Canada that let me choose the vendor and the replacement item, including choosing vendors in the US if I wanted (in that case I would pay and be reimbursed from JM, whereas if I use a Canadian company they work with the jeweler directly). This is a big deal if you care about the quality and won't accept any old thing, or if you have a rare or unusual piece, which is the case for me. So I've been using JM. Ain't cheap but worth it for peace of mind.

I think for very special items that makes sense. For everything else though it isn’t cost effective to get an appraisal for every single piece. I would like to insure the whole lot but with JM it’s very difficult.

 

[Dreamer_D]

I think for very special items that makes sense. For everything else though it isn’t cost effective to get an appraisal for every single piece. I would like to insure the whole lot but with JM it’s very difficult.

For sure. I would not insure anything valued less than about $X because in the unlikely event that something happens, $X would be the amount that I can afford to replace or just say “goodbye” to. The cost benefit just doesn’t add up below that value for me. I insure my special pieces (or I will, there’s only one “piece” at present).