Question about Jewelry Insurance.

[SandraLynn]

A lot of people here on PS have recommended jewelers mutual. I took out a policy on my rings recently with them and it was smooth sailing. I've read some threads about experiences. My question is, what really are the core benefits versus using renters/homeowners. It seems they are particular about replacing items with exact copies instead of cutting a check and letting you decide In the event of loss or theft. What about fancy colored diamonds? You can’t always just get another one of those. Just curious about everyones thoughts.

 

[holeydonut]

My understanding is that Jeweler's Mutual (JM) has higher premiums, because they will be more consumer-focused if there's ever a claim. As with all things YMMV.

For example, crooks lately in my neighborhood are smashing the back patio glass (it's tempered and shatters very easily). They'll make a bee-line to the Master suite, steal valuables, and make their exit in a minute. Most security systems do nothing.

So when my neighbor's jewelry was stolen, her insurance carrier simply asked her to disclose the value of the ring based on receipt/GIA certificate. This got itemized to the losses for the claim. This works great for "normal" diamonds since most people don't pay a premium for a super-ideal cut. So if your diamond is a premium super-ideal, it's likely the replacement cost from the insurance will not be sufficient.

It's not like some adjuster is going to say "oh yeah you're right the HCA and hearts and arrows just isn't as good lolol."

But JM seems more willing to say "oh you got a diamond from BGD or WF, the replacement has to come from there with the same/similar GIA/AGS.

Also, most homeowners insurance won't cover a very expensive single piece of jewelry. IIRC State Farm's limit is $20k without a separate rider for the ring.

 

[denverappraiser]

The prices are all about the same. They'll vary with your address and things like your claims history. That address thing is important. For example, JM is the same across the whole state (Colorado) with the exception of the City and County of Denver where it's nearly double. Other companies either don't have that ding for Denver or may include other cities in it, say Colorado Springs. Estimates are always free.
Nearly every popular company is agreeing to replace a lost or destroyed with another of 'like kind and quality', or words to that effect. They'll buy you a new diamond, not cut you a check. That's for a variety of good reasons and there's nothing especially wrong with it but it's not what new customers generally are expecting. In general, JM is a lot better at understanding jewelry. Most jewelers with commercial store policies are with them, for example. Insuring jewelry stores is a specialty area and they cut their teeth on this. They also have some slightly different coverage rules. With some significant limitations, for example, they will insure a newly purchased unmounted diamond. Most will not.

 

[autumngems]

I use jewelers mutual, luckily I have never had to have a claim (knock on wood)

 

[rungirl]

One other thing to consider is that if you make a claim against your homeowner's policy for a jewelry item, it may still count as one strike against your policy. I lost a diamond stud a few years ago and spoke to the agent at my homeowner's insurance company, and was told "a claim is a claim is a claim", that it wouldn't matter that it was a relatively small amount. After two strikes they may drop you. This may vary from state to state and from policy to policy, so could be different for you, but this was my experience. After I replaced the stud I insured the earrings with Jeweler's Mutual to keep it separate from my homeowner's policy.

 

[whitewave]

Well, I just put two claims in and they are both closed now.

#1 was a personal articles policy not attached to homeowners (I don't have homeowners with #1)I assumed it was replacement but I had hoped for a payout.

They were literally like so sorry to hear it, here is the full amount of your policy, money is in your email, happy holidays. (This was a cut to order branded solitaire). The entire process took about 15 mins. Not joking.

The other policy was a payout personal articles policy under my homeowners insurance with #2. My claims guy referred me to their repair and replacement jeweler. I had to find all of my paperwork and my appraisal, send to him, and discuss with him the issues. I think he was probably only involved to verify it wasn’t an inflated appraisal. He had to write a report and send it back to my claims agent. He found it would cost about $700 more than my policy limit to remake my ring, so my claims agent verified they would pay out the full amount of my policy and then they snail mailed me a check. This process took close to 2 weeks.

I found #1 was much cheaper than #2 for similar policies, so for me, it’s #1 for the win, YMMV. #1 also told me I wasn’t going to be black listed and to reinsure any replacements I bought or made. I don’t know if maybe I lucked out because it was a branded cut to order that they couldn’t replace or what. I didn’t ask #2 about reinsuring any more new jewelry.

This all just happened, so basically I used the #1 solitaire money to buy the new sapphire for the #2 ring and I’m in the process of remaking that one. I don’t know if I will remake the solitaire.

just as an aside, we have two houses and at one point 6 cars (more than people in the house) plus all of DH‘s toys, so we are purchasers of insurance and had about 12 policies (not counting jewelry policies). We finally put the kids‘ cars on their own policies, so in other words what I’m trying to say is that insurance companies want us as customers. I don’t know that has anything to do with anything.

 

[MissGotRocks]

@whitewave, just curious about the #1 policy not attached to your homeowner’s policy. Was it a jewelry specific policy like Jeweler’s Mutual? It made the claim seem effortless and complete - something to think about!

 

[whitewave]

@whitewave, just curious about the #1 policy not attached to your homeowner’s policy. Was it a jewelry specific policy like Jeweler’s Mutual? It made the claim seem effortless and complete - something to think about!

It’s with SF. (I got weirded out about naming the companies lol IDK why). We used to have all policies with them but there is a very long story I don’t want to get into about why we moved the policies.

When we moved the policies, we kept a few policies there: a small life insurance for my husband that we had to buy in 2000 and other jewelry policies.

So they are officially called personal article policies. I guess I have about 4 jewelry policies with them now not counting the one I just used.

I was as surprised as anyone how low stress and pleased I was with how they handled it.

 

[MissGotRocks]

It’s with SF. (I got weirded out about naming the companies lol IDK why). We used to have all policies with them but there is a very long story I don’t want to get into about why we moved the policies.

When we moved the policies, we kept a few policies there: a small life insurance for my husband that we had to buy in 2000 and other jewelry policies.

So they are officially called personal article policies. I guess I have about 4 jewelry policies with them now not counting the one I just used.

I was as surprised as anyone how low stress and pleased I was with how they handled it.

Yes, that is great. I didn’t realize you could have policies with an insurance company like that that didn’t insure your home as well. Interesting! To move to any other insurance company, they want updated appraisals and appraisals seem to always be inflated. Don’t want to be under insured but don’t want to pay for inflated appraisals either.

 

[whitewave]

Yes, that is great. I didn’t realize you could have policies with an insurance company like that that didn’t insure your home as well. Interesting! To move to any other insurance company, they want updated appraisals and appraisals seem to always be inflated. Don’t want to be under insured but don’t want to pay for inflated appraisals either.

I did bring several pieces to a PS approved appraiser for real world appraisals. That also coincided with the insurance move, so good point I forgot about.

it may be that SF anchored (so to speak) the personal articles to the life insurance. I’m not sure.