Ring Insurance?

[XtremeSki2001]

Hi All,

The big engagement weekend is coming up and I'm excited to propose with the excellent ring I purchased from BGD!!!

I plan to get a ryder (sp?) for the ring on the home insurance, but between now and then - I feel I should have some coverage just incase something happens in the meantime.

Where can I get a solid insurance policy for the ring for perhaps 1 year?

Thanks in advance for any advice

 

[clgwli]

I currently use Jeweler's Mutual for mine. Better coverage for the same cost as my home owners. Quite a few people here recommended them which caused me to check them out.

 

[Sparkles22]

I use Chubb insurance. They offer a good insurance plan. I went with them as a recommendation from this forum a few years ago. Haven't had to "use" them (knock on wood). But I did like what they had to offer.

 

[MonkeysInk]

Mine is through USAA and the price was excellent - I got a quote from State Farm, too, because that's who had all of my insurance until I married my military husband and could use USAA.

 

[lovemybling]

I second Jewlers Mutual. When I was think about insurance the jewler I work with said that they are WAY easier to make a claim with than any homeowners policy. Especially when it is just lost. Which unfortunatly is what happens most of the time.

They are very easy to get a quote from as well as get the policy.
Good Luck

 

[starryeyed]

You can get a Personal Articles Policy (rider) with a homeowner's or a renter's policy. I would encourage you to get insurance right away. A policy term is usually one year, I believe. You just renew it every year. You can get inflation coverage so that the value increases every year.

When you shop for a policy, find out HOW the company goes about replacement in the event of a loss. Can you select the diamond or work with a jeweler of your choice? Does the policy have language like "substantially identical" or just "similar"? Find out as much as you can about the claim process before buying a policy.

You also want to be realistic about "value". If you buy a diamond that then gets appraised for say double the amount you paid and you insure for the inflated amount, you are not guaranteed to get that inflated amount toward a new diamond in the event of a loss. Instead, you will (hopefully) get the equivalent diamond. In that case, you may have been paying an inflated premium for nothing. An insurance company is not going to allow someone to make money on a loss, so discuss the "value" with your broker.

I usually submit both my receipt and the "appraisal" or "letter of verification" and then insure somewhere in between the two figures in order to make sure that diamond/jewelry inflation doesn't outstrip regular consumer inflation over time.

Does all of this make sense?

 

[mr.ingocnito]

I usually submit both my receipt and the "appraisal" or "letter of verification" and then insure somewhere in between the two figures in order to make sure that diamond/jewelry inflation doesn't outstrip regular consumer inflation over time.

Would Jewelers Mutual allow you to choose a figure between a purchase price and appraisal price? I'm just curious... also the purchase price is much greater than $5k so a receipt alone would not work for JM.....

I'm asking this because the appraisal price I got was over $5k more then the purchase price...Doing JM I definitely don't want to pay a premium based on the appraisal price... Would it be possible to talk to the appraiser again and ask if they could reduce the appraisal price based on replacement value (using same vendor)?

Sorry for butting into someone else's thread....

 

[starryeyed]

Would Jewelers Mutual allow you to choose a figure between a purchase price and appraisal price? I'm just curious... also the purchase price is much greater than $5k so a receipt alone would not work for JM.....

I'm asking this because the appraisal price I got was over $5k more then the purchase price...Doing JM I definitely don't want to pay a premium based on the appraisal price... Would it be possible to talk to the appraiser again and ask if they could reduce the appraisal price based on replacement value (using same vendor)?

Sorry for butting into someone else's thread....

My policy is not through JM, so I can't speak for them.

I agree - why pay premiums on the "estimated full retail value" when this is not what anyone pays anyway. It's not like they give you cash and you buy the replacement diamond.

My mother was screwed by the Hartford when it came to the theft of her studs. We paid about $2K many years ago and they were appraised around $5K at the time. Mom insured for $3500. If I recall correctly, the Polish and Symmetry were VG - cut grade was not on the report. In person, you could see that the studs were both very sparkly. But "ReplacementServices.com" - the 3rd party that the Hartford uses for jewelry claims - said the best they could do was a "Good" cut since nothing was listed abut the cut on the report at the time. They offered her $1700, or studs that were two pieces of frozen spit.

So Mom paid premiums for many years based on $3500, but when it came time to file a claim, she was not offered substantially identical stones, nor was she given the amount, for which she insured, toward new diamonds. It was awful. We wound up taking the $1700 and all chipping in for a nice upgrade.

Don't let this happen to you or anyone you love. Check what the claims process is, what you are entitled to in the event of a loss, how claims are paid out, if there's a 3rd party involved, etc. I'm sure JM isn't this kind of company. Mom used the Hartford because it was an affordable policy through AARP and she thought they were reputable.

Be sure to give as much info as you can about your diamond(s) - cut grade, proportions, inclusion map, Sarin report, etc. Old GIA reports didn't have "cut grade" listed, nor detailed measurements like CA and PA. The GIA Dossier's don't have inclusion maps. Not having these things can be used against you!

 

[MarkBroumand]

I also third Jeweler's Mutual

 

[denverappraiser]

I usually submit both my receipt and the "appraisal" or "letter of verification" and then insure somewhere in between the two figures in order to make sure that diamond/jewelry inflation doesn't outstrip regular consumer inflation over time.

Would Jewelers Mutual allow you to choose a figure between a purchase price and appraisal price? I'm just curious... also the purchase price is much greater than $5k so a receipt alone would not work for JM.....

I'm asking this because the appraisal price I got was over $5k more then the purchase price...Doing JM I definitely don't want to pay a premium based on the appraisal price... Would it be possible to talk to the appraiser again and ask if they could reduce the appraisal price based on replacement value (using same vendor)?

Sorry for butting into someone else's thread....

Talk to your appraiser. If you can make a case that the item can be replaced for less than their value conclusion they may be able to revise the appraisal report to reflect this market research.

 

[4cynthia]

Sorry for the delay. The question you should ask yourself is what amount is needed to replace your ring if it were lost at some later date. Our policy is for repair and replacement with same kind and quality. Whether it is tomorrow or years from now, you want to make sure you have a high enough limit of insurance to replace your precious item. That is why we recommend insuring at the retail replacement value. We also highly recommend have your jewelry inspected and revalued on a regular basis for this same reason.

To explore the option of insuring the ring somewhere in between the purchase price and the appraised value, please send both the sales receipt and the insurance evaluation/appraisal to Jewelers Mutual with your application. Then, call and ask to speak to a customer service representative. You may find that there is not much difference in premium dollars for insuring at retail replacement value and we would be happy to quote this for you.

Cynthia Moschea, AJP (GIA), GIA DIamonds Graduate
Jewelers Mutual Insurance Company

 

[demirci]

I am having problems understanding something from Jewelers mutual's policy. See below, I get b and c, but what about a.? If I insure only one ring and if the retail is let's say 10K, doesn't article "a" say that the maximum I get is $2500?


“We” may, at “our” option, repair, replace or
rebuild the newly purchased property or settle
based on the actual cash value of the property.
The most that “we” will pay in the event of a loss,
for all such items, will be the smaller of the
following:

a. 25 percent of the total limit of insurance for
“covered property” shown on the declarations
page;
b. $10,000; or
c. “Our” cost to repair, replace or rebuild the
newly purchased property with material of like
kind and quality.

 

[4cynthia]

Hi demicrci,

The section of the policy you are referring to applies to Newly Acquired Jewelry only. This is a coverage extension for jewelry you have not yet added to your policy. Let’s say that you have a policy with Jewelers Mutual that covers two pieces of jewelry. Now, you purchase a new bracelet and lose it prior to adding it to your policy. If the loss occurred within 30 days of the purchase date of the bracelet, there would be coverage under this section of the policy.

For an item already scheduled on your policy, the policy covers up to the policy limit to repair, replace or rebuild the covered property.

Cynthia Moschea, CSA, AJP (GIA), GIA Diamonds Graduate
Jewelers Mutual Insurance Company

 

[denverappraiser]

Hi Cynthia,

This is a new one for me so I want to be sure I understand. If a client has an existing JM policy covering one or more items, you extend coverage to include coverage on NEW items purchased after the policy came into force for 30 days at full replacement coverage up to a limit of 25% of the face value of the existing policy or $10k, whichever is smaller?

 

[4cynthia]

Hi Cynthia,

This is a new one for me so I want to be sure I understand. If a client has an existing JM policy covering one or more items, you extend coverage to include coverage on NEW items purchased after the policy came into force for 30 days at full replacement coverage up to a limit of 25% of the face value of the existing policy or $10k, whichever is smaller?

Hi denverappraiser, You are correct, with one addition. The third option is that we would pay to repair, replace or rebuild the newly purchased item.

Cynthia Moschea, CSA, AJP (GIA), GIA Diamond Graduate
Jewelers Mutual Insurance Company

 

[denverappraiser]

That's what I meant by 'replacement' coverage. I presume the rules and methodology of what you will repair/replace as well as where, how, etc. are exactly the same as with any covered item and the limits are described above.

This is a very cool clause. Kudos to Jewelers Mutual.