Stand-alone insurance policy for e-ring

[ConsumerWithQuestions]

Ring for my girlfriend (future fiance) is finally finished, and before I pick it up, I'd like to insure it. I initially thought I'd go with Chubb, but from browsing through previous threads, it seems like there's a very good chance that they won't insure a stand-alone piece of jewelry if it isn't worth an absurd amount of money. Even so, I don't really feel like calling five different Chubb affiliates in order to see whether one of them will provide coverage.

At this point, I'm strongly considering going with Perfect Circle/JM. For a ring appraised slightly below $20k, they're charging $387, which seems fair. And their "same kind and quality" coverage, which allows you to choose your own jeweler, sounds comprehensive enough.

Haven't done a ton of research, but after having just spent quite a bit of time researching and finding my perfect stone, I don't feel like expending too much energy on this. The previous threads on this topic aren't great, so I figured I'd reach out to the PS community to see whether you guys - as always - might know something about this and whether I should stick with Perfect Circle or try something else. I should also mention that I want a stand-alone policy - not interested in adding a rider to my existing policy.

Thanks a ton in advance.

 

[diamondseeker2006]

Do you live in a major city with high crime rate? Because my Chubb policy is a lot less than that with about $30k covered. I know rates vary depending on location.

Is the appraisal close to what you paid for the ring?

(Chubb and JM/PC are the only standalone policies that I know of.)

 

[ConsumerWithQuestions]

Thanks for the reply, should have mentioned that I live in NYC. Change your calculus at all? Did you purchase your stand-alone from Chubb recently?

 

[bcavitt]

From the other side of the equation (retailer/repair), Jewelers Mutual is wonderful to work with! No experience at all with Chubb with 36 years in business. Most our repairs claims, however, come from State Farm. FWIW.

Bryan Cavitt
Images Jewelers

 

[ame]

DS if you didn't get your Chubb standalone recently you were probably grandfathered in, like I was. I haven't been able to get anyone on since early last year, not for lack of trying, not even a friend with a ring that cost more than my house.

 

[Bosie]

OP- Since you live in NYC I will assume you rent or own. If either is the case, many insurance co's have Personal Article Policies you can add. I live in the NYC area, our homeowners is with State Farm, and I have a Personal Articles Policy attached. Best of luck.
edit: I am not sure why you do not want to add to existing policy, perhaps you can explain, but usually what I did is less money than a stand alone policy. Also SF excellent on claims.

 

[Fly Girl]

We purchased a Personal Articles policy from State Farm from our long-time agent. It provides coverage from first dollar and is a stand-alone policy. I made sure to send in copies of all of the paperwork, so that we get replaced with the same high quality diamond that we purchased in the first place. Give them a complete detailed description and photos. This is critical to replacement, since they will go by the information that they have in their files.

PS..I see while I was typing my post that someone else mentioned State Farm. I did not see that when I was typing my reply above. Good luck.

 

[diamondseeker2006]

Yes, my Chubb policy was from a few years ago. I know Owies Nana was able to get a Chubb policy on her ring more recently, but it was a 4 carat diamond. So I guess they make exceptions!

Jewelers Mutual is fine and your rate reflects where you live. I would just make sure you have an appraisal that is very close to your purchase price because that is the true replacement value if you bought the ring new retail. Otherwise you are just enriching the insurance company with an inflated value.

 

[Bosie]

DS2006, the only problem with having the appraisal and the purchase price the same is that if you do not have the item re-appraised every few years, and diamond prices jump, and you have a loss, then the insurance co is truly going to be paying you less than the diamond replaced at current market values. I know what you are getting at, silly to pay more for the insurance at the outset than what I paid for it. However, most people do not reappraise on a regular basis, so the "inflated" appraisal atleast give you a few years cushion. As an example I bought my wife's engagement ring in 2004, and only had it reappraised last year in 2012, I was shocked how much it had gone up, but then again diamonds have jumped to consumers about 40% in the last year and a half or so.