What’s your threshold for insuring a stone for setting?

[blingbunny10]

I’m looking into doing a custom project (a while from now, jewelry fund is empty!), and the vendor doesn’t take responsibility for damage to customer stones.

I have never insured a stone before and have no idea how to go about this. Is it easy to do? What’s the process/cost typically? And how valuable does a stone have to be for you to pay to insure it? Would love any input.

 

[Lisa Loves Shiny]

Jeweler's Mutual only requires a receipt or appraisal for whatever stone or jewel you are insuring. You can do it online and get a free and almost instant quote for your item.

 

[MollyMalone]

Jeweler's Mutual only requires a receipt or appraisal for whatever stone or jewel you are insuring. You can do it online and get a free and almost instant quote for your item.

I don't know if it's true today, but it used to be that JM would insure a loose stone for just 30 days from the date of purchase. Unfortunately -- if that's still their limitation -- JM is the only insurer I know of that will even write a policy that covers loose stones.

But perhaps others know of something I don't; it would be welcome news!

 

[Lisa Loves Shiny]

I don't know if it's true today, but it used to be that JM would insure a loose stone for just 30 days from the date of purchase. Unfortunately -- if that's still their limitation -- JM is the only insurer I know of that will even write a policy that covers loose stones.

But perhaps others know of something I don't; it would be welcome news!

I checked their site and got a quote for a $500 loose stone just for posting purposes and is was $24 a year.

 

[elliefire99]

Is JM the preferred insurer for jewelry around here?

Edit: And, does anyone know if insuring for less than the appraised value is possible? (And sorry to thread-jack a little. I think this information would be interesting/relevant to the OP as well.)

 

[Lisa Loves Shiny]

Is JM the preferred insurer for jewelry around here?

Edit: And, does anyone know if insuring for less than the appraised value is possible? (And sorry to thread-jack a little. I think this information would be interesting/relevant to the OP as well.)

I can only speak for myself when answering your questions. I insure my jewelry items based on what it costs to replace them. Jewelry appraisals are inflated and the insurance company will charge me more to insure an item at the appraisal rate, but will pay only the amount to replace the item. So it makes sense to me to have Jewelers Mutual insure my item based on the receipt of what I paid and what they also will likely pay to replace the item.

I used to insure my jewelry with my home owner's insurance. But they wanted me to pay more by requiring an appraisal and updated appraisal every few years. Since I bundle my home owner's and car insurance (with the jewelry rider), if I make a claim for lost or stolen jewelry then my bundle insurance rate would increase if I ever needed to make a claim. I really don't need for my bundle insurance rate to go up if I lose a ring. With a separate jewelry insurance policy I don't have to worry about this.

Hope that answers your question.

 

[elliefire99]

Thanks @LisaRN! I mostly ask because I bought my diamond pre-loved, so I don't have a receipt of purchase So I figured would have to get an appraisal in order to apply for insurance before I get the stone set.

Since it seems I'm stuck with an appraisal, I was curious if any kind of jewelry insurance would allow a policy that covers less than full replacement value (according to the appraisal).... hmm.

And not a homeowner, so at least that's ONE less thing to worry about (and insure) for now.

 

[Lisa Loves Shiny]

Thanks @LisaRN! I mostly ask because I bought my diamond pre-loved, so I don't have a receipt of purchase So I figured would have to get an appraisal in order to apply for insurance before I get the stone set.

Since it seems I'm stuck with an appraisal, I was curious if any kind of jewelry insurance would allow a policy that covers less than full replacement value (according to the appraisal).... hmm.

And not a homeowner, so at least that's ONE less thing to worry about (and insure) for now.

Did you pay with Paypal? JM accepted a PP receipt for one diamond I purchased.

 

[elliefire99]

Did you pay with Paypal? JM accepted a PP receipt for one diamond I purchased.

I did! Oh, that's a relief. A bit complicated because I paid half with PP credit and half with my normal account, but hopefully they will still accept that confusion. Whew.

 

[MissyBeaucoup]

My local jeweler recommended Jewelers Mutual and said he had good experience with them. I am using them and have been happy with their website and service. Knock on wood, I haven’t had to make a claim.

 

[Pinkmartini87]

Great topic--I just wanted to chime in and say that the Yelp reviews for this company is despairingly awful. I've personally never used JM so take this with a grain of salt if you will, but felt compelled to speak up since it was an option I myself did not choose because the reviews were so overwhelmingly bad. Yelp is not a truth machine by any means, mind you, but when there are so many bad reviews IMHO I tend to get a little suspicious...

 

[elliefire99]

@Pinkmartini87. Good to know. Any alternatives?

 

[Pinkmartini87]

Unfortunately I've only insured complete pieces, not just stones. I ended up going with my husband's military USAA homeowner's policy.

Very sorry I can't be of much help. Would defer to other folks more experienced with loose stones here on the forum.

But thought I'd speak up for whatever it's worth since JM was an option suggested to us by a local jeweler, and when I looked at the Yelp reviews I was deterred to say the least.

Sending you lots of luck and hope you find something suitable! I'm sure you will as folks on this forum are very knowledgable and generous in helping each other out.

 

[kindred]

You can't insure for less than the appraised amount (unless you're using your purchase receipt and you purchased for less than the amount the appraisal shows). So be sure to ask for a realistic appraisal for replacement purposes. You can even tell the appraiser exactly what it would cost to replace (assuming you know the cost) and ask if they will write the appraisal for that amount.

Jewelers Mutual told me that I would have to get a new appraisal every two years.

I haven't read the Yelp reviews for JM but some of the vendors here say that they have had great experiences working with them.

 

[kindred]

@blingbunny10 - You can get a quick quote at https://my.jewelersmutual.com/jewelry-insurance-quote-apply/

Deciding whether to insure is really a personal decision. I tend to only use insurance for catastrophic losses. I don't purchase insurance for cell phones or TVs, for example. I would be less likely to insure a $1,000 item than a $5,000 item but I would also consider the cost of the insurance, how often I wore the item, and how likely I was to lose the item.

elliefire99 - Yes, I would say that JM is the preferred jeweler for many here. There aren't that many options for insurance for those of us who don't want to use our homeowner's policy.

 

[Stone Hunter]

Get your item appraised BUT be sure to tell the appraiser that it's for insurance purposes. That you need replacement cost, not a "feel good" number. They will understand this.