Insuring designer jewelries with JM

[Bunnybunny88]

Hello!

I have insured all of my designer jewelries (bvlgari, cartier, vca) with Jewelers Mutual. I have only provided the original recipt and they said that's enough .(no appraisals)

Jm claim they replace like- kind w/ jewelers of my choice. Since name brand has significant premium, if I lose cartier love bracelet, can I replace it with cariten love bracelet?????? (Instead of some random gold bangle)

Has anyone actually made a claim, do I need an appraisal??? Or is original reciot from the store sufficient? Their description for the jewelries is little sad even after providing the original recipt. Can I rest assured that JM will take a good care of it in case of claim? Thanks

 

[880]

I use jewelers mutual too. Friends of mine who have far more than me recommend them. I trust their recommendation. I’ve never had to file a claim, though I assume they will pay out and then you can buy what you want.

ETA: thank you for the information correcting my assumption in your post below, @Destiny757

 

[Destiny757]

Thankfully I haven’t had to file a claim yet but from my understanding it is repair or replacement coverage so as long as it is not underinsured they will replace the item with an exact replacement if possible. They are not a cash out policy. They were recommended to me by multiple people. When Cartier or Van Cleef have price increases I just go to the website to pull the new price, tax included, and update the jewelry. For my other pieces with the exception of my engagement ring I pretty much do the same. I do need to get my engagement ring appraised but have procrastinated doing it.

 

[Destiny757]

Thankfully I haven’t had to file a claim yet but from my understanding it is repair or replacement coverage so as long as it is not underinsured they will replace the item with an exact replacement if possible. They are not a cash out policy. They were recommended to me by multiple people. When Cartier or Van Cleef have price increases I just go to the website to pull the new price, tax included, and update the jewelry. For my other pieces with the exception of my engagement ring I pretty much do the same. I do need to get my engagement ring appraised but have procrastinated doing it.

Also I agree the description on the site sucks so it does take me awhile sometimes to figure out which piece is which. Really wish they would change it.

 

[Bunnybunny88]

Thankfully I haven’t had to file a claim yet but from my understanding it is repair or replacement coverage so as long as it is not underinsured they will replace the item with an exact replacement if possible. They are not a cash out policy. They were recommended to me by multiple people. When Cartier or Van Cleef have price increases I just go to the website to pull the new price, tax included, and update the jewelry. For my other pieces with the exception of my engagement ring I pretty much do the same. I do need to get my engagement ring appraised but have procrastinated doing it.

Did they let you do that? The rep said I need an appraisal. Also rep on the phone didn't know how to pronounce louis vuitton and cartier.... which made me really question if they have knowledge in name brand at all. ... .. . .. .

 

[ehy210]

Is there an advantage of insuring with JM compared to insuring with your home insurance separately under Personal Articles Policy? Are the rates better with JM?

 

[Destiny757]

Did they let you do that? The rep said I need an appraisal. Also rep on the phone didn't know how to pronounce louis vuitton and cartier.... which made me really question if they have knowledge in name brand at all. ... .. . .. .

Yes, never had an issue with updating my pieces over the years and having it accepted. I submit the screenshots and then a day or two later receive the updated policy paperwork in my account. Since my engagement ring is custom I will definitely do an appraisal but for my designer pieces I’ve only done the method I mentioned above.

Again, I haven’t had to file a claim yet to ensure there are no issues but would imagine since it is a replacement policy they can easily go online to see the new price. I just make sure to update the new price so they can’t say it’s underinsured since there have been quite a few price increases since I originally insured the jewelry. It might not be necessary but I would rather err on the side of caution.

 

[Destiny757]

I use jewelers mutual too. Friends of mine who have far more than me recommend them. I trust their recommendation. I’ve never had to file a claim, though I assume they will pay out and then you can buy what you want.

ETA: thank you for the information correcting my assumption in your post below, @Destiny757

I honestly assumed it was a cash out policy (I know I should have checked before I went with them) but got curious since I needed to add a pair of diamond studs I recently bought on sale and wanted to make sure I wasn’t going to underinsure them so did some digging in their website. I would definitely confirm with the company but their website says repair or replacement coverage.

 

[orangeboxwhisperer]

Yes I filed a claim for a $$ jewelry item. They paid my jeweler the appraised amount directly (so you don’t get any checks/money personally.) They paid the appraised value and not what we actually paid for the item when it was purchased, which was kind of insane. There was a big difference in the amounts. It allowed me to upgrade a diamond! They are amazing and hassle free. But be aware once you file a claim (for a $$ item) they may adjust your policy and limit how much you can insure for a certain number of years. I think that’s the standard however all insurance companies may do this.

 

[darkangel07760]

Yes I filed a claim for a $$ jewelry item. They paid my jeweler the appraised amount directly (so you don’t get any checks/money personally.) They paid the appraised value and not what we actually paid for the item when it was purchased, which was kind of insane. There was a big difference in the amounts. It allowed me to upgrade a diamond! They are amazing and hassle free. But be aware once you file a claim (for a $$ item) they may adjust your policy and limit how much you can insure for a certain number of years. I think that’s the standard however all insurance companies may do this.

I had insured my wedding set with JM but let it lapse. Now I think I will insure my wedding set again and also insure my other pieces as I would be so upset if they got stolen. Thank you for this feedback!

 

[orangeboxwhisperer]

I had insured my wedding set with JM but let it lapse. Now I think I will insure my wedding set again and also insure my other pieces as I would be so upset if they got stolen. Thank you for this feedback!

Yes highly recommend doing so. Home owners policies are trickier and sometimes there’s so much fine print. JM is straightforward and covers you for loss, theft, repairs and the coverage is local and international. I think it’s worth it.

 

[darkangel07760]

Yes highly recommend doing so. Home owners policies are trickier and sometimes there’s so much fine print. JM is straightforward and covers you for loss, theft, repairs and the coverage is local and international. I think it’s worth it.

Thank you

 

[DS2006]

Is there an advantage of insuring with JM compared to insuring with your home insurance separately under Personal Articles Policy? Are the rates better with JM?

The biggest advantage of using a jewelry insurer is that if you ever lose a piece of jewelry and make a claim, it won't make your whole homeowner's policy premium go up.

Most jewelry policies allow for a cushion of a certain amount if the replacement item costs more than it was insured for. The insurers usually get a discounted price from jewelers (maybe not with branded pieces). The problem with jewelry appraisals is that they are often inflated which causes you to pay a higher premium than you'd otherwise pay. And they generally replace what you had even if it is of lower cost to the company than the value assigned to the item.

The other thing is, I only insure a couple of my most expensive items. Don't insure things you can easily afford to replace. I do have a cash-out policy through Chubb which will pay me the insured amount in the event of a loss. Thankfully I've never had to make a claim. So I take on some of the risk myself rather than paying thousands a year on jewelry insurance.