Jewlery Insurance

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#226
The only company that I know for sure offers cash out is actually Chubb. And that's strictly an agent based selection thing. If it's high enough they'll write for jewelry only but most now want you to put your house and car into them too, regardless of value. Mine only writes for jewelry alone if it's high enough value.

Jewelers Mutual does replacement. Most homeowners will only do replacement also, and with a deductible. I do know that some will write a cashout but only with a deductible and it costs a LOT more in premiums.
 
#228
Ive always noticed aroudn 20K and up. I really do think it's agency/agent by agency/agent. Obviously they WANT your house and cars bec that's more money for them.
 
#229
Anyone else have a problem with premiums jumping over the last couple of years? (I have never had a jewelry claim.) They claim its cause of gold & diamond pricing. Yet the policy restrictions are such that this wouldn't make sense.
 
#231
Hey skyqueen!

When I first got this policy, it would give to ME the amount the ring is insured for.

Now (after doubling my premium) it'll pay to whomever I buy my next ring from, the money for a replacement. So If I'm a smart shopper & able to buy a diamond same quality etc for less (Christies/Sotheby's) than the overinflated price they claim my ring is worth, that is what they will pay. KWIM. If I decided I wanted a yellow diamond instead, they wouldn't pay for that kind of replacement.
Lesson learned read the policies, they do change them.
 
#232
I self insure - take a look at the premiums over a 10 or 20 year period. Then look at the possibility of making a claim, which is probably very low. I think you'll be much better off without insurance. You might get stung along the way, but you'll probably save money nevertheless.

Vegas Long Legs said:
Hey skyqueen!

When I first got this policy, it would give to ME the amount the ring is insured for.

Now (after doubling my premium) it'll pay to whomever I buy my next ring from, the money for a replacement. So If I'm a smart shopper & able to buy a diamond same quality etc for less (Christies/Sotheby's) than the overinflated price they claim my ring is worth, that is what they will pay. KWIM. If I decided I wanted a yellow diamond instead, they wouldn't pay for that kind of replacement.
Lesson learned read the policies, they do change them.
Click to expand...
 
#234
avcbob said:
I self insure - take a look at the premiums over a 10 or 20 year period. Then look at the possibility of making a claim, which is probably very low. I think you'll be much better off without insurance. You might get stung along the way, but you'll probably save money nevertheless.
Click to expand...

I've been leaning this way, too. The premiums and deductibles are so high right now, after 10 years I could replace a lot on my own.

A friend in insurance tells me that the jewelry side was rife with fraud, and that's why premiums have skyrocketed. I'm cynical enough to think they're just making a buck where they can.:p
 
#235
^Same here. With the self-insurance money, my DH bought me a second engagement ring after 10 years. :graucho:

I do feel sorry for the newly engaged people that loose their ring or the diamond gets loose and falls off. In those cases it was good to have their rings insured.
 
#236
Vegas Long Legs said:
Hey skyqueen!

When I first got this policy, it would give to ME the amount the ring is insured for.

Now (after doubling my premium) it'll pay to whomever I buy my next ring from, the money for a replacement. So If I'm a smart shopper & able to buy a diamond same quality etc for less (Christies/Sotheby's) than the overinflated price they claim my ring is worth, that is what they will pay. KWIM. If I decided I wanted a yellow diamond instead, they wouldn't pay for that kind of replacement.
Lesson learned read the policies, they do change them.
Click to expand...
Good to see you, VLL!!!
The insurance on my good stuff has a high deductable. I know I can negociate a good deal, if replacing, so it's a wash. Still a rip-off!
 
#238
doreenjoy said:
I've been leaning this way, too. The premiums and deductibles are so high right now, after 10 years I could replace a lot on my own.

A friend in insurance tells me that the jewelry side was rife with fraud, and that's why premiums have skyrocketed. I'm cynical enough to think they're just making a buck where they can.:p
Click to expand...


I'm with you. With the changes to my policy, it isn't worth it. Why try to get a good deal if I had to replace when I paid money for the over inflated value. Which is another issue, the over inflated value. :rolleyes: (On my house too.) They insured the ring for the value we paid 11 years ago which was a very good deal. And certainly not retail.

skyqueen said:
Good to see you, VLL!!!
The insurance on my good stuff has a high deductable. I know I can negociate a good deal, if replacing, so it's a wash. Still a rip-off!
Click to expand...

You made me think more about it. Most of my good stuff, I only wear in controlled environments. Going from our car to a valet, to inside nice restaurant to a show in a hotel covered with security cameras. Or a function in a hotel covered with security cameras.
I never travel with the stuff. Just not important to me to do that. (I'd probably lose it since I'm not used to wearing it all the time.)

Thanks ladies!
 
#239
I'm insured with Jewelers Mutual. The only deductible is $500 on my diamond studs, which are 2 carats each and F color and IF. That is a very small amount compared to their replacement value. I have 5 or 6 other pieces insured with them and there is no deductible for them. I lost a tanzanite pendant necklace and they replaced it for more than it was insured for.
 
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