Jewlery Insurance

[Vegas Long Legs]

When I had my ring insured, the insurance would bump up the value year in & year out. I still had the same GIA cert from the last century. Never got it reappraised.

Read your policy & if someone has one that pays you directly, not a jeweler, let us all know.

 

[BigPurseSue]

I no longer insure jewelry because:....
I'm kind of getting over "stuff" and enjoying more perishable/disposable luxuries, like fresh flowers (I have three big arrangements right now and they are giving me more joy than most of the jewelry I own). So why insure stuff that I don't value when the insurance will just pay for rebuying the stuff I don't value?

I totally agree. Wouldn't have said this when I was younger, but these days I wear my jewelry to enjoy it and don't much care if it gets stolen. It's just stuff. And there are far more important things to insure against: like city sewer backup to protect basement appliances from our town's dysfunctional street engineering.

Read your policy & if someone has one that pays you directly, not a jeweler, let us all know.

Amica does. Just got my new homeowner's policy update with inserts bragging of "enhanced jewelry coverage." But I don't know what they'll let you ensure beyond the basic $1500.

Another thing about insurance companies...they have specific definitions of what "replacement cost" is. For instance my mother's house was burgled and among the jewelry taken were solid gold bangles. The insurance company claimed that "replacement cost" covered "typical current manufacturing" so they would only pay for her to replace them with lightweight hollow bracelets. They had her sit down with a jeweler to inventory the stolen jewelry and determine the then-current manufacturing replacement values. I told her, "But ma, maybe you can't buy solid-gold bangles at mall jewelry stores but you can still buy them at Neiman-Marcus!" But she didn't care to fight it.

 

[etk123]

I just read my policy, and it pays to me in the event of loss. We looked into independent jewelry insurance and only found policy that paid to replace, not insured value. So we went with our homeowners policy and added the personal property rider. At least that's how I'm reading it.
I am a bit confused as to how much it will pay. It says they won't pay more than the least of:
(a) the amount of insurance:
(b) the actual cash value of the property at the time of loss or damage.

Does that mean they could say my ring is not worth the amount we insured it for?
Looks like we'll be calling our agent in the morning...

 

[Vegas Long Legs]

I totally agree. Wouldn't have said this when I was younger, but these days I wear my jewelry to enjoy it and don't much care if it gets stolen. It's just stuff. And there are far more important things to insure against: like city sewer backup to protect basement appliances from our town's dysfunctional street engineering.



Amica does. Just got my new homeowner's policy update with inserts bragging of "enhanced jewelry coverage." But I don't know what they'll let you ensure beyond the basic $1500.

Another thing about insurance companies...they have specific definitions of what "replacement cost" is. For instance my mother's house was burgled and among the jewelry taken were solid gold bangles. The insurance company claimed that "replacement cost" covered "typical current manufacturing" so they would only pay for her to replace them with lightweight hollow bracelets. They had her sit down with a jeweler to inventory the stolen jewelry and determine the then-current manufacturing replacement values. I told her, "But ma, maybe you can't buy solid-gold bangles at mall jewelry stores but you can still buy them at Neiman-Marcus!" But she didn't care to fight it.

I hear you on the sewer insurance. Recommend it for any one that lives in a heavily wooded area. Now I get get my sewer lines scoped regularly.

Thanks so much BPS!
I found out from watching TV, Amica & Nationwide are not NYSE traded companies which is good news to the consumer. I'm calling them this week!

Can you tell me who your mom's insurance was with? They can be such stinkers.

 

[BigPurseSue]

I hear you on the sewer insurance. Recommend it for any one that lives in a heavily wooded area. Now I get get my sewer lines scoped regularly.

Thanks so much BPS!
I found out from watching TV, Amica & Nationwide are not NYSE traded companies which is good news to the consumer. I'm calling them this week!

Can you tell me who your mom's insurance was with? They can be such stinkers.

Although that was years ago she was with American Family at the time. I have not heard good things about them.

We've been pretty happy with Amica. They're rated tops by Consumer Reports. They used to require that policyholders have homes that were mostly paid off, but I don't know if they have that requirement any longer.

We live in a wooded area that's being taken over by malls and research parks and nasty things are happening with the old streets and sewers. Some genius drained a large rec-center pool into a residential sewer line, very quickly, all at once in the middle of the night, and, well, I don't even want to describe what happened to the nearby homes.

 

[doreenjoy]

It says they won't pay more than the least of:
(a) the amount of insurance:
(b) the actual cash value of the property at the time of loss or damage.

Does that mean they could say my ring is not worth the amount we insured it for?

The 'actual cash value' bit sounds like they are using depreciation, not paying replacement value.

 

[Vegas Long Legs]

^^^^ sure does sound like that.
Etk - just a suggestion. when you call your agent, ask them if they cut the check to you or do they pay the jeweler direct.

Although that was years ago she was with American Family at the time. I have not heard good things about them.

We've been pretty happy with Amica. They're rated tops by Consumer Reports. They used to require that policyholders have homes that were mostly paid off, but I don't know if they have that requirement any longer.

Thanks, going to check out Amica. I think this is the company that returns part of their profits to policy holders?

Guess we don't ever know how good insurance is till we need it.

 

[BigPurseSue]

Thanks, going to check out Amica. I think this is the company that returns part of their profits to policy holders?

That's right. But you can also opt to get lower annual rates instead of a yearly dividend check. I filed a claim with them for storm damage and they were o.k. A lot of people rave about their great customer service, but I've never filed a car insurance claim and I think that's what often distinguishes the good insurers from the bad.

 

[etk123]

The 'actual cash value' bit sounds like they are using depreciation, not paying replacement value.

^^^^ sure does sound like that.
Etk - just a suggestion. when you call your agent, ask them if they cut the check to you or do they pay the jeweler direct.

Ladies you were so right! Our agent just left, he was here because I need a new life policy because I'm a nonsmoker now yay!! Anyway, there's no checks/cash payout at all. They will (hopefully we'll never need to!) replace my ring with an identical stone/setting, from the jeweler I purchased and got the appraisal from. So at least the jeweler would be mine, not theirs, and hopefully looking out for my best interest. Honestly it doesn't seem like the appraisal value counts at all.
It's very interesting how there's absolutely no mention of any of this in the policy.
While I'm disappointed that the policy seems somewhat misleading, and of course disappointed that it's not an actual cash payout lol, I guess it's still fine. I mean, the whole point of having the policy is to replace my ring if anything happens to it. And that would still be the end result. Ah, live and learn, right?

 

[Vegas Long Legs]

Ladies you were so right! Our agent just left, he was here because I need a new life policy because I'm a nonsmoker now yay!! Anyway, there's no checks/cash payout at all. They will (hopefully we'll never need to!) replace my ring with an identical stone/setting, from the jeweler I purchased and got the appraisal from. So at least the jeweler would be mine, not theirs, and hopefully looking out for my best interest. Honestly it doesn't seem like the appraisal value counts at all.
It's very interesting how there's absolutely no mention of any of this in the policy.
While I'm disappointed that the policy seems somewhat misleading, and of course disappointed that it's not an actual cash payout lol, I guess it's still fine. I mean, the whole point of having the policy is to replace my ring if anything happens to it. And that would still be the end result. Ah, live and learn, right?

These insurance companies are lying by ommission. And they think its OK.

Its a big game anymore to get any info out of some business. You have to do homework before you even call them. To make sure you got all the right questions.
And then probe them when they give you partial answers. ullhair:

 

[BigAkoya]

I use State Farm and have lost jewelry. They cut me checks, exactly to the value of the insured item. No questions asked. They may be a bit more expensive but it is absolutely worth it.

Also, if you have a name brand like a Tiffany diamond or Mikimoto strands, put that on the description so there is no debate about value and why the price is so high. Same for watches.

Finally, named brand jewelry prices go up, so I would suggest every 3-5 years, check the insured value and if it has not kept ip with inflation, get your piece reappraised.

 

[BigAkoya]

One more thing about State Farm.... I lost one diamond earring... I actually put it in a Kleenex tissue and then accidentally threw that one tissue away. But I still had the second diamond earring.

I call State Farm.. No problem. Checks comes for the one diamond. Then, a few weeks later, a second check comes for the same amount. I called State Farm and told them they double-paid me. My agent says, no, he was the one who goofed. The "piece" insured was for a "pair" of diamond earrings, so he said he only sent me a check for one in error and the second check is for the other diamond for the full insured value.

How great is that!!! I will never leave State Farm. Yes, a bit more expensive but I am never afraid to wear my bling... and I like wearing my bling and wear nice pieces everyday. Gives you peace of mind.

 

[doreenjoy]

One more thing about State Farm.... I lost one diamond earring... I actually put it in a Kleenex tissue and then accidentally threw that one tissue away. But I still had the second diamond earring.

I call State Farm.. No problem. Checks comes for the one diamond. Then, a few weeks later, a second check comes for the same amount. I called State Farm and told them they double-paid me. My agent says, no, he was the one who goofed. The "piece" insured was for a "pair" of diamond earrings, so he said he only sent me a check for one in error and the second check is for the other diamond for the full insured value.

How great is that!!! I will never leave State Farm. Yes, a bit more expensive but I am never afraid to wear my bling... and I like wearing my bling and wear nice pieces everyday. Gives you peace of mind.

That USED to be the policy with State Farm (and other insurance companies) but it changed several years ago.

I know that my policy was changed in the past 5 years and there are no more 'checks to me' in the future.

 

[etk123]

Yes my policy is recently changed also. My sister and I have the same insurance company, Farm Family, and a few years back she got a check for her stolen wedding rings. Now it's replacement, not cash.

 

[BigAkoya]

That USED to be the policy with State Farm (and other insurance companies) but it changed several years ago.

I know that my policy was changed in the past 5 years and there are no more 'checks to me' in the future.

Thanks for this new news. My check was 2 years ago, so I will have to check with my agent on Monday. Thanks!