Jewlery Insurance

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#363
My homeowner's automatically add 5% value to my insured jewelry each year and it covers full replacement value. What's interesting is that if I chip my diamond and it lowers the value they'll write a check for the full replacement value and I can still keep my diminished stone.
 
#364
Mead said:
My homeowner's automatically add 5% value to my insured jewelry each year and it covers full replacement value. What's interesting is that if I chip my diamond and it lowers the value they'll write a check for the full replacement value and I can still keep my diminished stone.
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What insurance company do you have?
 
#366
doreenjoy said:
Please come back and report what your agent says.

I was talking to my State Farm agent about a jewelry rider about 3 years ago and he brought up the change. I was really ticked off.
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Here is what my agent said. If you lose a piece and replace it, they will send you a check for the item that you picked out, up to the insured amount so you can purchase it. But you need to show them that you bought a replacement piece.

However, if you just want a check, then they will assess how much it will cost State Farm to replace it and send you that value (which of course may be less than if you buy another piece at retail).

The other news is on branded pieces such as Mikimoto or Tiffany or Rolex. These are branded names and as long as it is written in the insurance, you will be guaranteed to get another Tiffany or Mikimoto or any other branded piece, even something like a JB Star custom ring. In the case of a custom piece, be sure to get a detailed appraisal if the stone is say, a natural Ceylon sapphire otherwise, the assumption is that it is not a Ceylon sapphire.

So, I feel much better. No worries for me because I don't really want a check, I want my exact jewelry item replaced.

He said they don't just cut checks to avoid scams and people who just want the cash. But thy will gladly replace the exact item.
 
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#367
I would like some opinions. I have my e-ring insured with Jewelers Mutual. I purchased a yellow diamond Gregg Ruth ring on a cruise. It was 50% off since the jewelry store concessionaire on the cruise line was phasing out the line. I am not sure if I should insure it. I don't wear it much but I'm paranoid to wear it and lose it. Other issue is my local jeweler did a new appraisal but didn't note that it is a Gregg Ruth. Should he redo the appraisal? By the way, the ring was ticketed at $25,0000 and on sale for $12,500. New appraisal has replacement value at $35,000 and it would be $800 to insure with a $500 deductible per year. Similar rings of Gregg Ruth are currently selling at 25k. Thanks for your input!
 
#370
Excellent. It is very important when a brand is involved that a brand be specifically noted on both appraisal AND insurance paperwork. Especially if there's inherit value to it, as is the case here.
 
#371
ame said:
Excellent. It is very important when a brand is involved that a brand be specifically noted on both appraisal AND insurance paperwork. Especially if there's inherit value to it, as is the case here.
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Thanks again, Ame. Now I realize that the insurance declaration needs to note the brand.
 
#373
MyDogTink said:
Thanks again, Ame. Now I realize that the insurance declaration needs to note the brand.
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Hi! I can also confirm you need to do this. Per my prior post above, after I found this out,
I made sure all my pieces were clarified with Tiffany or Mikimoto or JB Star or Rolex or .... You get the idea. If you want to be exact, also submit the exact appraisal that talks to specs.
 
#375
Each of my wedding sets (I have a couple), my diamond suds, Hubby's wedding band and my loves are insured independently .. the rest is covered under a blanket jewelry rider on our home owners policy.
 
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