Jewlery Insurance
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I use my home owner's insurance but you can get a special policy on your jewelry etc. The best thing is to get all your jewelry if you have a lot appraised by an expert as well and take photos of every piece of item.
Hi Guys, sorry for revitalizing this thread, but I am a little bit confused about Jewelry Insurance. I am thinking about getting my jewelry insured by Jewelers Mutual; however, a lot of my jewelry is branded (ie Tiffany's, Cartier, etc), and on their website, Jewelers Mutual says that they would replace lost/stolen jewelry with something of the same quality. Does that mean that they would replace for instance, my Love bracelet with another Love bracelet, or would they just give me a bracelet from a local jeweler that kind of looks like the Love bracelet but has the same amount of gold? Or do they just write out a check for the appraised value of the jewelry so that I could repurchase the item on my own?
You'd need to have the appraisal state it is branded and have all the paperwork from the brand to get the brand name. However there have been several incidents reported recently on Pricescope that they've been refusing to payout, or replace with brand name, on the branded items of late, even with the paperwork. One incident was particularly disturbing, and the insured never did get reimbursed for her pieces, all of which were branded, and were on the policy. So I would strongly consider looking carefully at any policies with them, and any other carrier before signing with them.
The only carrier that did cash-out at all was Chubb and they no longer write standalone jewelry policies. You'd have to get your home or cars insured with them.
The only carrier that did cash-out at all was Chubb and they no longer write standalone jewelry policies. You'd have to get your home or cars insured with them.
Thank you so much. I have heard some bad stuff with Jewelers Mutual, but I figured I would get my jewelry insured to be safe rather than sorry. Are there no other insurance companies for just jewelry? I kind of already have a different homeowners and car insurance that has been working well for me, but their jewelry package is absolutely terrible.
There is an extensive thread on this that should give you some good suggestions:
http://forum.purseblog.com/the-jewelry-box/jewlery-insurance-424925.html
http://forum.purseblog.com/the-jewelry-box/jewlery-insurance-424925.html
Hello,
I have my jewelry insured through Jewelry Mutual and I have for many years. Given the significant increases in price for VCA/Tiffany/Cartier - for example I have 3 Schlumberger bracelets that have doubled in price- should I reappraise these pieces?
Any other suggestions?
Thanks
Maya
I have my jewelry insured through Jewelry Mutual and I have for many years. Given the significant increases in price for VCA/Tiffany/Cartier - for example I have 3 Schlumberger bracelets that have doubled in price- should I reappraise these pieces?
Any other suggestions?
Thanks
Maya
It depends on the policy, mine though AIG private client replaces at current market value. When we were robbed we were reimbursed for what we would have to pay to go replace everything. Every company differs.
Hi! Yes, I would get new appraisals. I actually just did this recently due to skyrocketing prices on some jewelry brands/gemstones.
If you have a jewelry rider for your higher end jewelry, jewelry riders will only pay you insured the item for.
I am not aware of any jewelry rider that will pay you more than the insured amount; otherwise, everyone will want to "under insure" to get chaper rates. A jewelry rider is different than a homeowner's insurance policy which will use fair market value, but even then, there is a total maximum limit on the insured homeowner contents.
As an extreme example of a jewelry rider, if you insured your diamond for $100K, and it is now worth $500K, insurance not going to pay you $500K as that is not the amount you insured it for. If under insuring were possible, everyone would insure their fine jewelry pieces for $10.00 to get the lowest rate and maximum payout.
You mentioned you have Jewelers Mutual, and here is their clause that says they will only pay you up to the insured amount, after your deductible, if you have one:
3. How does the deductible work? Once you are satisfied with your repair or replaced item, if you have a deductible on your policy you will pay that amount to the jeweler and the jeweler bills us for the remaining balance (up to the limit you insured the item for).
www.jewelersmutual.com
So yes... it is a good time to reassess your insured jewelry pieces.
You are absolutely correct that some jewelry has doubled. My policy is adjusted annually for inflation, but jewelry price increases have exceeded inflation. I just redid my jewelry rider a few months ago.
What I did was pull my jewelry rider with the currentlyu insured prices . I then compared it to the current prices. For the pieces I have that are readily available at boutiques/online where I saw had a big price difference, I asked the company for an updated appraisal to reflect the current price. I did not do this for pieces where the price difference was small.
Prices on generally available created pieces such as Tiffany/Schlumberger, Cartier, and VCA can be found online so you can compare. However, prices on pieces that are unique such as diamonds and pearls cannot be done this way. This is because each diamond is priced unique, and each pearl strand has its own quality grading. The best you can do is to go online to get a ballpark of the curernt price and then estimate how much your piece would be. If there is a large price diference, then yes, get a new appraisal.
I have a Tiffany dianond engagement ring and several Mikimoto pearl strands, and I sent them directly to the boutique to get an updated appraisal. As FYI, pearl prices have skyrocketed over the past few years, and depending on when you got your engagement ring, large diamonds have also increased in price. Since you mentioned Tiffany, as FYI, my Tiffany diamond ring has tripled in price, so I would definitely investigate your diamond. Some Schlumberger pieces, especially the more exotic pieces, have also gone up a lot in price. Part of this is also due to LVMH's purchase of Tiffany and wanting to relaunch and focus on Schlumberger.
A bit off topic...
Since you like Schlumberer, and if you wear short pendants, Tiffany launched a Bird on a Rock pendant! It's gorgeous! Best short pendant ever!
Back on topic...
Significant price increaes are also true of fine colored gemstones. If you have fine colored gemstone pieces such as rubies, emeralds, Paraiba tourmalines, these prices have spiked.
This "re-appraising" exercise I just finished was actually kind of fun. It felt good that jewelry appreciates (at leastnin the eyes of an insurance company, and not true resale value). This exercise also made me think if I wanted to add other pieces that had appreciated in value to my policy as well as removing some pieces, which I did both. I keep a spreadsheet of my fine jewelry purchases, so if you think you might want to do this also, now is the time since you are digging up all your receipts.
Hope this helps. Good luck and have fun doing this!
If you have a jewelry rider for your higher end jewelry, jewelry riders will only pay you insured the item for.
I am not aware of any jewelry rider that will pay you more than the insured amount; otherwise, everyone will want to "under insure" to get chaper rates. A jewelry rider is different than a homeowner's insurance policy which will use fair market value, but even then, there is a total maximum limit on the insured homeowner contents.
As an extreme example of a jewelry rider, if you insured your diamond for $100K, and it is now worth $500K, insurance not going to pay you $500K as that is not the amount you insured it for. If under insuring were possible, everyone would insure their fine jewelry pieces for $10.00 to get the lowest rate and maximum payout.
You mentioned you have Jewelers Mutual, and here is their clause that says they will only pay you up to the insured amount, after your deductible, if you have one:
3. How does the deductible work? Once you are satisfied with your repair or replaced item, if you have a deductible on your policy you will pay that amount to the jeweler and the jeweler bills us for the remaining balance (up to the limit you insured the item for).
How to File a Jewelry Insurance Claim
Life happens. No matter how hard we try, we cannot plan for the unexpected.That’s why you get home, auto, life, and, of course, jewelry insurance. It’s your safety net so that if something happens, you can fix it and forget it. But how exactly do you file a jewelry insurance claim? What do you...
www.jewelersmutual.com
So yes... it is a good time to reassess your insured jewelry pieces.
You are absolutely correct that some jewelry has doubled. My policy is adjusted annually for inflation, but jewelry price increases have exceeded inflation. I just redid my jewelry rider a few months ago.
What I did was pull my jewelry rider with the currentlyu insured prices . I then compared it to the current prices. For the pieces I have that are readily available at boutiques/online where I saw had a big price difference, I asked the company for an updated appraisal to reflect the current price. I did not do this for pieces where the price difference was small.
Prices on generally available created pieces such as Tiffany/Schlumberger, Cartier, and VCA can be found online so you can compare. However, prices on pieces that are unique such as diamonds and pearls cannot be done this way. This is because each diamond is priced unique, and each pearl strand has its own quality grading. The best you can do is to go online to get a ballpark of the curernt price and then estimate how much your piece would be. If there is a large price diference, then yes, get a new appraisal.
I have a Tiffany dianond engagement ring and several Mikimoto pearl strands, and I sent them directly to the boutique to get an updated appraisal. As FYI, pearl prices have skyrocketed over the past few years, and depending on when you got your engagement ring, large diamonds have also increased in price. Since you mentioned Tiffany, as FYI, my Tiffany diamond ring has tripled in price, so I would definitely investigate your diamond. Some Schlumberger pieces, especially the more exotic pieces, have also gone up a lot in price. Part of this is also due to LVMH's purchase of Tiffany and wanting to relaunch and focus on Schlumberger.
A bit off topic...
Since you like Schlumberer, and if you wear short pendants, Tiffany launched a Bird on a Rock pendant! It's gorgeous! Best short pendant ever!
Back on topic...
Significant price increaes are also true of fine colored gemstones. If you have fine colored gemstone pieces such as rubies, emeralds, Paraiba tourmalines, these prices have spiked.
This "re-appraising" exercise I just finished was actually kind of fun. It felt good that jewelry appreciates (at leastnin the eyes of an insurance company, and not true resale value). This exercise also made me think if I wanted to add other pieces that had appreciated in value to my policy as well as removing some pieces, which I did both. I keep a spreadsheet of my fine jewelry purchases, so if you think you might want to do this also, now is the time since you are digging up all your receipts.
Hope this helps. Good luck and have fun doing this!
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Who do you use to insure your watches and/or jewelery? I got a quote from Hodinkee but was told Chubb does not issue policies just for personal articles and was told something similar by State Farm.
For those who do not include their watch on their homeowner's policy, who are you using for insurance and how has it been so far? I also know some people use USAA but neither myself nor anyone in my family has served in the military so I cannot use them.
Thanks for the help!
For those who do not include their watch on their homeowner's policy, who are you using for insurance and how has it been so far? I also know some people use USAA but neither myself nor anyone in my family has served in the military so I cannot use them.
Thanks for the help!
I use Jewelers Mutual and have friends in the jewelry industry who also use them — they are very highly rated and respected IMHO. I’ve never had to file a claim, but all my interactions with them have been great and I find their policies to be quite expansive yet affordable, although I only have a few pieces to insure. I have such peace of mind wearing my pricier pieces now and will definitely continue to insure all future collection additions with them!