Opinions/experience with Jewelers Mutual pretty please...Good or bad.
- Thread starter jenbuggy85
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I was just going through the decision-making process of what company to use for jewelry insurance. I inquired about the cost to use a jewelry rider with my homeowners company for my engagement ring/wedding band. The cost was $245/$10,000 for where I live. The estimate I got from Jewelers Mutual online was $150/$10,000.
Obviously I prefer the lower cost, but didn't know anything about Jewelers Mutual as a company. I called my jeweler (a local family owned business) and was told that they recommend the company and they have used them for years.
Obviously I prefer the lower cost, but didn't know anything about Jewelers Mutual as a company. I called my jeweler (a local family owned business) and was told that they recommend the company and they have used them for years.
Chubb would not insure $40K worth of jewelry on a standalone policy. This may be a function of where I live, etc. The rep told me that a couple years back, the company stopped standalone engagement ring policies completely. Maybe if I had a $200K necklace they'd be OK with it? =)
Mary- I have a Tiffany solitaire so I wanted to find out how they would replace a loss in that specific case. Let's say (hypothetically) I had a 2 carat H VS2 diamond purchased at Tiffany for $30K. Some insurers would replace for "like kind and quality" meaning another H VS2 at a vendor of their choice for thousands less. At JM, she mentioned that they would cut me a check for the value of the appraisal. She also mentioned that they do not have an agreement where they work with Tiffany directly (she stated no insurance company does). I would need to purchase the replacement out of pocket, but would be reimbursed by JM.
Again, I do not have first hand experience with the claims process. The people I have spoken to at JM have always been very helpful, though.
Mary- I have a Tiffany solitaire so I wanted to find out how they would replace a loss in that specific case. Let's say (hypothetically) I had a 2 carat H VS2 diamond purchased at Tiffany for $30K. Some insurers would replace for "like kind and quality" meaning another H VS2 at a vendor of their choice for thousands less. At JM, she mentioned that they would cut me a check for the value of the appraisal. She also mentioned that they do not have an agreement where they work with Tiffany directly (she stated no insurance company does). I would need to purchase the replacement out of pocket, but would be reimbursed by JM.
Again, I do not have first hand experience with the claims process. The people I have spoken to at JM have always been very helpful, though.
IF your appraisal does not explicitly state the brand, and it's not explicitly stated on the policy as well, you will not get exactly what was lost (i.e. Tiffany for Tiffany). So make sure that is identified.
As for Chubb, I am pretty sure it is on a case by case basis and based on location. My ering is not anywhere near 40K in value, the total of all my insured items on that policy is probably half of that, maybe, and I have standalone jewelry policies. My friend is also on a standalone policy, which she started within the last two years, though her ring might be valued at almost 40K as it's a pretty amazing monster. My sister's ring was not valued high enough to be considered for a standalone policy IIRC, but her husband I believe put it on a rider with their homeowners.
As for Chubb, I am pretty sure it is on a case by case basis and based on location. My ering is not anywhere near 40K in value, the total of all my insured items on that policy is probably half of that, maybe, and I have standalone jewelry policies. My friend is also on a standalone policy, which she started within the last two years, though her ring might be valued at almost 40K as it's a pretty amazing monster. My sister's ring was not valued high enough to be considered for a standalone policy IIRC, but her husband I believe put it on a rider with their homeowners.
Yes, the suggestion is to be completely honest with the insurer. If you pay for insurance and make a claim, it has steps and processes, and you can be sure they will want a clear timeline and the circumstances of the loss. They will advise you how their payout works, and when. What you do with the payout is your own business. They won't reward you with extra money if you choose to buy something more expensive than your insured valued. And of course, they are highly alert to any whiff of fraud.
I have a few items insured with JM and just recently had my $22,000 diamond pendant robbed from me while travelling overseas, I filed a claim upon my return to the US and now JM has sent me a letter with the following "...... By continuing our investigation of your loss, Jewelers Mutual Insurance Company specifically reserves all its rights and defenses under the policy of insurance issued to you....."
Furthermore, they have referred me to McLarens Young as an adjuster to take care of this case. Personally it looks like it's going to be tough and will take up a lot of my time but I will keep everyone posted as to how it goes. Just after reading this message from them I wish I would have insured all my jewelry through the home insurance provider because it seems to me that they're going to try to stretch this out as much as possible and create more work for me, just judging by his wording.
Furthermore, they have referred me to McLarens Young as an adjuster to take care of this case. Personally it looks like it's going to be tough and will take up a lot of my time but I will keep everyone posted as to how it goes. Just after reading this message from them I wish I would have insured all my jewelry through the home insurance provider because it seems to me that they're going to try to stretch this out as much as possible and create more work for me, just judging by his wording.
That is very disappointing to hear, pilot. Keep us posted. I had my jewelry insured for many years under a rider and recently switched to JM.
I tried to get a hold of someone at JM today to further dissect this wording but was unsuccessful after being on hold for almost 10 minutes then when the clock struck 5pm an automated message told me that they are now closed and to either leave a message or call back tomorrow. I'll definitely keep you posted.