With what company do you have ring insurance - Jewelers Mutual; Chubb; Liberty Mutual; PLI Brokerage (sub of Chubb)

Who is your ring insured with?

I have gotten some high quotes and am curious to know who everyone else is using.

To insure my ring and 3 other pieces, Liberty Mutual wants $944 in addition to the homeowners portion.

Chub wants $720 just to insure the ring - but I can get a lower quote if I insure it for replacement value (actual cost of the ring) rather than retail replacement value. So, it would be about $920 to insure all my pieces with Chubb.

Jewelers Mutual will be about $736 but they request retail replacement value appraisals??? Is this unusual?

I am waiting on a quote from PLI Brokerage now but suspect it will be in line with the Chubb quote.

Thanks in advance for the info.

Re: With what company do you have ring insurance - Jewelers Mutual; Chubb; Liberty Mutual; PLI Brokerage (sub of Chubb)

We insured our wedding bands, engagement ring, rolex watch and Tag watch with Jewelers Mutual and for the year I think it's about $400 or so dollars, yes you have to get everything appraised and send them the copies of the appraisals......

Re: With what company do you have ring insurance - Jewelers Mutual; Chubb; Liberty Mutual; PLI Brokerage (sub of Chubb)

I have mine insured through State Farm. Theyneed an appraisal showing the value of the ring. I pay once a year. They aren't that expensive.

Re: With what company do you have ring insurance - Jewelers Mutual; Chubb; Liberty Mutual; PLI Brokerage (sub of Chubb)

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Posted by jessnyc711

We insured our wedding bands, engagement ring, rolex watch and Tag watch with Jewelers Mutual and for the year I think it's about $400 or so dollars, yes you have to get everything appraised and send them the copies of the appraisals......

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Jewelers Mutual wants retail replacement appraisals. Why? Replacement value should be enough, right?

Re: With what company do you have ring insurance - Jewelers Mutual; Chubb; Liberty Mutual; PLI Brokerage (sub of Chubb)

My rings are insured under a Rider within my apartment insurance with State Farm Insurance.

Re: With what company do you have ring insurance - Jewelers Mutual; Chubb; Liberty Mutual; PLI Brokerage (sub of Chubb)

We have all our insurance with Liberty Mutual we had to supply an appraisal so whatever it costs to have the same diamond replaced is what they pay.
I guess that's replacement cost.
But it's only like 200 or 300 a year on top of our homeowners policy.
I think it's like $17 per thousand of the appraisal.

Re: With what company do you have ring insurance - Jewelers Mutual; Chubb; Liberty Mutual; PLI Brokerage (sub of Chubb)

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Posted by Ladybug63

We have all our insurance with Liberty Mutual we had to supply an appraisal so whatever it costs to have the same diamond replaced is what they pay.
I guess that's replacement cost.
But it's only like 200 or 300 a year on top of our homeowners policy.
I think it's like $17 per thousand of the appraisal.

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Maybe it's because I live in Brooklyn

Liberty Mutual told me $944 a year just for my 4 pieces of jewelry. I'm already paying $514 year for $15,400 worth of jewelery.

ETA - Chubb said $40/per thousand of the appraisal for Brooklyn

Re: With what company do you have ring insurance - Jewelers Mutual; Chubb; Liberty Mutual; PLI Brokerage (sub of Chubb)

State Farm..all my jewelry (including my ring) is insured. I pay about $200/year. My e-ring was appraised at 15k, but the replacement value (insurance appraisal was at 11K.)

Re: With what company do you have ring insurance - Jewelers Mutual; Chubb; Liberty Mutual; PLI Brokerage (sub of Chubb)

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Posted by Blu-ize

State Farm..all my jewelry (including my ring) is insured. I pay about $200/year. My e-ring was appraised at 15k, but the replacement value (insurance appraisal was at 11K.)

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That's my issue. I do not want to insure for retail value since I know I will never need to pay that much to replace my pieces - God forbid anything happens to my e-ring.

I'm waiting on the final appraisals now - replacement value rather than retail appraisals which I had already.

Re: With what company do you have ring insurance - Jewelers Mutual; Chubb; Liberty Mutual; PLI Brokerage (sub of Chubb)

After I get my wedding band I am going to insure both with Allstate (if they do it) along with my car insurance.

Re: With what company do you have ring insurance - Jewelers Mutual; Chubb; Liberty Mutual; PLI Brokerage (sub of Chubb)

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Posted by diamondgrlie

After I get my wedding band I am going to insure both with Allstate (if they do it) along with my car insurance.

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I wouldn't wait to get the band...get the policy now...JMO.

As a side note, I had to replace a diamond that was lost (side diamond) and I faxed them the bill to replace it and they re-imbursed me in 7 days.

Re: With what company do you have ring insurance - Jewelers Mutual; Chubb; Liberty Mutual; PLI Brokerage (sub of Chubb)

I have Jeweler's Mutual, b/c we don't have a house yet. My mom has separate riders for all of her jewelry on their home owner's insurance.

Re: With what company do you have ring insurance - Jewelers Mutual; Chubb; Liberty Mutual; PLI Brokerage (sub of Chubb)

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Posted by kdrainey

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Posted by Blu-ize

State Farm..all my jewelry (including my ring) is insured. I pay about $200/year. My e-ring was appraised at 15k, but the replacement value (insurance appraisal was at 11K.)

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That's my issue. I do not want to insure for retail value since I know I will never need to pay that much to replace my pieces - God forbid anything happens to my e-ring.

I'm waiting on the final appraisals now - replacement value rather than retail appraisals which I had already.

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As a recommendation, I went the the Jewelry Judge in Mineola to get the appraisals on everything. He is not a retailer.

Re: With what company do you have ring insurance - Jewelers Mutual; Chubb; Liberty Mutual; PLI Brokerage (sub of Chubb)

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Posted by kdrainey

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Posted by Ladybug63

We have all our insurance with Liberty Mutual we had to supply an appraisal so whatever it costs to have the same diamond replaced is what they pay.
I guess that's replacement cost.
But it's only like 200 or 300 a year on top of our homeowners policy.
I think it's like $17 per thousand of the appraisal.

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Maybe it's because I live in Brooklyn

Liberty Mutual told me $944 a year just for my 4 pieces of jewelry. I'm already paying $514 year for $15,400 worth of jewelery.

ETA - Chubb said $40/per thousand of the appraisal for Brooklyn

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Thats crazy but your probably right.

Are they quoting you on a stand alone policy or will you be adding it to your existing policy's?

I think if you piggy back it onto another policy like your homeowners or renters it may be cheaper.

Re: With what company do you have ring insurance - Jewelers Mutual; Chubb; Liberty Mutual; PLI Brokerage (sub of Chubb)

Jewelers Mutual wants retail replacement appraisals. Why? Replacement value should be enough, right?

I would have to look at my paperwork again to answere that, I don't remember.

Re: With what company do you have ring insurance - Jewelers Mutual; Chubb; Liberty Mutual; PLI Brokerage (sub of Chubb)

Chubb They will replace the actual stones for what it was appraised for(carat, clarity etc). You can use any jeweler. My ring was handmade and many insurance companies make you go through 'their' jewelers. I've heard many good things about them in terms of ring policies.

Re: With what company do you have ring insurance - Jewelers Mutual; Chubb; Liberty Mutual; PLI Brokerage (sub of Chubb)

Just to add the reason behind the appraisals and why needed. (I work for ins company).
Yes, normally the appraisals are higher than what you(or he) had actually paid for the article. All polices have inflation(jewlery does not depreciate,they increase in value) on the items and increases every yr so if in the event that you lose an item the insurance company replaces the item according to the valued amount. If they cannot find a 'like' or exact piece they will then cut a check.

Hope that helps

Re: With what company do you have ring insurance - Jewelers Mutual; Chubb; Liberty Mutual; PLI Brokerage (sub of Chubb)

I work in insurance, and have never heard of retail replacement value..I have only heard of Replacement Cost Value and Actual Cost Value and you definitely want Replacement Cost...ask them to fax yuou a ciopy of the wording for Replafcement Retail...they should ahve a form that explains what that is, and also ask for a form that explaing Replacement Cost....Actual Cost value you do not want...and I do not think they offer that for Jewelry floater policies anyways...

Also, fi you have a safe, or a burglar alarm, they might give you credits on your premium...

Good Luck!

Re: With what company do you have ring insurance - Jewelers Mutual; Chubb; Liberty Mutual; PLI Brokerage (sub of Chubb)

Kdrainey


Insure your e-ring asap, God Forbid anything happen to it.

I insured mine 3 days later!!!!!!!


You never know what life has in store!!

Re: With what company do you have ring insurance - Jewelers Mutual; Chubb; Liberty Mutual; PLI Brokerage (sub of Chubb)

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Posted by Ladybug63

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Posted by kdrainey

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Posted by Ladybug63

We have all our insurance with Liberty Mutual we had to supply an appraisal so whatever it costs to have the same diamond replaced is what they pay.
I guess that's replacement cost.
But it's only like 200 or 300 a year on top of our homeowners policy.
I think it's like $17 per thousand of the appraisal.

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Maybe it's because I live in Brooklyn

Liberty Mutual told me $944 a year just for my 4 pieces of jewelry. I'm already paying $514 year for $15,400 worth of jewelery.

ETA - Chubb said $40/per thousand of the appraisal for Brooklyn

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Thats crazy but your probably right.

Are they quoting you on a stand alone policy or will you be adding it to your existing policy's?

I think if you piggy back it onto another policy like your homeowners or renters it may be cheaper.

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Liberty Mutual's $944 quote is on top of my homeowner's - the total would be $1408