Private insurance vs Home insurance

[RolieKid]

I just received a quote to add my Rolex's to my H.O. policy. They want $1473 per year for them. I quoted Jewelers Mutual, and they only charge $788 a year. Any negatives for going with JM instead of AIG?

[Importer_Exporter]

Out of curiosity, what’s the value you’re stating? We have about $23k (ring and watch) and we’re at $250 something for the year through H.O. .

[Justingtr]

Originally Posted by RolieKid

I just received a quote to add my Rolex's to my H.O. policy. They want $1473 per year for them. I quoted Jewelers Mutual, and they only charge $788 a year. Any negatives for going with JM instead of AIG?

How much are you insuring? That seems high. I have 14k covered on a separate jewelry policy with USAA. About 220 bucks a year.

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[RolieKid]

Originally Posted by Importer_Exporter

Out of curiosity, what’s the value you’re stating? We have about $23k (ring and watch) and we’re at $250 something for the year through H.O. .

Rolex Pres YG - $25k
Rolex 50th Sub SS - $25k (w/ appraisal)
1976 Rolex DateJust YG/SS - $4.5k
1990 Rolex DateJust SS - $4.5k
===================
59k total

Though, I was told to raise the Pres and the sub as they are considered to be worth 32k and 44k respectably; which I think is ridiculous.

[Importer_Exporter]

Yeah I’d definitely try to get that almost halved. 1-2% value per year.


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[RolieKid]

Originally Posted by Importer_Exporter

Yeah I’d definitely try to get that almost halved. 1-2% value per year.


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Any other companies to check out? They increased my H.O. insurance by a third.

[123Blueface]

I repeatedly advise on this topic, specially after 36 years in insurance claims as a manager, always maintain a separate policy for jewelry that is NOT part of your HO policy.
Plenty of threads where I have explained in more detail.

[Importer_Exporter]

Originally Posted by RolieKid

Any other companies to check out? They increased my H.O. insurance by a third.

We have Travelers. Our house is only 300k or so though. So we’re at something like $900 for the year with everything.


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[Importer_Exporter]

Originally Posted by 123Blueface

I repeatedly advise on this topic, specially after 36 years in insurance claims as a manager, always maintain a separate policy for jewelry that is NOT part of your HO policy.

Plenty of threads where I have explained in more detail.

Got a quick TL;DR summary?


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[123Blueface]

Originally Posted by Importer_Exporter

Got a quick TL;DR summary?


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Short version.........
HO insurance is becoming more and more volatile each year as companies sustain catastrophic losses and as such, Premiums keep rising. This is specially true in states like Florida, entire east coast, etc.

Loss frequency affects not only being retained as an insured but also impacts your ability to procure future insurance should you be cancelled. Many companies won’t touch you if you have had losses in the past five years.

Jewelry has susceptibility to losses such as theft, mysterious disappearance, dropping and damaging, and on and on. As such, a claim is more likely to occur. Once a claim occurs, go back to “loss frequency”.

So, to avoid all that, much easier to have a policy dedicated to jewelry and in the event of a loss to a Rolex, like happened to me, has nothing to do with impacting the volatility of the policy that protects your true greatest property asset, your home.

[Importer_Exporter]

Originally Posted by 123Blueface

Short version.........
HO insurance is becoming more and more volatile each year as companies sustain catastrophic losses and as such, Premiums keep rising. This is specially true in states like Florida, entire east coast, etc.

Loss frequency affects not only being retained as an insured but also impacts your ability to procure future insurance should you be cancelled. Many companies won’t touch you if you have had losses in the past five years.

Jewelry has susceptibility two losses such as theft, mysterious disappearance, dropping and damaging, and on and on. As such, a claim is more likely to occur. Once a claim occurs, go back to “loss frequency”.

So, to avoid all that, much easier to have a policy dedicated to jewelry and in the event of a loss to a Rolex, like happened to me, has nothing to do with impacting the volatility of the policy that protects your true greatest property asset.

Good info. Thank you for that. We’ll definitely look into your advice. My wife works in the legal field specializing in Insurance defense matters so I’m sure she’ll have an opinion!


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[DocHorton]

My JM policy is 1.5% of value.

[RichM]

Originally Posted by DocHorton

My JM policy is 1.5% of value.

Just about the same for me with JM.

[SwissmadeTexan]

JM is really good with claims and I was advised the same as in this thread by my home owners agent recently.

[RolieKid]

Went with USAA.