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4 October 2022, 05:04 AM | #1 |
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Insurance Declined!
I recently contacted Jewelers Mutual to ensure a SD43 and a Bluesy along with about $20k in additional jewelry (wedding ring, etc…). I live in a gated community with guards 24/7 and it is patrolled. House vault, home alarm system with ADT and in one of the best/safest suburbs around Atlanta. The rep on the phone took all the info for the application and said when she submitted the app she was shocked to find out it had been declined. The reason she gave, but couldn’t elaborate, was “The level of risk to insure your item(s) is too high due to the following criteria:
Nature or type of jewelry item(s) you had intended to insure.” Has anyone else had a similar experience or have any thoughts on this? Thanks |
4 October 2022, 05:13 AM | #2 |
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Interesting, I wonder if they’ve had some claims on Rolex watches and don’t want to add to that exposure.
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4 October 2022, 05:16 AM | #3 |
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Have you filed a fair amount or any insurance claims of late or ever?
I do know there is a way for all insurance companies to check. You can always use Hodinkee which is Chubb. They have a couple and my owners has quite a lot. Gonna move em all to Hodinkee just as soon as this latest policy change takes place. Plus I know some insurance companies do a soft pull on your credit for a fact. Not saying you have any issues with either just letting you know what I know
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4 October 2022, 05:18 AM | #4 |
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Thanks for the reply. Credit is Excellent and have never filed a claim of any kind.
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4 October 2022, 05:25 AM | #5 |
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Never heard of this with Jewelers Mutual...
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4 October 2022, 05:27 AM | #6 | |
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Quote:
Maybe your State/area/city is not scoring well. I've gotten quotes from JM before and passed. They kept emailing me so much I had to unsubscribe. Just download the Hodinkee app and get a quote from them. Its super duper easy. They did a decent size amount in a snap of a finger. And I'm probably gonna add even more as soon as the app lets me move forward. When you have a handful in full PM it doesnt take much to get "up there" and worried
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4 October 2022, 05:27 AM | #7 |
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Did you have to answer any questions regarding traveling abroad to other cities? Since your house seems to be secure, maybe your exposure elsewhere is noted as a risk?
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4 October 2022, 05:28 AM | #8 |
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Edit: previously asked.
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4 October 2022, 05:31 AM | #9 |
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I didn’t know if this was normal or not. Never a claim of any kind. Credit is great but they didn’t ask for my SSN so they couldn’t pull credit anyhow. The rep couldn’t offer anything additional other than she thought I’d be auto approved. The only other pieces I was looking to insure was an engagement ring…earrings…Diamond bezel womens Tag and gold chain. I wonder if they have claims coming from the hurricane possibly and maybe this was the reason. Or that might be a stretch!?!?
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4 October 2022, 05:32 AM | #10 |
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Just a shot in the dark - any chance you have a credit freeze on your credit ratings? That's bitten me recently when I applied for a new credit card (first new card in a couple decades for me) but forgot I had a credit freeze and it was declined
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4 October 2022, 05:34 AM | #11 |
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They asked but I told them I never travel abroad. I told them I’m away from home 5 trips a year and I don’t take my jeweler. It stays in the vault. Alarm is on. And security monitors our home when we’re out of town.
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4 October 2022, 05:36 AM | #12 |
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If you just want to move ahead and get coverage ASAP with somewhere just as legit (they have CHUBB doing the underwriting), see how Hodinkee Insurance quotes your desired protection and if it's agreeable for your needs. It's an easy, straightforward process.
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4 October 2022, 05:37 AM | #13 | |
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Quote:
She said at the beginning of the call it would either be auto approved….sent to underwriting for further review or declined. Heck, I didn’t even make it to I underwriting for additional review which ai thought was very strange. |
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4 October 2022, 05:42 AM | #14 |
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I actually have all of it insured through SafeCo(a liberty mutual Co)currently ….because they came as a recommendation from my homeowners. However, the agent handling the policy has been all over the place. Lots of turnover and each agent has mixed messages on what I needed to submit for each article of jewelry. I didn’t have a good feeling about them so when I just purchased the Bluesy, JM reached out to me via email with a quote. I hear people speaking highly of JM so I figured I would switch providers.
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4 October 2022, 05:53 AM | #15 | |
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Quote:
Credit freeze only prevents new lines of credit from being taken out. I got declined by JM way back in 2018. The rep I with said they stopped insuring Rolexes due to the high loss lol. Seems to be hit or miss with them. You’ll be better off with Hodinkee and, or, Chubb. Chubb underwrites Hodinkee policies anyways. I’ve been very pleased with them. |
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4 October 2022, 05:55 AM | #16 | |
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Quote:
Umm you might be on to something there. I run a few auto dealerships and some insurance companies will not add vehicles if a storm is looming/happening And I think they can do a soft pull w/o SS number. Just a FYI. Name, address, dob, they can do alot with but as you stated I'm sure its Not that I think it just may be the timing of it. I'm one state away so I think its just timing if I had to guess.
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4 October 2022, 05:57 AM | #17 |
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jewelers mutual isn't great, anyway - iirc, they will only cut a check to an AD for retail replacement.
Use Chubb through Hodinkee
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4 October 2022, 05:58 AM | #18 | |
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Quote:
I recall reading here some members getting denied by Jewelers Mutual. https://www.rolexforums.com/showthread.php?t=563974 I moved to Hodinkee instead. The process is very quick. You only send your watch appraisal if your watch value is over 100K. |
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4 October 2022, 06:35 AM | #19 |
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Everything about Jewelers Mutual screams 1988.
I also decided to move these items off my Homeowners rider policies some time ago. I've moved all my watch and jewelry coverage to Chubb and Hodinkee. Check Chubb out. Do your own research. I did. |
4 October 2022, 07:40 AM | #20 |
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With the measures you have in place you don’t need insurance.
Who is going to walk away on camera with a safe taken from a home in a guarded community, that sounds near impossible
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4 October 2022, 07:43 AM | #21 |
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might very well be a sign of the times.
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4 October 2022, 07:54 AM | #22 |
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I've been having trouble with them as well. I think it's time to move to another company.
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4 October 2022, 08:01 AM | #23 |
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Heard many stories like this. Think they don’t want the risk of Rolex. I’d think a Rolex is the most vulnerable item possible other than cash or raw diamonds
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4 October 2022, 08:21 AM | #24 |
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Likely the risk profile of the assets not the insured. Can’t blame them tbh.
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4 October 2022, 09:04 AM | #25 | |
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Quote:
I don't know about you, but I think there's more risk of having a watch stolen while you're wearing it away from home than there is of someone breaking into your home and walking away with your safe and everything that's in it. |
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4 October 2022, 09:42 AM | #26 |
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Had the same thing happen. I put a rider on my home owners insurance. It was cheaper and easier.
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4 October 2022, 10:59 AM | #27 | |
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Quote:
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4 October 2022, 11:11 AM | #28 |
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Jewelers mutual scammed my friend read all the bad reviews about them on google and yelp.
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5 October 2022, 02:56 AM | #29 | |
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Quote:
The concept of gated communities and armed ones at that are non existing in the country where I live. I did not know these even existed in the US. Supposedly being afraid when stepping out of the safe zone must be a terrible feeling and I am not so sure that is a place where I would like to stay. Not safe for my watch than how safe can it be for my family ? If being insured makes you feel secure than by all means, but after a robbery or burglary recovering a watch would be on the bottom of my priorities.
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5 October 2022, 03:09 AM | #30 | |
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Quote:
There must be some reason why more people don't do this. I'm guessing not all home insurance companies offer insurance riders on jewelry and watches. |
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