Insurance Declined!

[Brownb2110]

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

[mwc5k]

Interesting, I wonder if they’ve had some claims on Rolex watches and don’t want to add to that exposure.

[samuel019]

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

[Brownb2110]

Thanks for the reply. Credit is Excellent and have never filed a claim of any kind.

[Brian Page]

Never heard of this with Jewelers Mutual...

[samuel019]

Originally Posted by Brownb2110

Thanks for the reply. Credit is Excellent and have never filed a claim of any kind.

Anytime. Idk then brother.

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

[Stew7]

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?

[JoeJoeBobo]

Edit: previously asked.

[Brownb2110]

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!?!?

[stateman]

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

[Brownb2110]

Originally Posted by Stew7

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?

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.

[okplayer]

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.

[Brownb2110]

Originally Posted by stateman

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

No. It can’t be credit related. Credit is excellent and they never got my SSN so they couldn’t pull credit anyhow.

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.

[Brownb2110]

Originally Posted by okplayer

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.

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.

[AbeFroman]

Originally Posted by Brownb2110

No. It can’t be credit related. Credit is excellent and they never got my SSN so they couldn’t pull credit anyhow.

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.

A credit freeze won’t affect insurance carriers pulling a report. By federal law, they can still access your reports for underwriting insurance. They also don’t need your SSN to run a soft pull which is what most do in the quote phase.

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.

[samuel019]

Originally Posted by Brownb2110

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!?!?

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.

[Cauhauna]

jewelers mutual isn't great, anyway - iirc, they will only cut a check to an AD for retail replacement.

Use Chubb through Hodinkee

[zoenatenich]

Originally Posted by Brownb2110

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

Yes, I had the same experience with Jewelers Mutual. I've been with them for the longest time. Credit is good, don't have any jewelry insurance claim, live in So. Cal. One day, their policy changed and will no longer cover my watches. I asked for a detailed explanation and was told that my watches represent high insurance risk and loss, and these are stainless steel Rolex watches and no PMs.

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.

[Bizcut1]

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.

[joli160]

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

[superdog]

might very well be a sign of the times.

[ltmgeller]

I've been having trouble with them as well. I think it's time to move to another company.

[Star Ferry]

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

[Chewbacca]

Likely the risk profile of the assets not the insured. Can’t blame them tbh.

[KathleenL]

Originally Posted by joli160

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

So the OP and his wife are only supposed to wear their watches and other jewelry while they are in their home or within their gated community?

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.

[swils8610]

Had the same thing happen. I put a rider on my home owners insurance. It was cheaper and easier.


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[Travelair007]

Originally Posted by Brownb2110

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

I was declined too a couple of years ago. No reason provided

[Danny83]

Jewelers mutual scammed my friend read all the bad reviews about them on google and yelp.

[joli160]

Originally Posted by KathleenL

So the OP and his wife are only supposed to wear their watches and other jewelry while they are in their home or within their gated community?

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.

I wrote my answer because I was actually surprised about the OP’s story.
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.

[HHIslander]

Originally Posted by swils8610

Had the same thing happen. I put a rider on my home owners insurance. It was cheaper and easier.


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USAA took care of me in a few minutes.

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.