What’s the deal with Jewelers Mutual Insurance?

[Mwilsey103]

Applied for insurance from Jewelers Mutual, after learning of them on this forum, for my new Sub date. I was rejected.

“Unfortunately, we cannot issue the Personal Jewelry Insurance policy you have requested because of your travel exposure, nature of your item, and a credit review.”

I do travel for work, not unusual, and my FICA score is over 800. I don’t get it, any ideas ?

[eco8gator]

They want to collect money from low risk clients...

If your travels take you to high risk areas they just arn't going to take the risk on you.

Forget the insurance...and just wear a shitter when you travel.

[astewartconst]

Self insure


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[mmutte]

I was declined as well. I don’t travel, credit just shy of 800, live in one of the nicest areas in city. I didn’t quite understand it and neither did my insurance agent who recommended I use them to insure our jewelry and watches.

[swils8610]

Same here. They wouldn’t insure me. I do travel for work a bit, rarely leave the country and credit is rock solid. I put a rider on my home owners insurance instead. Easier and less expensive.


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[Jim Smyth]

I have no issues with Jewelers Mutual and change up stuff regularly with them and have been with them 7+ years now. Have any of you called in and asked them why? Curious to what they would say. There is obviously a risk there not willing to take for some reason. My guess would be Insurance claims in the past but its just a guess.

[mjclark32]

Weird, I have/use them. Call and see what’s up?

[cop414]

I don’t think that it’s your FICO score that they are using, there’s an “insurance” credit score that can be linked to but isn’t always the same as your FICO score I believe. Most that get denied for this don’t understand they are using an insurance “credit score” system, not your FICO score. This score is supposed to predict the likelihood that you’ll file a claim. I’m assuming that this is also linked to your areas UCR report.

They take into account your home zip code and use that comparing your zip code to the UCR (Uniform Crime Report) for your area. I used to be responsible for submitting our departments monthly UCR reports to the Department of Justice and they can be tricky and can change monthly. A bad crime month can drastically change your areas UCR score and boom there’s a large reason for your denial. There are things that they take into account that most prospective clients do know or understand.

I’ve used them for years btw.

[1William]

I use Jewelers Mutual and have never had an issue adding or dropping items. Sometimes they are a bit slow on the additions but a phone call always handles it. Give them a call and see what they tell you.

[mmutte]

Originally Posted by mjclark32

Weird, I have/use them. Call and see what’s up?

I did. Wouldn’t speak with me. Instead, they sent a large stack of papers (their response as to why I was declined), none of which made sense (to me). Everything was vague.
By the time I received their response several weeks later, I had lost interest in the reason I was declined and simply had a rider put on homeowners covering everything.

[RichM]

I’ve been insured by them for just a little over 4 years. They insure all my watches and wife’s jewelry. If I remember correctly, the application asked how much do you travel and I think I put down 4/5 times a year. Never any issues adding or removing items. Cost is approximately $100 for every $10,000 insured. I also keep the jewelry in a home safe.

My FICO score is 800+ and I live in a Zip Code that has more chickens and cows than people.

Thankfully, I’ve never had to file a claim.

[hectorlopez]

Originally Posted by Mwilsey103

Applied for insurance from Jewelers Mutual, after learning of them on this forum, for my new Sub date. I was rejected.



“Unfortunately, we cannot issue the Personal Jewelry Insurance policy you have requested because of your travel exposure, nature of your item, and a credit review.”



I do travel for work, not unusual, and my FICA score is over 800. I don’t get it, any ideas ?

Try State Farm. They are excellent to deal with and far cheaper.

[swils8610]

I was told due to my traveling I was high risk. I did leave the country once in the last 5 years to visit the British Virgin Isles, which was outstanding.


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[CamSLC]

I would use a home or renters policy rider. Far less expensive than any JM quote I've seen. I've also never heard anyone being denied for it.

[offrdmania]

I use a State Farm "articles policy" for all of my watches. Pretty much the same coverage as Jewelers Mutual and a little less of an annual premium. This may be another option for you OP.

[Mwilsey103]

Thank you all for your response. I will call the company for an explanation, if it really matters at this point. Will be shopping for alternatives as suggested in this string.

[Blansky]

Originally Posted by Mwilsey103

Thank you all for your response. I will call the company for an explanation, if it really matters at this point. Will be shopping for alternatives as suggested in this string.

Have you ever filed an insurance claim?

Like all insurance, they are not in business to pay claims. They are in business to NOT pay claims. Paying claims is a nuisance and costs them money.

I also doubt they'd cover one item like a watch. If you had multiple items like wife's jewelry and multiple high end watches that would make you more interesting to them.

And if you need to insure a 8-10 thousand dollar watch possibly you shouldn't be wearing it. At a certain level, we just need to pay our money and take our chances.

[Mwilsey103]

I haven’t placed any type of insurance claim in at least 20 years. Gonna call them Monday.

[wantonebad]

Home owners rider as others have suggested

[KarlTheToyotaGuy]

Jewler’s Mutual can lick my butt.

After the raving reviews I tried to get a policy with them.

Great area, security system, safe, great credit, etc. denied.

I spoke with the agent, underwriter, and department head. Denied.

Got a policy with Travelers for full coverage in 5 minutes.

A week later Jewler’s Mutual called me back, and said they would do it for a premium 4x higher. Piss on that. I told them I had a policy already at a lower cost, they offered to match, and I politely declined their offer.

[AaronPDX]

I had the same result. I have a high credit score, travel only in the US, and was only looking to insure 2 watches for approx. $15K. I was blown away that JM declined me as I don't think I"ve ever been declined for something like that before.

[Bigblu10]

Jewelers Mutual sounds like a headache and a PIA. I have Nationwide, and just had my agent sign me up for a jewelry policy that covers my watch. Just had to send him an official appraisal from a certified jewelry appraiser. Insured for full MSRP. $200/yr.

[Investr]

love em! Easy to deal with and very reasonable and I have a 550 cred score.... (jk)

[Kneecough]

Originally Posted by Investr

love em! Easy to deal with and very reasonable and I have a 550 cred score.... (jk)

Same, I have had JM for years. Initially just for a single watch then added another... no issues.

[function12]

It is also about the premium. You really think they want one customer that pays under $200 a year for coverage. They don't. Now if you have several watches and or some other high dollar jewelry. I bet the would offer you coverage because the premiums will be much more.

[beshannon]

I have them, I like them and have no issues.

I travel and I take my watches. Clearly more to their underwriting than they indicate.

[BDB]

Interesting topic, I'm currently learning about insurance coverage, as I had a Panerai 005 stolen from me while traveling. I have Allstate, and they are working real hard with me, my agent is, but the adjuster let me know that watches depreciate. Because they have moving parts.

I had it scheduled on my policy for $4500. and am waiting to hear how much they pay out, I had incorrectly assumed that a scheduled item would get me the value. my 16610 is also on there, and my Panerai 232, I have them higher, because in my mind they are not as readily available..

Lessons learned.

[scottgekko]

I had a rider on my homeowner's policy in Dallas. When we relo'd to Reno I inquired about it with Farmers with our rental policy (we're renting for a year until we figure out which area we want to buy). The premium was much higher.
I applied online with Jewelers Mutual and had no issues whatsoever. And much less than the Farmers quote.

[SwissmadeTexan]

I have JM and I’ve had to make a claim on a hulk back when they weren’t so crazy and you could get one at under MSRP right here on the forums. JM had me a new watch in my hands in 4 days and didn’t raise my premiums. I’ve always liked them.

My question nowadays since I own a Batman and a Hulk is what happens if they get stolen and I can’t get them replaced for MSRP which is stated on the appraisal?

[JParm]

Correct me if I'm wrong, but my understanding is that having it attached to your homeowner's insurance as a rider could affect your homeowner's insurance, should you make a claim.

My watches are separate from my homeowner's policy, and is under valuable property insurance with USAA.

I say this because we had a few homeowner's claims (flooding, electrical) that we claimed as 1st time homeowners, not knowing that it could affect our ability to be covered in the future. Lesson learned there...