Property & Casualty Insurance/Agreed-upon-value coverage
QUESTION: I have a Tiffany ring and want to find agreed-upon-value coverage.
The best coverage I can find is like kind from perfect circle which considers the Tiffany brand part of the kind -- though obviously I couldn't get cash.
Everyone else will only agree on the value at the time of loss, and says they will choose the cheapest way to reimburse you.
Are there companies which write stand-alone agreed-upon-value jewelry coverage? The various agents I've dealt with have not been well-informed.
Many, and I mean MANY carriers provide agreed value coverage for jewelry. Travelers, Safeco, Chubb, AIG, Ace, Firemens Fund, Utica are just a few.
Have you worked with an independent agent - someone who represents a variety of carriers? I am curious exactly what companies you have been told do not provide the agreed value coverage.
Let me know what city/town you live in, I'll make a recommendation for you.
---------- FOLLOW-UP ----------
QUESTION: I live in Arlington, MA.
I use AAA as an agent for renters insurance (Union Mutual) and get a discount because our car insurance (Commerce) is through them. The insurers who operated in MA under the old regulated auto insurance market tend to follow rules which are more consumer-friendly than the newer entrants, specifically you can appeal an at-fault insurance determination. I'm somewhat loath to switch.
AAA has generally been great but poorly informed about jewelry coverage. They said that "like kind and quality" was covered but that is not what the policy said. Only Jewelers Mutual/Perfect Circle offered that--including brand value--but of course they don't pay cash.
My understanding was that Chubb no longer wrote stand-alone jewelry policies unless the item was worth more than $200,000.
Travelers also told me that you had to have homeowners' insurance with them to buy personal articles insurance through them. This is the language of their coverage:
will not pay more than the least of the fol-
(1) The actual cash value of the property
at the time of loss
(2) The amount for which the property could reasonably be expected to be repaired
to its condition just before the loss.
(3) The amount for which the article
could reasonably be expected to be
replaced with one substantially identical
"Least" was kind of key language for me.
I believe that Fireman's said something about "agreed-upon-value" but the agent we spoke to said that they generally add it on to a homeowners policy.
I would be grateful for a recommendation of a good insurance agent. My experience with our local agent was not good.
You are correct in that most (if not all) of these insurance companies will only write the jewelry if you place the homeowners with them as well.
My son lives in Somerville, and I just recommended the following individual to help him with Homeowners and auto insurance. She works for an independent agency, and should be able to provide the coverages you need at a fair price.
Drop my name...
Her name and contact info is:
Personal Lines Sales Team Leader
Please let me know how this works out. Your Jewelry should DEFINITELY be on an agreed value basis...