Has anyone recently lost an engagement ring & have Allstate?

[britbrith]

My engagement ring fell down a storm drain last night. I am SO upset. I have an Allstate policy with an added rider. My ring appraisal is WAY over what I paid for it. But I am concerned because I have a clarity enhanced stone. I desired a bigger stone at all costs so I went for it. Now I am worried this will hurt me in the replacement process. My agent said they will replace it with a "like" item. Is this my only option? Because I am pretty sure the jeweler they will use won't carry clarity enhanced stones. HELP!

 

[Zizzy]

Re: Has anyone recently lost an engagement ring & have Allst

Not with Allstate, but unless you purchased your ring second hand, they may query your appraisal. Did you get an independent appraisal from a qualified, reputable appraiser?

That aside, if their usual jeweller cannot provide a replacement, the onus will be on them to find you a replacement so I wouldn't be worried about that. They will want to replace with a stone of the same value as the stone you lost so I assume that will mean clarity enhanced given the price difference between enhanced and unenhanced stones with the same stats.

Do you have the receipts for the original purchase? If they won't accept the appraisal, they may go with the price you paid and apply any percentage increase they think applies to the market value over the time you have owned it.

I hope it all works out. So sorry to hear about your ring. What a disaster! It must have been very loose.

 

[Lookinagain]

Re: Has anyone recently lost an engagement ring & have Allst

Hi,
I don't have Allstate but my jewelry is insured as a rider on my homeowner's policy too. When I have lost a piece of jewelry, they don't pick a particular jeweler for me, however they do have a list of jewelers that they suggest I use. The amount I recover is determined by replacement value, or the appraised value, whichever is lower. So they will have a way to determine what the value of your ring was and that is the value you will be allowed to recover or use to buy a replacement. If they have one particular jeweler that they use and that one doesn't sell clarity enhanced stones, then they will have to let you use one who does, unless you decide to buy a smaller, untreated stone that could be supplied by their jeweler.

 

[britbrith]

Re: Has anyone recently lost an engagement ring & have Allst

Very loose just gave birth to twins and I got engaged while 7 months pregnant. I had it sized down once already. Add a hand full of bags and a near by drain and you get one very sad lady.

I only have the appraisal from the seller who was a broker. We paid about 4k and the appraisal says 19k. Clearly inflated. I think we have the receipt somewhere I'm sure, don't really want them to use the purchase price because I will get even less then that.

 

[britbrith]

Re: Has anyone recently lost an engagement ring & have Allst

Do you know if they have a say in exactly which stone I end up with if they don't have a jeweler I can go with? I have been researching some stones online that I think would work.

 

[sweet_jane]

Re: Has anyone recently lost an engagement ring & have Allst

ugh...problems posting a response, hopefully this time it will work

I am sorry for your horrible day and lost ring. I recently lost my e-ring and have finally settled with the insurance company. I do not have All State, but I had a separate replacement rider policy and the terms are similar to yours. The initial settlement offer I received was approximately half the value of the policy and slightly more than the original purchase price 16+ years ago! I contacted the original jeweler who has maintained the appraisals and maintenance of my ring since purchase and was able to provide additional information to the insurance company and increased my settlement to almost 95% of insured value of my ring.

Do you have photos taken by the appraiser? Usually appraisals are very detailed, did it mention any grading information/report number of your diamond? What type of setting- metal, ornate vs. plain, designer branded?

 

[sweet_jane]

Re: Has anyone recently lost an engagement ring & have Allst

Do you know if they have a say in exactly which stone I end up with if they don't have a jeweler I can go with? I have been researching some stones online that I think would work.

I had to submit my diamond certificate and based on the specs they came back with a value based on their cost to replace the stone. They have their gemologist search their diamond sources to see what they can get with "like or better" specs. I am not sure how they will determine replacement value if you don't have a certificate.

 

[britbrith]

Re: Has anyone recently lost an engagement ring & have Allst

How long did this process take you? I have more details to give them but no certification. It came with the appraisal but that is all. I am hopeful and willing to negotiate because I have been reading you never take their first offer. The clarity enhancement part scares me. I am hoping I will at least have a new ring by my wedding date in 2 months. This is bad timing.

 

[Lookinagain]

Re: Has anyone recently lost an engagement ring & have Allst

My experience has been that it is fairly fast, but when I lost a diamond ring, the appraisal was very old and that is what it was insured for. So I got the full amount of the insurance, which was not enough to buy a similar diamond. I had to go down in clarity to find a suitable replacement and still added money to purchase the diamond I wanted. But since your ring sounds like it was over insured, I think you will have to negotiate with them. I would try to find some similar diamonds and see what the cost is and that way you will have an idea of the replacement value, which is what you will probably get.

 

[sweet_jane]

Re: Has anyone recently lost an engagement ring & have Allst

In my case, the process took 5-6 weeks but I don't believe it would have normally taken that long. I factor the Christmas/New Year holidays as a main contributor to the time it took to settle my claim; many places close or on limited hours combined with the heavy volume in the diamond market.

@britbrit - to be honest, the fact that your ring was purchased recently they may ask for a copy of the receipt to ascertain it's value. In order to replace the diamond or award you monies for the diamond, they will want a cert to determine market value. The fact you don't have a cert, will probably work against you.

 

[UrsTx]

Re: Has anyone recently lost an engagement ring & have Allst

I had a pair of diamond earrings on an Allstate rider. I lost them a few years ago at a conference while on a business trip. Claim took prob 3-4 weeks to close (to research the mysterious loss to make sure no one found them and turned them in, and to the previous jeweler to check the original purchase price and diamond stats) and then a few days to receive the check. I had the option of Allstate replacing it with a like item per the description in the appraisal or a check for replacement value for a like item, meaning the cheapest retail price in my area. They sent a check for about 70% of the amount it was insured it at because I overinsured it based on its appraisal value. I opted for the check so I could control the quality of the replacement vs taking any diamond they'd give me per their "experts."

 

[ImpatientOne]

Re: Has anyone recently lost an engagement ring & have Allst

I am so sorry about the loss of your engagement ring. I can imagine how upset you must be! I lost my 5-stone anniversary band on Sunday. Similar story - ring needed to be resized, out shopping and who knows where it went. I did not realize it was missing until later that night Called the stores I had been shopping at, then went back the next day to see if anyone turned them in. I am heartbroken, as this was the ring my husband gave me when we renewed our vows. I don't have Allstate, but dealing with my insurance company now. We shall see what they say. I had the original receipt showing they were branded, Ideal cut diamonds, plus a print out of the jeweler's current price for almost same ring (stones were not as good clarity).

Hope you get it all straightened out to your satisfaction!

 

[WillyDiamond]

Re: Has anyone recently lost an engagement ring & have Allst

I don't know about Allstate, I have State Farm. When my wife lost a diamond from a bezel piece, they offered some jewelers. I told them that a local jeweler or one on their list could not replace a hearts and arrows stone so I asked them if I could use my jeweler and they agree with no hassle. You might want to ask Allstate if you could use jeweler.

 

[mns12]

Re: Has anyone recently lost an engagement ring & have Allst

So sorry to hear. I lost my engagement ring and eternity wedding band end of last year. It's a horrible, horrible feeling
I have a rider on my homeowners policy and at first my insurance insisted I had to use their jeweler. After a few phone calls explaining this wasn't acceptable to me they said as a courtesy they would allow me to use the vendor of my choice, BUT it has to get approved by their jeweler first. Still working through the claim so not sure of the outcome yet. But agree you should definitely ask! Hope it all works out.

 

[britbrith]

Re: Has anyone recently lost an engagement ring & have Allst

I spoke with the Allstate adjuster last night and he said he would cut me a check for what Allstate could replace it for. My agent said they would replace the ring with a very similar ring. So I am sort of confused. I am fine with either I guess as long as it's similar to the one I had. If they do cut me a check I have been researching and I think I have found another ring that I would like to purchase. I am definitely going with a non enhanced stone this time. I am just concerned because I do not have a receipt for the item. I would have to do some research it was bought on eBay.