Question to ask the insurance company after u buy the diamond
- Thread starter Des1302
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Don''t know what questions to ask them - but it''s more the information you supply them. Make it as detailed as possible.
Also, in the event of a loss, do they cash out the policy or replace the diamond? Do they cover the diamond in the event of loss, damage, etc. & not just theft.
Also, in the event of a loss, do they cash out the policy or replace the diamond? Do they cover the diamond in the event of loss, damage, etc. & not just theft.
claimsjeff
Rough_Rock
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- Dec 28, 2004
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- 50
Like any purchase...it''s buyer beware. You need to conduct your due diligence and weigh the product/service that you are receiving with the price.
1. First I would establish what your needs are. Is expertise important? Replacement vs Cash? Ease of billing? Weigh the pros and cons of adding it to your homeowners policy.
2. Second shop around to compare the products/services that are being offered as well as the reputation of the insurer. You can get a quick glance at the financial stability of the company by going to AMBest.com. You can get a history of claims practices by going to the consumer section of your individual Department of Insurance website to see how often or how many complaints they received. Keep in mind the bigger the company the liklihood is that they will have more complaints. That''s not necessarily a bad thing. IE.....State Farm is the largest writer of insurance in the U.S. and thus you would expect to have more complaints. Look for trends and history of practices. Keep in mind you are buying peace of mind..
I would suggest the following whether you are insuring your car, boat, or diamond.
Thanks
Jeff Mills
VP Claims
Jewelers Mutual Insurance Co.
1. First I would establish what your needs are. Is expertise important? Replacement vs Cash? Ease of billing? Weigh the pros and cons of adding it to your homeowners policy.
2. Second shop around to compare the products/services that are being offered as well as the reputation of the insurer. You can get a quick glance at the financial stability of the company by going to AMBest.com. You can get a history of claims practices by going to the consumer section of your individual Department of Insurance website to see how often or how many complaints they received. Keep in mind the bigger the company the liklihood is that they will have more complaints. That''s not necessarily a bad thing. IE.....State Farm is the largest writer of insurance in the U.S. and thus you would expect to have more complaints. Look for trends and history of practices. Keep in mind you are buying peace of mind..
I would suggest the following whether you are insuring your car, boat, or diamond.
Thanks
Jeff Mills
VP Claims
Jewelers Mutual Insurance Co.
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