Insurance payout on my lost e-ring?

[Gayletmom]

I finally called my ins. co. this morning to file on my lost e-ring (it''s been a month). The good news is that we have a separate personal article policy for the ring and a few other pieces. The policy is with State Farm and the agent''s assistant tells me that when we insured it 18 yrs. ago the appraisal was $11k. I haven''t looked up my copy of the appraisal yet but as best I recall it was a 1.4 ct, RB, H color, VS2 clarity. Simple solitaire setting in 18kt YG with Platinum prongs. Purchased from a local jewelry store back then so probably decent quality but not like the fabulous cuts you see on this site.

When I asked how this works, she said that there are several ways it could play out but usually they will ask me to take my appraisal to a local jeweler to get a replacement cost. Then they will pay me either the insured amount (11k) minus deductible, or, if it is lower, the replacement cost.

Have any of you been through this process before? Her comment made it sound like the process might have several possible outcomes so I am wondering if I have any negotiating room. BTW, my plan is to upgrade so I don''t want a replacement stone but rather, maximum $$!

Any advice will be appreciated.

 

[Circe]

Hm ... I''m an insurance ignoramus, but I know that many of our appraisal-savvy members spend more time on the Rocky Talk forum. Maybe it might be worth messaging an admin. to move the thread?

 

[neatfreak]

Many companies won't do a payout, so you might have to work with one of their jewelers for the replacement. The max you'll get is $11k since that is what it was insured for, but you could get less if the value of replacing it is less right now.

Make sure to clarify if you need to get this replacement cost from a jeweler whom you will be working with, or any jeweler. And if it has to be one of THEIR jewelers, or if you get to choose.