Allstate Insurance...Any Thoughts?

[lookingforastone]

I have an Allstate renters policy and am able to insure my engagement ring through that policy. Does anyone use Allstate? Do you know the repair/reimburse policy regarding rings? If I don''t use Allstate, I will most likely use Chubb. Thanks.

 

[lcd52]

I don't know about Allstate. You should call your broker and ask him questions.
I am having my ring insured by Travellers. I have a renters policy with them already. Their rates are either $13/$1000 or $17/$1000 depending on the total apraisal value of the ring. If your ring is lost or stolen, they give you the dollar amount to replace it. They do not insure the ring for damage.

 

[fire&ice]

Regarding replacement, Your broker needs to answer that question. It is quite nebulous in our Allstate policy rider. My broker said they would give me a cash settlement; but, we have all of our insurance with them. We also have their "replacement policy". My appraisal is within reason. The only question that was raised when I submitted the final appraisal was the difference between the first & second. The second being significantly higher because I chose a 3 stone Vatche Platinum setting instead of a lower cost Tiffany style setting.

I have found Allstate to be very easy to work with. Their main concern is that you get a like item at a good price. My broker knows I am not going into a high B&M to replace the stone.

Also, the more information you put on the appraisal the better. Angles, %'s - any thing that makes *your* diamond difficult to just *replace*.

 

[niceice]

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On 3/12/2003 1:33:57 PM lookingforastone wrote:

I have an Allstate renters policy and am able to insure my engagement ring through that policy. Does anyone use Allstate?
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Allstate would be our last choice for jewelry insurance... Any insurance for that matter. Every client of ours who has experienced a loss with Allstate had a miserable time trying to get the company to pay their claim... State Farm or Chubb seem to be the best although neither is perfect... The key to obtaining adequate insurance and preventing hassles during the claims process is proper documentation, be sure to keep multiple copies of your appraisal, diamond grading report, etc. because the odds are that your agent and the underwriting department will not be able to find it in the event of a loss (it's kind of amazing actually).

 

[fire&ice]

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On 3/12/2003 10:55:31 PM niceice wrote:

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On 3/12/2003 1:33:57 PM lookingforastone wrote:

I have an Allstate renters policy and am able to insure my engagement ring through that policy. Does anyone use Allstate?
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Allstate would be our last choice for jewelry insurance... Any insurance for that matter. Every client of ours who has experienced a loss with Allstate had a miserable time trying to get the company to pay their claim... ----------------

Niceice, this has not been our experience w/ Allstate. As I stated before, the insurance company is only as good as the broker and your policy. We have had a few claims including a break in. Not a problem with anything including some jewelry that was not scheduled. We had to replace an 1880 front door. The expense was in the thousands to replicate antique craftsmanship. We chose the mill & they paid directly. Another friend with the same insurance/broker had three rings mysteriously disappear. None were scheduled. Allstate paid - no questions asked. All she was asked to do is to file a police report.

On the other hand, I have had two bad experiences with another you mention. One regarded my elderly parents claim, which I had to get involved to settle. The other a friend, who had to hire an attorney to settle the claim.

I'm not doubting your experience - just that mine has been different. Curious, did the people have their "replacement" policy? It is handled quite differently.

 

[moremoremore]

This is a very old thread...but I''m bringing it back to life. I have allstate and have my ring scheduled...Anyone have any experiences ?