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Chipped/cracked stone & insurance...

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mrsj8610

Shiny_Rock
Joined
Jan 13, 2012
Messages
230
So, I posted a couple weeks ago about possibly adding a halo to my engagement ring. Well, since then I noticed a chip on the edge of my diamond. I have State farm insurance on the ring and my husband put a claim in. We were contacted by a jeweler which we went to see. He inspected the diamond and determined it had a small chip on the edge and also a crack. He said it could not be repaired and needed to be replaced. He wrote down the specs of the diamond and measurements and told us he would begin looking for a replacement diamond. He also said he will contact us when he finds one and let us know what ins. says. I'm wondering if others have dealt with this process? I do not see anything about a deductible in the paperwork from State farm, so not sure if we would need to pay anything? Also, the original diamond was in my hubby's family, so it was not certified. Will the new stone be certified?? Could I end up with a better stone?? Also, the jeweler mentioned concern with the new diamond on the prongs I have. I have an oval stone with a 4-prong peg head. He suggested I switch to a 6-prong peg head. I hate a lot of metal showing, so not sure if I should do that. He said it would protect the new stone more and would prevent future damage. I was considering adding a halo, would this protect the stone?
 
You need to carefully review your policy and speak to your agent before you proceed any further. I have State Farm personal articles policy that covers my diamonds and this is not how my claim would proceed. To insure my diamonds they required recent receipts (if the item was brand new) or a recent appraisal if I had owned the item prior to starting the policy. In the event of loss, theft or damage I would receive a check for the insured value. NOT offered a similar/like replacement. The claim is also not subject to a deductible.

If you do not have a separate personal articles policy, and are claiming the loss simply on the jewelry portion of your homeowners policy then you may be subject to their picking your replacement and probably the deductible too.
 
this just happened to me... filed the claim in august... wife finally got a new ring in January. seriously.

i used Liberty Mutual and they subcontracted out the process to another company. i wasnt happy with what they found, and they eventually gave us a cash payout.

part 1:
[URL='https://www.pricescope.com/forum/rockytalky/e-ring-stone-was-damaged-need-help-judging-replacement-t166962.html']https://www.pricescope.com/forum/rockytalky/e-ring-stone-was-damaged-need-help-judging-replacement-t166962.html[/URL]

part 2:
[URL='https://www.pricescope.com/forum/rockytalky/40k-budget-find-me-a-diamond-t168853.html']https://www.pricescope.com/forum/rockytalky/40k-budget-find-me-a-diamond-t168853.html[/URL]
 
What you are describing is the typical process with most homeowners insurance. Did you have the ring appraised and insured separately on your homeowner's policy? What did the appraisal say about the diamond?

This would be a good opportunity to get a halo if you wanted one and it would protect the stone.
 
I have a seperate policy through state farm, called personal articles. The appraisal stated my diamond was a VS1, 1 color.
 
Oh, that is good! The normal procedure is that the insurance company will try to replace your stone with one of similar size and quality. I am so glad you had the ring insured! I would just see what the jeweler comes up with. Make sure it is as pleasing to you as the one you had. They wouldn't have to give you a certified stone since the old one wasn't, but they might if that's where they find a comparable stone. I would just be sure that if the stone is uncertified, that you write into the paperwork that your keeping the stone is subject to an outside appraisal that verifies it is at least I VS1. You might tell him you'd also consider H VS2 to get a bump up in color.

In sna's case, he had a certified ideal cut stone and they were not coming up with comparable stones, and he was able to get a cash payout. I would be doubtful that you'd do a whole lot better on your own than with this jeweler searching for you, but it is worth remembering if he cannot come up with a stone you really like as well as the old one. It does sound like your stone needs more protection, so either the 6 prong or halo would be a good idea.
 
Why haven't they gotten you a check for the replacement value? My agent said I would have a check within 24-48 hours of a claim. Do you want them to find you another diamond? Are the diamonds they are offering similar in cut? Do they even have cut info? They only reason I got the personal articles policy was because it was a cash value payout.
 
Did the jeweler tell you the specs they're using in the search for a replacement? If not, ask.

State Farm is a fine outfit and most of their replacement jewelers are as well. So far I wouldn't be worried. This is the standard way it's done.

Was the item 'scheduled', meaning was there an additional premium being paid to include it with your policy? If so, usually they will have required an appraisal at the time they bound the policy and the grading on that will be the grading used for the replacement. Is there such an appraisal and is it different from what the jeweler determined from the inspection? The deductible, if any, will be discussed in your policy but if you can't find it, call your agent. They should be able to look it up.
 
My State Farm Personal articles policy is definately a cash payout. I just reviewed my policy last week as my 2.5 year old used a step stool to get to my diamonds that were sitting on top of my dresser, on top of my jewelry box. Thankfully, she just put them away inside the jewelry box. I did realize that I may need to get a few things reappraised and increase the insured value since diamond prices have jumped in the last few years.

There is an agreed upon payout value stated for each item on my policy. In reviewing the policy the only mention of replacement instead of payout comes with the loss of one part of a pair, although my policy lists the value of my diamond studs individually, even the value of the martini setting seperate from the value of the diamond that it holds. Also, it describes each diamond of the pair as a a Brian Gavin Signature H&A, so replacement would have to be very specific.

The policy was started in July of 2009 and I pay roughly $16 per thousand insured per year. Also, I'm in Texas, we pay insanely high homeowners insurance rates. Could the policies differ due to location and regulation?
 
In reviewing the thread diamondseeker2006 posted, those who had experienced a claim with state farms personal articles policy stated that they were given given the cash payment option without any problems. I think one poster opted for a replacement because the appraisal was almost 20 years old, and replacement was probably the better value.

What surprised me was that someone claimed that you could obtain a State Farm personal articles policy without being a state farm customer in any other respect. Also, someone claimed that a claim on the personal articles policy would affect your homeowners rate. I don't believe that this is true. I specifically asked this question and was told that a claim on the personal articles policy would only effect the premium of the personal articles policy and and that repeated claims would result in the termination of the policy.
 
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