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Diamond ring insurance

ElleElle

Shiny_Rock
Joined
Apr 10, 2014
Messages
257
Hello!
We are looking to switch our insurance coverage for my 2.55 carat H SI1 round brilliant set in platinum. Our current one, State Farm, increased our yearly payment to $1,000 a year which seems absurd!
Anyone use a reasonable insurance company that they can recommend?
Thanks!
ElleElle
 

denverappraiser

Ideal_Rock
Trade
Joined
Jul 21, 2004
Messages
9,043
ElleElle|1446510645|3944956 said:
Hello!
We are looking to switch our insurance coverage for my 2.55 carat H SI1 round brilliant set in platinum. Our current one, State Farm, increased our yearly payment to $1,000 a year which seems absurd!
Anyone use a reasonable insurance company that they can recommend?
Thanks!
ElleElle
What's your declared value? Where did the number come from? Where are you located? Have you had claims activity on the account? Have you had it appraised recently?

Markets vary but in most, State Farm premiums are about 1-2%/year of your declared value, which is pretty typical. $1000 premium would suggest a $50k-100k valuation. That seems high for your description and you may be paying premiums for coverage you don't actually get.
 

ElleElle

Shiny_Rock
Joined
Apr 10, 2014
Messages
257
denverappraiser|1446563823|3945100 said:
ElleElle|1446510645|3944956 said:
Hello!
We are looking to switch our insurance coverage for my 2.55 carat H SI1 round brilliant set in platinum. Our current one, State Farm, increased our yearly payment to $1,000 a year which seems absurd!
Anyone use a reasonable insurance company that they can recommend?
Thanks!
ElleElle
What's your declared value? Where did the number come from? Where are you located? Have you had claims activity on the account? Have you had it appraised recently?

Markets vary but in most, State Farm premiums are about 1-2%/year of your declared value, which is pretty typical. $1000 premium would suggest a $50k-100k valuation. That seems high for your description and you may be paying premiums for coverage you don't actually get.
Hi Denverappraiser,
Declared value is $35k. That number came from a reputable appraiser about a year ago and includes diamond and platinum setting. We're in LA. No claims activity.
We were paying 1-2% and then all of a sudden received a notice that we need to pay 3%.

thanks for the help!
 

ElleElle

Shiny_Rock
Joined
Apr 10, 2014
Messages
257
ElleElle|1446579091|3945227 said:
denverappraiser|1446563823|3945100 said:
ElleElle|1446510645|3944956 said:
Hello!
We are looking to switch our insurance coverage for my 2.55 carat H SI1 round brilliant set in platinum. Our current one, State Farm, increased our yearly payment to $1,000 a year which seems absurd!
Anyone use a reasonable insurance company that they can recommend?
Thanks!
ElleElle
What's your declared value? Where did the number come from? Where are you located? Have you had claims activity on the account? Have you had it appraised recently?

Markets vary but in most, State Farm premiums are about 1-2%/year of your declared value, which is pretty typical. $1000 premium would suggest a $50k-100k valuation. That seems high for your description and you may be paying premiums for coverage you don't actually get.
Hi Denverappraiser,
Declared value is $35k. That number came from a reputable appraiser about a year ago and includes diamond and platinum setting. We're in LA. No claims activity.
We were paying 1-2% and then all of a sudden received a notice that we need to pay 3%.

thanks for the help!
CORRECTION on the declared value. It's $41k
 

Dancing Fire

Super_Ideal_Rock
Premium
Joined
Apr 3, 2004
Messages
33,852

denverappraiser

Ideal_Rock
Trade
Joined
Jul 21, 2004
Messages
9,043
ElleElle|1446579341|3945228 said:
ElleElle|1446579091|3945227 said:
denverappraiser|1446563823|3945100 said:
ElleElle|1446510645|3944956 said:
Hello!
We are looking to switch our insurance coverage for my 2.55 carat H SI1 round brilliant set in platinum. Our current one, State Farm, increased our yearly payment to $1,000 a year which seems absurd!
Anyone use a reasonable insurance company that they can recommend?
Thanks!
ElleElle
What's your declared value? Where did the number come from? Where are you located? Have you had claims activity on the account? Have you had it appraised recently?

Markets vary but in most, State Farm premiums are about 1-2%/year of your declared value, which is pretty typical. $1000 premium would suggest a $50k-100k valuation. That seems high for your description and you may be paying premiums for coverage you don't actually get.
Hi Denverappraiser,
Declared value is $35k. That number came from a reputable appraiser about a year ago and includes diamond and platinum setting. We're in LA. No claims activity.
We were paying 1-2% and then all of a sudden received a notice that we need to pay 3%.

thanks for the help!
CORRECTION on the declared value. It's $41k
A year old is fine but they may demand an update if you change companies. $41k may be a bit high but it's within the range of reasonable. Ask your appraiser and/or your agent about how the State Farm claims process works. That said, what's killing you is the LA address and it's unlikely you can do much about that. Shopping may help but expect trouble with everyone. Consider raising your deductible but mostly, you're stuck. Moving to Fargo would help a lot.
 

ElleElle

Shiny_Rock
Joined
Apr 10, 2014
Messages
257
denverappraiser|1446580650|3945240 said:
ElleElle|1446579341|3945228 said:
ElleElle|1446579091|3945227 said:
denverappraiser|1446563823|3945100 said:
ElleElle|1446510645|3944956 said:
Hello!
We are looking to switch our insurance coverage for my 2.55 carat H SI1 round brilliant set in platinum. Our current one, State Farm, increased our yearly payment to $1,000 a year which seems absurd!
Anyone use a reasonable insurance company that they can recommend?
Thanks!
ElleElle
What's your declared value? Where did the number come from? Where are you located? Have you had claims activity on the account? Have you had it appraised recently?

Markets vary but in most, State Farm premiums are about 1-2%/year of your declared value, which is pretty typical. $1000 premium would suggest a $50k-100k valuation. That seems high for your description and you may be paying premiums for coverage you don't actually get.
Hi Denverappraiser,
Declared value is $35k. That number came from a reputable appraiser about a year ago and includes diamond and platinum setting. We're in LA. No claims activity.
We were paying 1-2% and then all of a sudden received a notice that we need to pay 3%.

thanks for the help!
CORRECTION on the declared value. It's $41k
A year old is fine but they may demand an update if you change companies. $41k may be a bit high but it's within the range of reasonable. Ask your appraiser and/or your agent about how the State Farm claims process works. That said, what's killing you is the LA address and it's unlikely you can do much about that. Shopping may help but expect trouble with everyone. Consider raising your deductible but mostly, you're stuck. Moving to Fargo would help a lot.

Thanks for all the info!!! Hope we can get the cost down!
 

Dancing Fire

Super_Ideal_Rock
Premium
Joined
Apr 3, 2004
Messages
33,852

kenny

Super_Ideal_Rock
Premium
Joined
Apr 30, 2005
Messages
31,477
tyty333|1446639673|3945529 said:
kenny|1446569847|3945147 said:
tyty333|1446563181|3945095 said:
Dancing Fire|1446536357|3945047 said:
kenny|1446533851|3945046 said:
But not Kenny... :bigsmile:

Kenny's rich :bigsmile:

I'm just stoopid. :lol:

Not stoopid...people vary :cheeky:

Yeah, people vary and some are stoopid. :sun:

OP, I apologize for my shameless thread-jacking colleagues. :shock: :oops: ;-)
I beat them daily, but they still misbehave.
 
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