Engagement Ring Ins. Question homeowners vs travel''s insurance co

[krisvrn]

Question: I have my engagement ring currently insuranced through my homeowner''s policy through Allstate insurance. Has anyone dealt with them before (diamond lost, stolen, etc) Did they replace your diamond with the replacement cost or actual value of stated appraisal.

I just received a quote from Travel''s insurance and they will insure my ring for the actual value stated on the appraisal. It seems like it would be better to go with them (Travel''s)

2nd question: is there any reason or benefit to have my ring insured by both - home owners insurance (allstate) and Travel''s insurance

Thank you in advance!

 

[mrssalvo]

Date: 2/14/2008 3:31:00 PM
Author:krisvrn
Question: I have my engagement ring currently insuranced through my homeowner''s policy through Allstate insurance. Has anyone dealt with them before (diamond lost, stolen, etc) Did they replace your diamond with the replacement cost or actual value of stated appraisal.


I just received a quote from Travel''s insurance and they will insure my ring for the actual value stated on the appraisal. It seems like it would be better to go with them (Travel''s)


2nd question: is there any reason or benefit to have my ring insured by both - home owners insurance (allstate) and Travel''s insurance


Thank you in advance!

1. Allstate offers a replace with like kind policy and must be scheduled as a homeowners rider. So, if you insure your ring for $8000 and they can replace it for $5000 they will. So be sure not to overinsure your ring. also, make sure you have lots of documentation about your stone ring. for example, 1 carat G, VS2 is too vague and wouldn''t guarentee they''d replace your H&A stone if you''ve got one.

2. are you talking about traveler''s? if so, you have to have a policy rider with them but they do offer a cash out option which I would prefer. I actually changed my policy from allstate to travelers just for this reason.

3. there is no reason to have your ring insured by both.

many folks around here like Chubb or Jewelers Mutual for their jewelry, you can do a search and find threads with info about both of them.

 

[Dee*Jay]

If indeed you mean Travelers, I have them and could not be happier. I''ve posted my story on here many times, but I once lost my engagement ring and had a check in my mailbox five days after calling them. (Fortunately I found the ring and sent the check back.) The check was for the scheduled value (which only seems fair since that is what you''re premium is based off of).

Love those people!