Insurance Question; Help Please

[coach2121]

My grandmother had a custom made diamond pendant that was stolen worth $20k on a stand alone policy with Farmers. It has one 2 ct diamond and 1 1.5 ct diamond, some loose diamonds, etc. The claim has be approved and they are now referring her to a jewelry store that works with Farmers. Are they going to try and re-create the pendant or are they going to provide with two replacement diamonds or just a check? I am not sure what our policy states?

 

[armywife13]

Most times the insurance company will try to replace the item with diamonds comparable to what was in the piece. Unless they are unable to find comparable diamonds, most insurance companies will replace the diamonds vs cutting a check. Speculation isn't going to do much for you in this situation though, you need to find out what your policy states.

 

[denverappraiser]

Talk to you agent. Helping you, or more specifically helping your Grandmother, to understand her policy is what they're there for.