Talk to your insurance agent. You are asking for a defined value type policy, which is where you and the company agree to what the insured property is, what will constitute a covered loss, what will be paid in the case of a loss and what premiums you will need to pay to get this coverage. None of this has much to do with the appraisal and the companies that offer this type of policy don’t generally require much beyond evidence that the piece actually exists, that you actually have it, etc.
Yes......they should have no problem.
Evidently, from your post, AGENTS vary. I have SF also, and specifically asked my agent, in the event I lost my ring, what would happen. He said SF would try and get me a relacement with one of their jewelers, but if they couldn''t get the same quality, they''d cut me a check. I told him I seriously doubted they could find one (I have an EXTREMELY detailed appraisal), and that besides, I''d want my vendor to replace it, to which he replied, that''s the way most people are. And there was no mention of price, one way or the other. And no mention of remaking either...Date: 2/1/2007 12:43:52 PM
Author: Fly Girl
I recently filed a claim for a lost diamond ring with SF. I bought the policy about six years ago and it had automatic inflation coverage. However, with the recent jump in platinum prices, I was somewhat underinsured.
Now, what is interesting is the way the claims process works. SF has authorized jewelers and you pick a local SF authorized jeweler to estimate the replacement cost of your lost article. If the cost is below your insured cost SF insists that the article be remade by their jeweler. If the cost is higher than your insured cost, you get a check for the insured amount and can pick who you want to remake the piece.
In my case, my ring was insured for about $18K with SF. I asked a couple of jewelers for appraisals before selecting one to remake the ring. One jeweler came in at $13 K. The other came in at $20 K! I selected the $20 K guy and got the check from SF for $18 K. Then I found the ringand returned the check to SF. But, I wonder about the quality of the diamond and ring I would have gotten for $13 K.
Just more food for thought when it comes to selecting an insured amount. The insured amount is critical when it comes to how much control you will have as to who replaces your jewelry.
Policies will vary. Best advice is to discuss this with your insurance agent.
State Farm, and most other major insurers, have more than one policy offering available and the details of each will vary from state to state so it really is important to pay attention to what you are buying and how the coverage works on your particular policy.
In general, a homeowners policy will obligate the company to replace with like kind and quality in the case of a loss. The appraisal that you submit at the time the policy is bound will be used as the definition of what constitutes ‘like kind’. If there is an attribute that’s important to you, it should be included in the appraisal. The company then must replace with a comparable item, convince you to accept something different or pay the face value of the policy. They are usually happy to allow you to shop wherever you wish but if they can reasonably demonstrate that your chosen supplier is charging for something other than what is agreed to in the policy, they will only want to pay what it would cost them at a more sensible source. The details of this are part of your individual policy and, to an extent, regulated by your own state. That's why I always say to ask your agent or another company representative about how a particular policy will be handled. If the agent is insufficient, call the company's 800 number and talk to a manager there. They are not only fairly likely to know the answers, they are the bottom line for who is responsible for training those agents as well.
By all means, if the company and their representatives aren't able to explain their offerings to your satisfaction, ditch them for their competitors.
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