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State farm Pros & Cons

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pichuchy21

Shiny_Rock
Joined
Apr 26, 2008
Messages
334
Hello All,

Hopefully I can get back some input. I need to have my ring insured asap since my hisband just found out I never got a policy as is breathing down my neck! I was looking into state farm. Has anyone worked with them? Can anyone give me any input. Or recommend another company? Thank you very much I appreciate it.
 

beach

Brilliant_Rock
Joined
Dec 16, 2007
Messages
714
My fiance asked them for a policy but they were more than GemSheild and Jewelers Mutual. Statefarm''s policy is not as comprehensive either.
 

pichuchy21

Shiny_Rock
Joined
Apr 26, 2008
Messages
334
I really would like a policy that lets you cash out or pick your own jewlewer.
 

denverappraiser

Ideal_Rock
Trade
Joined
Jul 21, 2004
Messages
8,807
Pros:
Large, stable and long standing company.
Many people have an existing relationship with an agent who already understands their needs.
Availability in your particular market.
Coverage options.
Price.


Cons:
Replacement policy rather than cash policy.
No stand along jewelry offering. The policy is connected to your homeowners/renters policy. Jewelry claims activity is homeowners claims activity.
Coverage options.
Price.


Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver
 

MMT

Ideal_Rock
Joined
Jun 24, 2008
Messages
2,565
I went with jewlers mutual instead of our homeowners. My agent told me if I made a claim on the ring our whole home owners policy would go up for a least 3 years. I figure it wasnt worth taking that risk when I could have a separate policy. When I priced them out it was the same.
 

MMT

Ideal_Rock
Joined
Jun 24, 2008
Messages
2,565
By the way we have Allstate but I figure it''s probably the same with State Farm.
 

Fly Girl

Ideal_Rock
Joined
Jan 9, 2007
Messages
7,312
Date: 3/14/2009 12:45:45 PM
Author: denverappraiser
Pros:
Large, stable and long standing company.
Many people have an existing relationship with an agent who already understands their needs.
Availability in your particular market.
Coverage options.
Price.


Cons:
Replacement policy rather than cash policy.
No stand along jewelry offering. The policy is connected to your homeowners/renters policy. Jewelry claims activity is homeowners claims activity.
Coverage options.
Price.


Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver
We have our jewelry covered under State Farm''s personal articles coverage, which is separate from homeowner''s. We also cover our laptops and cameras under that policy.
 

purrfectpear

Ideal_Rock
Joined
Mar 31, 2008
Messages
4,079
My State Farm policy is seperate from my homeowners. While it is replacement, because I attached the sarin, idealscope and asset to the policy, they would have to find me an exact replacement or I have the option for cash out.
 

Regular Guy

Ideal_Rock
Joined
Jul 6, 2004
Messages
5,951
As others have reported, when I originally shopped for insurance, I DID find State Farm offered a stand alone jewelry policy, and I found it was less expensive, for me, for both JM, and for as a rider to my homeowners for Nationwide. But, I chose to go with Nationwide for ease of use...both to insure immediately, after leaving the appraiser, and so paperwork would shuffle through annually as part of my premiums otherwise paid automatically.
 

denverappraiser

Ideal_Rock
Trade
Joined
Jul 21, 2004
Messages
8,807
Date: 3/14/2009 1:54:38 PM
Author: Fly Girl
Date: 3/14/2009 12:45:45 PM

Author: denverappraiser

Pros:

Large, stable and long standing company.

Many people have an existing relationship with an agent who already understands their needs.

Availability in your particular market.

Coverage options.

Price.



Cons:

Replacement policy rather than cash policy.

No stand alone jewelry offering. The policy is connected to your homeowners/renters policy. Jewelry claims activity is homeowners claims activity.

Coverage options.

Price.



Neil Beaty

GG(GIA) ICGA(AGS) NAJA

Professional Appraisals in Denver
We have our jewelry covered under State Farm's personal articles coverage, which is separate from homeowner's. We also cover our laptops and cameras under that policy.
This is nice to hear. Is it available to clients who don’t already have a SF homeowners/renters policy?

I'm not nearly as down on the replacement approach as a lot of others here because I think a good appraisal properly protects your interests and it usually comes with a lower price but it is one of the big reasons that people go elsewhere.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver
 

Fly Girl

Ideal_Rock
Joined
Jan 9, 2007
Messages
7,312
Date: 3/14/2009 5:26:16 PM
Author: denverappraiser

Date: 3/14/2009 1:54:38 PM
Author: Fly Girl

Date: 3/14/2009 12:45:45 PM

Author: denverappraiser

Pros:

Large, stable and long standing company.

Many people have an existing relationship with an agent who already understands their needs.

Availability in your particular market.

Coverage options.

Price.



Cons:

Replacement policy rather than cash policy.

No stand alone jewelry offering. The policy is connected to your homeowners/renters policy. Jewelry claims activity is homeowners claims activity.

Coverage options.

Price.



Neil Beaty

GG(GIA) ICGA(AGS) NAJA

Professional Appraisals in Denver
We have our jewelry covered under State Farm''s personal articles coverage, which is separate from homeowner''s. We also cover our laptops and cameras under that policy.
This is nice to hear. Is it available to clients who don’t already have a SF homeowners/renters policy?

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver
That I don''t know. We happen to have homeowners and auto with SF as well.
 

Skippy123

Super_Ideal_Rock
Joined
Nov 24, 2006
Messages
24,299
Date: 3/14/2009 3:29:54 PM
Author: purrfectpear
My State Farm policy is seperate from my homeowners. While it is replacement, because I attached the sarin, idealscope and asset to the policy, they would have to find me an exact replacement or I have the option for cash out.
I too have a seperate policy with State Farm.
 

jbsteven

Rough_Rock
Joined
Feb 25, 2009
Messages
13
I use State Farm and have a personal articles policy. About 5 years ago I had a $7500 Rolex on the fender of one of my cars and forgot about it and drove around the block. Could not find it. Called State Farm and 5-6 business days later I had a $7500 check in the mail. Could not have been easier.
 

strmrdr

Super_Ideal_Rock
Joined
Nov 1, 2003
Messages
23,295
State Farm really depends on where you live.
Here the adjusters are very bad.
In other areas I hear they have some better ones.
I always dread working with them.
 

packrat

Super_Ideal_Rock
Joined
Dec 12, 2008
Messages
10,615
You don''t have to have other policies w/State Farm to have a Personal Articles Policy.
 

pichuchy21

Shiny_Rock
Joined
Apr 26, 2008
Messages
334
Thanks for the input everyone. I currently have Geico, but they don''t offer insurance for my ring which is why I was looking into State farm. Is it better to have a replacement policy or a cash out policy? Or is it just preference?
 

Ellen

Super_Ideal_Rock
Joined
Jan 13, 2006
Messages
24,427
Date: 3/15/2009 12:21:39 AM
Author: pichuchy21
Thanks for the input everyone. I currently have Geico, but they don''t offer insurance for my ring which is why I was looking into State farm. Is it better to have a replacement policy or a cash out policy? Or is it just preference?
I think most would agree it''s more desirable to have a cash out, so you can go get exactly what you want without any hassle.

I have SF, seperate policy. I talked to my agent before insuring with him, and let him know if anything ever happened I would want to buy from the same company I originally purchased from. He said that''s how most customers feel, and it wouldn''t be a problem. While they technically list it as "replacement", they do cash out sometimes. I think strm may be right, it may vary from area to area.

Also, it helps to have a ton of info on the stone, as the more detailed it is, the harder it will be for the company to find "of like kind" on their own. That helps you get exactly what you want.
 

beaujolais

Ideal_Rock
Joined
Dec 4, 2007
Messages
2,205
Now, to further getting "cash out" instead of "replacement" should State Farm get copies of all the information on the stone that I have (Sarin, GIA cert, ASET, idealscope, etc.) when insuring or is it o.k. if they are just in my possession and presented if the need arises?

Thanks.
 

Ellen

Super_Ideal_Rock
Joined
Jan 13, 2006
Messages
24,427
Date: 3/15/2009 7:56:37 AM
Author: sonomacounty
Now, to further getting ''cash out'' instead of ''replacement'' should State Farm get copies of all the information on the stone that I have (Sarin, GIA cert, ASET, idealscope, etc.) when insuring or is it o.k. if they are just in my possession and presented if the need arises?

Thanks.
Yes, they will make copies of everything.
 

pichuchy21

Shiny_Rock
Joined
Apr 26, 2008
Messages
334
Thanks for the input. I have copies of all my rings paperwork. Its from WF and came with an AGS cert. My main concern is if anything where to happen I would like to be able to purchase from WF again. Does anyone recommend any other company besides state farm?
 

beach

Brilliant_Rock
Joined
Dec 16, 2007
Messages
714
There are several recs above already. Gemshield (replacement policy like State Farm) and Chubb (cash out policy). There is a link to Touchstone insurance on WF''s site that deals with the aforementioned companies. Jewelers mutual is another good replacement policy. Both Gemshield and Jewelers Mutual let you go to the jeweler of your choice. We went with Gemshield becasuse the price was better than Jewelers Mutual for our area.
 

ojai00

Rough_Rock
Joined
Jan 7, 2009
Messages
12
I insured with my homeowners'' insurance - Amica. They offer cash reimbursement or allow you to choose your own jeweler. It took a bit of work to get it insured because they wanted my bill of sale but I was able to get it insured without providing them with it. They say they ask for the bill of sale to prove that you purchased it but I did not want to provide them with that because it allows them to say, "Here is what you paid. We are only reimbursing you for this amount"
 

Gayletmom

Brilliant_Rock
Joined
Nov 29, 2008
Messages
735
Just wanted to add my two cents on the State Farm policy. I have a rider attached to my SF homeowners policy. Last fall I lost my engagement ring. I called my local agent who started the process for me. Within a few days I heard from an adjuster. She interviewed me on the phone about when and where I lost it (I didn''t know!). What I had on file with the company was my original appraisal (19 years old) which contained basic stats on my stone and setting. Adjuster called me back with a price and told me I could either get a check or a replacement setting and stone from one of several local jewelers ( a good selection of about 6 local shops). I chose a check b/c I want to upgrade. All in, it was a pleasant and easy process.

Caveat: My diamond was just a run of the mill, round stone. It wasn''t ACA or Hearts and Arrows and I don''t know if I would have gotten enough money to cover a really well cut diamond if that is what I was replacing. Same with the setting, 18K and plain so easy to value. If I had something more unique I might not have been happy b/c I''m not sure the SF policy has provisions for that.
 

pichuchy21

Shiny_Rock
Joined
Apr 26, 2008
Messages
334
When you have the cash out option how do they determine the amount you get....for example my ring including setting is appraised at 7,800 if I would lose it or damage beyong repair would I get that same amount back?
 

Fly Girl

Ideal_Rock
Joined
Jan 9, 2007
Messages
7,312
Date: 3/15/2009 8:09:03 PM
Author: pichuchy21
When you have the cash out option how do they determine the amount you get....for example my ring including setting is appraised at 7,800 if I would lose it or damage beyong repair would I get that same amount back?
If your ring is appraised at 7,800, and if it is going to cost SF more than that to replace your ring, then they''ll send you a check for 7,800.
 

Gayletmom

Brilliant_Rock
Joined
Nov 29, 2008
Messages
735
Date: 3/15/2009 9:24:40 PM
Author: Fly Girl
Date: 3/15/2009 8:09:03 PM

Author: pichuchy21

When you have the cash out option how do they determine the amount you get....for example my ring including setting is appraised at 7,800 if I would lose it or damage beyong repair would I get that same amount back?
If your ring is appraised at 7,800, and if it is going to cost SF more than that to replace your ring, then they''ll send you a check for 7,800.
That was my experience and the only negative in the whole process: my appraisal was outdated (my fault) and so my cash out was less that it might have otherwise been. I''ve advised all of my friends to update their appraisals.
 
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