phaskellhall
Rough_Rock
- Joined
- Jun 11, 2019
- Messages
- 31
I’m in the process of getting my ring insured and I’m planning on going to a recommended appraiser recommended here. I was talking to my buddy who already insured his wife’s ring years ago and he thought the whole process I’m about to go through was ridiculous. He says just use the purchase receipts and insure it for the value o bought it at.
He simply put their ring on their home owners insurance policy and said insurance should work based on the premium. Insurance usually works where you pay $x amount a month for $x amount of replacement cost. So if you bought a ring for $10k and pay $200 a year for insurance of that ring, if it were lost you should get a replacement cost of $10k right?
Why is it smarter to 1) go through a specialized jewelry insurer and 2) get a PS recommended appraiser over any ordinary jewelry appraiser when both will probably appraise your jewelry for the same 10% more than what you paid for?
I understand making a claim on a $15k ring might affect your home owners rate but are their other reasons not to just make your life easier by having it all together?
Yesterday State Farm called me and said that because I took my SUV off my joint policy, my home owners insurance was going to go up significantly. I actually shipped my car outside the US and so I can’t insure it through State Farm but maybe insuring my ring on the same policy would give me the same bundled discount that the car gave me. They are telling me my home owners insurance will go up about $1200 a year now that my car has been removed.
He simply put their ring on their home owners insurance policy and said insurance should work based on the premium. Insurance usually works where you pay $x amount a month for $x amount of replacement cost. So if you bought a ring for $10k and pay $200 a year for insurance of that ring, if it were lost you should get a replacement cost of $10k right?
Why is it smarter to 1) go through a specialized jewelry insurer and 2) get a PS recommended appraiser over any ordinary jewelry appraiser when both will probably appraise your jewelry for the same 10% more than what you paid for?
I understand making a claim on a $15k ring might affect your home owners rate but are their other reasons not to just make your life easier by having it all together?
Yesterday State Farm called me and said that because I took my SUV off my joint policy, my home owners insurance was going to go up significantly. I actually shipped my car outside the US and so I can’t insure it through State Farm but maybe insuring my ring on the same policy would give me the same bundled discount that the car gave me. They are telling me my home owners insurance will go up about $1200 a year now that my car has been removed.