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Insuring your ring (taken from the Daily News)

Hallowedding Posted: Apr 11, 2005 10:04 AM+

Hallowedding MEMBER SINCE: 1/05 TOTAL POSTS : 1385 WEDDING DATE: Oct 29, 2006

Posted: Apr 11, 2005 10:04 AM

Insuring your ring (taken from the Daily News)

This was in the Daily News online today. I'll paste the article in case the link expires.

'Insurers aren't always
a diamond's best friend

When A burglar ransacked their New Jersey home, the owners were naturally upset. But they felt confident they would be reimbursed for their stolen jewelry.
In addition to their homeowner's policy, they had extra coverage for their diamond jewelry.

Most homeowner's insurance companies sell something called Scheduled Articles Floaters for high-value items like jewelry, silver, furs and fine art.

They allow you to provide a detailed description and appraised value for each item, and enable you to purchase added insurance to cover each in full in case of loss or theft.

The New Jersey couple made a claim for the appraised value of their scheduled jewelry. However, when the claim was paid, they got only the insurance company estimate of replacement value. 'We didn't get the full insured value we had paid for,' the woman said. 'Is this a fraudulent practice?'

No, explained Carollee Cabot, director of the Personal Premier Division at the Rollins Agency in Tuckahoe, Westchester County. 'The wording is written into the policy.'

Many insurance companies sell Scheduled Article Floaters under an Actual Cash Value basis. That means they have the option to replace lost or stolen items with the stated insurance amount or just pay you what they estimate it will cost to replace the items.

For example, you insure your diamond engagement ring for $10,000. Your ring is stolen and the company contacts jewelry stores and finds a similar ring for $8,000. The insurance company can just reimburse you $8,000, even though you have been paying for $10,000 of insurance.

Cabot recommends buying insurance from a company that provides Agreed Value on Scheduled Articles. With Agreed Value on the policy, the company will pay the insured value listed on your policy, not just the replacement cost, she said.

Originally published on April 11, 2005'

http://nydailynews.com/city_life/advice/v-echo/story/298531p-255621c.html

Mrs. dleeny Posted: Apr 11, 2005 10:15 AM+

Mrs. dleeny MEMBER SINCE: 3/05 TOTAL POSTS : 12387 WEDDING DATE: Nov 06, 2005

Posted: Apr 11, 2005 10:15 AM

Re: Insuring your ring (taken from the Daily News)

thank you for posting that!! I will ask my FH to call the insurance co. and make sure we have the 'Agreed Value'!

Blu-ize Posted: Apr 11, 2005 10:21 AM+

Blu-ize MEMBER SINCE: 8/04 TOTAL POSTS : 8304 WEDDING DATE: Feb 28, 1998

Posted: Apr 11, 2005 10:21 AM

Re: Insuring your ring (taken from the Daily News)

Got it. A diamond was damaged in my wedding band and I had it replaced. They paid the exact amount it cost to replace it.

akaMrsT Posted: Apr 11, 2005 10:35 AM+

akaMrsT MEMBER SINCE: 7/04 TOTAL POSTS : 4004 WEDDING DATE: Mar 30, 2006

Posted: Apr 11, 2005 10:35 AM

Re: Insuring your ring (taken from the Daily News)

A couple of insurance companies pay the cash value of the policy and not replacement value.

Chubb & Jewelers Mutual are the ones I know about.

lcherian Posted: Apr 11, 2005 10:37 AM+

lcherian MEMBER SINCE: 10/04 TOTAL POSTS : 2876 WEDDING DATE: Jun 24, 2006

Posted: Apr 11, 2005 10:37 AM

Re: Insuring your ring (taken from the Daily News)

very helpful info!

jantany26 Posted: Apr 11, 2005 10:53 AM+

jantany26 MEMBER SINCE: 9/03 TOTAL POSTS : 8305 WEDDING DATE: Oct 14, 2010

Posted: Apr 11, 2005 10:53 AM

Re: Insuring your ring (taken from the Daily News)

Very interesting, thanks.

Noiva06 Posted: Apr 11, 2005 10:56 AM+

Noiva06 MEMBER SINCE: 4/05 TOTAL POSTS : 2051 WEDDING DATE: May 21, 2006

Posted: Apr 11, 2005 10:56 AM

Re: Insuring your ring (taken from the Daily News)

I haven't insured my e-ring yet and this was definetely helpful information...
Thanks for the post!!!

SeptemberBride03 Posted: Apr 11, 2005 11:05 AM+

SeptemberBride03 MEMBER SINCE: 8/02 TOTAL POSTS : 3277 WEDDING DATE: Sep 20, 2003

Posted: Apr 11, 2005 11:05 AM

Re: Insuring your ring (taken from the Daily News)

Our policy is through State Farm and if anything happens to my ring I get the $ we've insured it for, not the replacement value. My DH was sure to get that when he bought the ring.

kms71705 Posted: Apr 11, 2005 11:56 AM+

kms71705 MEMBER SINCE: 1/05 TOTAL POSTS : 461 WEDDING DATE: Jul 17, 2005

Posted: Apr 11, 2005 11:56 AM