friend told me that my homeowner ins. would cover the stone that fell out of my wedding ring. Why?

Question

It is 23 years old. Yes I have the diamond.

Answer 1

First of all READ that homeowner's Insurance Policy -- and see what it says, does it cover Jewelry -- and to what AMOUNT?

If you have the stone -- go to the Jeweler's and just get it remounted (and make sure it is secure this time). That will most likely be the way it will be solved anyway -- and since you said you had the stone -- there you go -- this is CHEAPER (I am almost sure) than your deductible on your homeowner's policy.

For example -- most homeowner's policies limit the losses in Jewelry in the home (like artwork, furs, and other high ticket items) to something like $1,000 per category of these types of items -- so if you have stuff in these categories valued at higher than that -- you need personal property riders -- appraisals, and documentation of the items -- and will pay a SEPARATE Premium Amount ABOVE the premium of your homeowner's policy.

Answer 2

It's possible that they would cover it, but it depends on what happened that the stone fell out. Essentially as long as it wasn't done on purpose, the result of a flood, earthquake, terrorist act, etc., then you will probably be able to file it under your policy. Although nobody reads it, the insurance company sends the policy form with every renewal (it's like a book!), and it will outline the coverages provided. There is usually limited coverage on jewelry unless it has been scheduled on your policy, but I'd imagine the cost to repair the stone would be well within the limitations. I would recommend contacting your insurance company and file a claim to have it repaired, but realize you will be paying a surcharge on your policy for the next 3 years unless your company has a special feature which forgives you a claim every few years. I've seen surcharges of a few dollars (maybe $10), and I've seen very high surcharges for claims filed (several hundred dollars). If it isn't very expensive, I would recommend paying out of pocket and not reporting this to your insurance company (even if you call to ask if it would be covered, it will be on your claim report as an "inquiry," which some companies still surcharge for).

Answer 3

Most likely it's NOT covered. The standard homeowners policy covers damage by named perils (ie fire, falling objects, theft, etc.) but not knocking it loose or gradual loosening of the setting over 23 years. If it did, keep in mind it would fall under your deductible.

A personal articles policy (or floater) would cover a LOST stone, but since you said you have it, I don't believe even that policy would pay to repair your ring.

You should ask your agent for a quote on a personal articles policy. They are very inexpensive and offer coverage up to the value of the item insured for perils not covered by your homeowners.

Answer 4

It depends on what forms you have attached to your policy. Also if it's not scheduled on the policy, your deductible would apply. If you have the stone, I would just bring it to a jeweler and have them put it back in and forget your insurance policy. Even a small claim these days can get you cancelled if added with another one in 3 years.

Answer 5

Not necessarily. If you have it "scheduled" seperately on an inland marine floater (sometimes called jewelry floater), than it WILL cover the stone that fell out, with no deductible. If you don't - it most likely won't.

Answer 6

if u have homeowners ins u might have a section on personal posessions and if they are lost stolen or damaged. check it out and ask your ins rep

Answer 7

Have you actually read your homeowner's policy? Lots of interesting stuff in there.