All these years of insurance premiums

[RKS]

My wife used to wear a plain platinum band instead of her wedding ring to work but recently began wearing her wedding ring. She does cardiac rehab at a local hospital and it can occasionally be physical work.

Last week she snagged the diamond (pointy marquise) on something and it ripped all six prongs off. I don't know if it was a shitty weld or if metal fatigues that much over time (8 years) She didn't notice the missing solitare for a number of hours and looked everywhere for the diamond.

She finally gave up and called our insurance agent and we are finally getting back some of the money we have be handing our agent over the last 7 years.

Has anyone filed such a claim? I assume this shouldn't change our premiums or insurance is nothing but a racket.

 

[Homerboy]

Originally posted by: RKS
My wife used to wear a plain platinum band instead of her wedding ring to work but recently began wearing her wedding ring. She does cardiac rehab at a local hospital and it can occasionally be physical work.

Last week she snagged the diamond (pointy marquise) on something and it ripped all six prongs off. I don't know if it was a shitty weld or if metal fatigues that much over time (8 years) She didn't notice the missing solitare for a number of hours and looked everywhere for the diamond.

She finally gave up and called our insurance agent and we are finally getting back some of the money we have be handing our agent over the last 7 years.

Has anyone filed such a claim? I assume this shouldn't change our premiums or insurance is nothing but a racket.

Whether or not it raises your premiums... insurance is still a racket.

Edit: Some lucky janitor is hitting the jackpot I'm guessing

 

[FP]

Do you know how much cash you are getting back? Make sure they give you enough to buy a comparable diamond. That is when cash value policies come in handy.

 

[Lola]

I am going to say that it probably will not raise your premiums, however, you might lose any "claim free" discount you might have had. That is the only way it could possibly go up. Even then, that discount is not very much on average.

Did you have the ring listed as a "rider" on the policy? Do you know if you have a deductible to pay? I am assuming no since you said the diamond fell out and that leads me to believe that it was a scheduled piece of jewerly.

Good luck.

 

[MrWizzard]

You may not get much at all back. A lot of homeowner?s policies do not cover mysterious disappearance or breakage of jewelry unless you scheduled it. Also there are usually sub limits to jewelry on homeowner?s policies. Depending on who you have your policy with it could or could not affect the rate, some companies are merit based some are not. LolaWiz has some good points too.

Sorry, talk to your agent, that?s really what you should be doing he/she SHOULD know the answers.

EDIT: Oh any anyone who calls insurance a racket is like a kid saying being a adult is no fun cause you can?t play in the mud. Once you understand insurance and how it works it all it makes sense. I harbor no bad feelings against people who do say it but it's a rather uninformed statement, which I find almost comical.

 

[RKS]

Just got a call from the agent and everything seems to be covered. There is no deductable.

The ring was among a number of items that were listed seperately. We had it appraised a number of years ago and we are getting more than the old appraised value. I guess they will just send us a check and my wife can use it as she wants. She may actually get a round solitare instead of a pointy/sharp marquise.


As far as my 'racket' comment. If I pay for something and hope it doesn't happen; if it actully occurs I shouldn't have to pay extra just for filing a claim (not just a deductable).

 

[Lola]

Originally posted by: RKS
Just got a call from the agent and everything seems to be covered. There is no deductable.

The ring was among a number of items that were listed seperately. We had it appraised a number of years ago and we are getting more than the old appraised value. I guess they will just send us a check and my wife can use it as she wants. She may actually get a round solitare instead of a pointy/sharp marquise.


As far as my 'racket' comment. If I pay for something and hope it doesn't happen; if it actully occurs I shouldn't have to pay extra just for filing a claim (not just a deductable).

Great. I am glad everything worked out!

 

[MrWizzard]

Originally posted by: LolaWiz

Originally posted by: RKS
Just got a call from the agent and everything seems to be covered. There is no deductable.

The ring was among a number of items that were listed seperately. We had it appraised a number of years ago and we are getting more than the old appraised value. I guess they will just send us a check and my wife can use it as she wants. She may actually get a round solitare instead of a pointy/sharp marquise.


As far as my 'racket' comment. If I pay for something and hope it doesn't happen; if it actully occurs I shouldn't have to pay extra just for filing a claim (not just a deductable).

Great. I am glad everything worked out!

QFT! Looks like you were one of the smart people who scheduled your jewelry, glad it all worked out.

 

[Tiamat]

If they raise your rates, just cancel. I mean, it has happened to you once. Statistically. it should not happen again right?

 

[MrWizzard]

Originally posted by: Tiamat
If they raise your rates, just cancel. I mean, it has happened to you once. Statistically. it should not happen again right?

<"Points index finger in the air"

Statistics show the average homeowners claim happens once every 15 years.

Sometime I wonder why I know this stuff.

 

[imported_Baloo]

Originally posted by: MrWizzard
You may not get much at all back. A lot of homeowner?s policies do not cover mysterious disappearance or breakage of jewelry unless you scheduled it. Also there are usually sub limits to jewelry on homeowner?s policies. Depending on who you have your policy with it could or could not affect the rate, some companies are merit based some are not. LolaWiz has some good points too.

Sorry, talk to your agent, that?s really what you should be doing he/she SHOULD know the answers.

EDIT: Oh any anyone who calls insurance a racket is like a kid saying being a adult is no fun cause you can?t play in the mud. Once you understand insurance and how it works it all it makes sense. I harbor no bad feelings against people who do say it but it's a rather uninformed statement, which I find almost comical.

People who say this aren't talking about the concept, rather, the implementation. And they are right. It is a racket, a whole lot of money for nothing. Don't think so? Why did your rates go up after Katrina. You don't live in Lousiana, but your rates went up. They went up to cover the insurance companies losses. Which they can do. You are paying for it, we all are paying for it - we are re-imbursing the insurance companies. Like I said, a lot of money for nothing.

 

[MrWizzard]

Originally posted by: Baloo

Originally posted by: MrWizzard
You may not get much at all back. A lot of homeowner?s policies do not cover mysterious disappearance or breakage of jewelry unless you scheduled it. Also there are usually sub limits to jewelry on homeowner?s policies. Depending on who you have your policy with it could or could not affect the rate, some companies are merit based some are not. LolaWiz has some good points too.

Sorry, talk to your agent, that?s really what you should be doing he/she SHOULD know the answers.

EDIT: Oh any anyone who calls insurance a racket is like a kid saying being a adult is no fun cause you can?t play in the mud. Once you understand insurance and how it works it all it makes sense. I harbor no bad feelings against people who do say it but it's a rather uninformed statement, which I find almost comical.

People who say this aren't talking about the concept, rather, the implementation. And they are right. It is a racket, a whole lot of money for nothing. Don't think so? Why did your rates go up after Katrina. You don't live in Lousiana, but your rates went up. They went up to cover the insurance companies losses. Which they can do. You are paying for it, we all are paying for it - we are re-imbursing the insurance companies. Like I said, a lot of money for nothing.

If you say so.