I lost my engagement ring!

[jfoofj]

I am absolutely heartbroken. I worked last night and during the course of my shift I realized my engagement ring was not on my finger. I work in a hospital and put gloves on and take them off all night long. I recently lost some weight, and noticed that my ring was not fitting as snugly as it used to, but it was not so loose as to make me nervous. Work was extremely busy and we had a very critically ill patient and I was in and out of many patient rooms so I literally washed my hands/disinfected with that alcohol foam and put gloves on and of so many times, and in so many places that I can't even begin to count. When I realized I lost my ring, I looked through some trash cans, but frankly, that isn't even a very safe thing to do in a hospital and the trash had even been emptied in a few rooms. It is hopeless.

My ring is insured, but I had to sleep and was too uspet to even call the insurance company today. How does that work? DH and I put it on our homeowners policy (it is listed seperately) 4 years ago and they have a copy of the appraisal on file. I guess I will have to call them Monday and see what can be done. Does insurance cover a loss in this situation? I hate to admit it, but I really don't know WHAT my insurance covers, or how it works, I have never placed any kind of insurance claim before in my life.

 

[bigbabyblues]

I'm sorry about your ring!

We have my jewelry insured on a personal policy, separate from our homeowners'. I don't know if the coverage is the same as what you have, but the policy we have covers loss, theft, damage, etc. When I lost my earrings a couple of years ago, DH called them, and they required me to wait 2 weeks to make sure I didn't find them (I didn't, and still haven't) and they sent me a check for the appraised value they had on file.

 

[jfoofj]

I just dug my homeowners policy out and this is what it says :

SUPPLEMENTAL PREMIUM OR CREDITS
JEWELRY- INLAND MARINE COVERAGE, HO 0461 $174.00
GUARANTEED REPLACEMENT OR REPAIR COST, H116, COVERAGE-A ONLY $30

Any insurance experts out there? I know that DH paid a lot less than what the ring was appraised for (like almost half of appraised value), but isn't that how it usually works? It just stinks, I want MY ring, there is a lot of sentiment attached to it. I understand the waiting period idea, too, but I put my rings on right before I left for work so I am sure it was lost while at work. I am just sick over this. The family members of the patient who I was caring for were upset for me when they saw how upset I got. It really put things in perspective for me, though. I lost a ring, they are losing a family member. I the grand scheme of things, my ring is a THING that can be replaced.

 

[AKL_Megs]

Oh sweetie. I am so sorry. I totally understand the sentimental attatchement.

From what I understand, if you lose it in a drain or something like that, they make you hire a plumber to look for it first. In YOUR situation, there IS no looking, from what you said.

Basically, you pay your deductible, and they mail you a check.

 

[SDFgirl]

No advice on the insurance end, just .

I'm so sorry you lost your ring. I know you must be heartbroken.

My FIL is on his THIRD wedding ring...

 

[jfoofj]

DH thinks that they will pay for what it will cost to buy a similar ring, not the appraisal value. I can't imagine they would...... the ring is appraised at $12,000.00 and DH paid just under $5,000.00. I'm guessing we will have to find a ring that is the same carat weight and with the same specifics (the color, clarity, and all that) and then they insurance company would pay for the new ring. I can't imagine they would just cut me a check either, don't they want to assure that the new ring is in fact purchased? DH bought my ring from a jewelry store that was owned by a friend of his fathers, which has since closed, so I don't know that we could get the same quality ring for that kind of a deal again. Ughhhhhhhhhhhh.

 

[AKL_Megs]

DH thinks that they will pay for what it will cost to buy a similar ring, not the appraisal value. I can't imagine they would...... the ring is appraised at $12,000.00 and DH paid just under $5,000.00. I'm guessing we will have to find a ring that is the same carat weight and with the same specifics (the color, clarity, and all that) and then they insurance company would pay for the new ring. I can't imagine they would just cut me a check either, don't they want to assure that the new ring is in fact purchased? DH bought my ring from a jewelry store that was owned by a friend of his fathers, which has since closed, so I don't know that we could get the same quality ring for that kind of a deal again. Ughhhhhhhhhhhh.

They will give you 100% of what you are insured for. If you are insured for $12,000 and the appraisal says $12,000, they will give you $12,000. Believe it or not.

 

[AKL_Megs]

Don't be surprised if they make you file a police report or wait X amount of days for someone to "turn it in" . They could even go as far as making you hire someone in biohazard to look in the dumpsters... LOL, I am kidding.

A family member lost a Rolex on vacation one year. It was appraised at $10,000. They made him file a police report, AND wait 60 days. When it never appeared again, they cut him a 10k check, and he bought a new one.

You pay them your premium, and they pay you what you are paying for. That is how insurance works.

 

[DeniseinNS]

Oh no Sorry to hear that

 

[jfoofj]

WOW.... I can't believe they would give us $12,000.00. I thought it would be for replacement cost.... whatever it costs to find a ring that appraises at $12,000.00. I mean, jewelry is over valued by so much, they would really give us that much money? I don't think I could ever spend $12,000.00 on a piece of jewelry. Wouldn't they ask for the receipt of whatever we buy?

Also, what happens to your rates after you file a claim? Will my homeowners go way up because I had a claim?

As for the police report, that would be a giant waste of time... this wasn't a crime. I mean, I will do that if I had to but it just seems ridiculous. As for looking for the ring in the trash..... I lost it during a 12 hours shift in a major medical institution. The amount of biohazard trash that would have to be gone through is staggering. I don't think they would even allow it, and I'm sure it is way to late at this point. I understand the waiting period part of it, but this ring is a goner I'm sure. I wish there was a chance we would find it.

 

[AKL_Megs]

WOW.... I can't believe they would give us $12,000.00. I thought it would be for replacement cost.... whatever it costs to find a ring that appraises at $12,000.00. I mean, jewelry is over valued by so much, they would really give us that much money? I don't think I could ever spend $12,000.00 on a piece of jewelry. Wouldn't they ask for the receipt of whatever we buy?

Also, what happens to your rates after you file a claim? Will my homeowners go way up because I had a claim?

As for the police report, that would be a giant waste of time... this wasn't a crime. I mean, I will do that if I had to but it just seems ridiculous. As for looking for the ring in the trash..... I lost it during a 12 hours shift in a major medical institution. The amount of biohazard trash that would have to be gone through is staggering. I don't think they would even allow it, and I'm sure it is way to late at this point. I understand the waiting period part of it, but this ring is a goner I'm sure. I wish there was a chance we would find it.

They write you a check! It's as simple as that! You insured that ONE THING. We are talking about a jewelry/inland marine claim. You aren't claiming that your "100" LCD screen TV" was stolen from your house. It isn't the same as a homeowners claim. You lost your ring, you pay a premium to insure THAT one individual ring ring for $12,000 so that in the event that you lost it (which you have) you get that amount to replace it!

My e-ring is appraised at $5000. DH paid $2000 for it. Rings are almost always appraised for about double. If I lose it or it is stolen tomorrow, I will get $5000. I pay my premium to them to get $5000 if I lose my ring.

Now if you go and spend that money on something else, that is insurance fraud. But yes, they will write you a check for $12,000 with the idea that you are going to replace the ring... that is the agreement you made with them.

 

[RNMOM]

I lost a band with diamonds in it on a trip. I forgot about it and didn't even report it for six months. I called them and they sent me a questionaire to fill out and asked how I went about locating it. I also got a check for the full amount. I bought a new chair instead.

 

[Denise W]

Your adjuster will most likely work with their replacement sources and attempt to replace your ring with another one like it, before they decide to pay you the insured value.

Denise

 

[manning]

An open secret..... they are almost always appraised at double the purchase price.

 

[momof1princess]

i'm so sorry you lost your ring the same thing happened to me about 10 years ago. i had gained some weight, and my engagement ring was tight on my ring finger, so i was wearing it on my pinky with tape around the band to keep it snug. i'd been out Christmas shopping and then went to DH's family Christmas party. after arriving home from the party, i noticed it missing. DH's aunt and uncle turned their house upside down, but no ring, so i guess i lost it in the course of my shopping. it wasn't worth much, DH bought it for me while he was a senior in high school with his lunch money, but it was very sentimental for me, and i've never mentioned replacing it. another ring could never be as special.

 

[golfgal]

DH thinks that they will pay for what it will cost to buy a similar ring, not the appraisal value. I can't imagine they would...... the ring is appraised at $12,000.00 and DH paid just under $5,000.00. I'm guessing we will have to find a ring that is the same carat weight and with the same specifics (the color, clarity, and all that) and then they insurance company would pay for the new ring. I can't imagine they would just cut me a check either, don't they want to assure that the new ring is in fact purchased? DH bought my ring from a jewelry store that was owned by a friend of his fathers, which has since closed, so I don't know that we could get the same quality ring for that kind of a deal again. Ughhhhhhhhhhhh.

Yes, this is pretty much how it will work. They insure it for the appraised price which is considered the "replacement" cost. Since gold/silver and diamond prices change each year there isn't ever an exact dollar figure that it is 'worth".

Are you positive that there is a separate rider on your policy listing the ring and not just "jewelry coverage" which is what you posted. Look through the policy again, probably toward the back and see if there is something that lists your ring--it will say "white gold, F3, square cut diamond" or whatever for a description (I made up the F3 because I can't remember all the diamond cut/clarity codes ). If you DON"T have it specifically listed out (you should see a line item on your annual statement for this too) you might be in more trouble. If it isn't listed out it is subject to your deductible and what ever limit is in your policy after that--in our policy it is basically $1500.

They will give you 100% of what you are insured for. If you are insured for $12,000 and the appraisal says $12,000, they will give you $12,000. Believe it or not.

I will chose not. It MIGHT happen this way, but more likely it will be as Denise says below.

Your adjuster will most likely work with their replacement sources and attempt to replace your ring with another one like it, before they decide to pay you the insured value.

Denise

 

[golfgal]

They write you a check! It's as simple as that! You insured that ONE THING. We are talking about a jewelry/inland marine claim. You aren't claiming that your "100" LCD screen TV" was stolen from your house. It isn't the same as a homeowners claim. You lost your ring, you pay a premium to insure THAT one individual ring ring for $12,000 so that in the event that you lost it (which you have) you get that amount to replace it!

My e-ring is appraised at $5000. DH paid $2000 for it. Rings are almost always appraised for about double. If I lose it or it is stolen tomorrow, I will get $5000. I pay my premium to them to get $5000 if I lose my ring.

Now if you go and spend that money on something else, that is insurance fraud. But yes, they will write you a check for $12,000 with the idea that you are going to replace the ring... that is the agreement you made with them.

NO IT ISN'T. Insurance is there to get you back, financially, to where you were before. You do NOT have to actually replace the item that was insured with the same item. If they give her a check for $12,000 and she wants to go to Disney instead of buying a new ring, that is her choice.

Keep in mind that this IS a homeowners claim and your rates WILL go up for having the claim.

 

[surfgirl]

Whatever you purchase to replace it with - make sure you get that new appraisal listed on the new insurance. Since the old one is lost, once they've paid out, that appraisal is virtually worthless.

 

[golfgal]

Whatever you purchase to replace it with - make sure you get that new appraisal listed on the new insurance. Since the old one is lost, once they've paid out, that appraisal is virtually worthless.

Good point!

 

[AKL_Megs]

NO IT ISN'T. Insurance is there to get you back, financially, to where you were before. You do NOT have to actually replace the item that was insured with the same item. If they give her a check for $12,000 and she wants to go to Disney instead of buying a new ring, that is her choice.

Keep in mind that this IS a homeowners claim and your rates WILL go up for having the claim.

I stand corrected. I guess that would only be true if the ring still existed. That being said, they probably WILL cut her a check, and then drop her. $12k is a LOT of money, and I am sure they wouldn't want to insure that amount again, as she would be high risk. But who knows. With that in mind, if I did file a claim, and they said I HAD to use the money on a ring FIRST, you can bet your butt I would find one with the 3 C's the same as my old one that were as close to $12,000 as I could get.