I get the cash value as I do not want to replace the necklace.
Total Comments: 1
Posted: Wed Feb 13, 2013 02:14 pm Post Subject:
Unfortunately, jewelry is generally only covered to $2000 in a homeowner's policy. For larger amounts, you must add additional "unscheduled personal property" coverage or "schedule" specific articles, such as a $10,000 pendant, and have their values legitimately appraised prior to obtaining coverage.
You will need a police report or other evidence of loss to prove your claim. Simply claiming you "lost" something -- like a $10,000 pendant -- is insufficient. People who engage in insurance fraud would do that all the time. Making such a claim without proof of loss would cause your claim to be investigated for possible insurance fraud.
The insurance company will not replace your item, that's up to you. If they write you a check for your necklace, you can do with the money as you please.
Posted: Wed Feb 13, 2013 02:14 pm Post Subject:
Unfortunately, jewelry is generally only covered to $2000 in a homeowner's policy. For larger amounts, you must add additional "unscheduled personal property" coverage or "schedule" specific articles, such as a $10,000 pendant, and have their values legitimately appraised prior to obtaining coverage.
You will need a police report or other evidence of loss to prove your claim. Simply claiming you "lost" something -- like a $10,000 pendant -- is insufficient. People who engage in insurance fraud would do that all the time. Making such a claim without proof of loss would cause your claim to be investigated for possible insurance fraud.
The insurance company will not replace your item, that's up to you. If they write you a check for your necklace, you can do with the money as you please.
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