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Old 06-09-2021, 05:34 PM   #21
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You may not be aware of it, but an assisted living facility is no place to keep small valuables of any kind.
Trust me, I know. Her watch was stolen from the assisted living facility she is currently living in.

But the bigger problem is the $75,000 diamond ring which she keeps in her drawer, under a pair of pajamas. That is the bulk of the insurance policy premium. And yes, we’ve begged her to put it in a bank vault, but she says she likes to wear the ring on occasion and she has no way to get to the bank to access it.

The jewelry, including the watch, has a lot of sentimental value to her. It was all given to her by her husband, who passed away years ago. A replacement watch has no meaning to her because it would not be the watch he gave her. That is why we are trying to avoid buying another one.

There is only so much we can do to give her advice because she is still of “sound mind” and is making her own decisions on these things.
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Old 06-09-2021, 05:55 PM   #22
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Trust me, I know. Her watch was stolen from the assisted living facility she is currently living in.

But the bigger problem is the $75,000 diamond ring which she keeps in her drawer, under a pair of pajamas. That is the bulk of the insurance policy premium. And yes, we’ve begged her to put it in a bank vault, but she says she likes to wear the ring on occasion and she has no way to get to the bank to access it.

The jewelry, including the watch, has a lot of sentimental value to her. It was all given to her by her husband, who passed away years ago. A replacement watch has no meaning to her because it would not be the watch he gave her. That is why we are trying to avoid buying another one.

There is only so much we can do to give her advice because she is still of “sound mind” and is making her own decisions on these things.
What do they pay out on a 75K ring
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Old 06-09-2021, 06:14 PM   #23
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Trust me, I know. Her watch was stolen from the assisted living facility she is currently living in.

But the bigger problem is the $75,000 diamond ring which she keeps in her drawer, under a pair of pajamas. That is the bulk of the insurance policy premium. ....
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well hold on if she pays 3K a year with and 5K cap, she needs to lost or have stolen a lot of jewels for this to pay off. ...
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What do they pay out on a 75K ring
Yes, this sounds crazy. $3K a year with a $5K cap and she owns a $75,000 ring (that is in a risky environment)?

There needs to be another solution. You could probably have a Safe Deposit box, and hire a Brinks driver to fetch it for her when she wants for less than $3K a year, and you'd gain more protection.

Would she notice if you subbed a cubic-Z copy? After all, if it is sentimental, then as long as she thinks it is real, her sentiments are fulfilled.

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Old 06-09-2021, 06:27 PM   #24
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On the current claim, you might write a letter to the CEO, explaining the situation and requesting that the company use the discretion that they have by contract to write a check for the claim rather than requiring a replacement. At the insurer that I worked for all complaints addressed to the President or the CEO were handled by more senior personnel who had more authority and flexibility.

Beyond that, IMO it is bat-sh!t crazy to store a $75k diamond ring in a drawer at an assisted living facility.
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Old 06-09-2021, 06:37 PM   #25
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The $75K ring is insured for $75K minus a $1,000 deductible. But if it were stolen, who knows what would be involved in trying to replace it with another ring of equal value.

We bought her a safe but apparently SIL decided it was too big to fit in her room, so now we are looking at a smaller safe that can be bolted inside a dresser.
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Old 06-09-2021, 06:51 PM   #26
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The $75K ring is insured for $75K minus a $1,000 deductible. But if it were stolen, who knows what would be involved in trying to replace it with another ring of equal value.

We bought her a safe but apparently SIL decided it was too big to fit in her room, so now we are looking at a smaller safe that can be bolted inside a dresser.
You say the ring has sentimental value, so a new one would mean nothing to her.
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Old 06-09-2021, 07:41 PM   #27
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For those who are saying she made her bed when she insured her $8,000 watch with a replacement insurance policy for only $5,000, please be aware that Rolex raises its prices every year.

So MIL did not play fast and loose with the numbers to commit insurance fraud as some seem to be inferring from the fact as outlined by OP, but likely bought a $5,000 watch, but Rolex has been jacking up the price of the watch over time (a business practice that replacement cost insurers are sure to know as it is literally there business to understand).

My wife bought me a Rolex for $3,000 in 1999 and we had it on our insurance policy for years at that price. After 18 years I saw they were going for $9,000 new.

I cancelled coverage because I realized (1) the $3,000 coverage is 1/3rd what a new one costs; (2) no one is going to steal my old watch when new ones are worth so much; and (3) Insurance was basically a waste of money because it is cheaper to self insure than to pay double the cost of the watch for coverage I am unlikely to use.
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Old 06-09-2021, 07:46 PM   #28
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For those who are saying she made her bed when insured her $8,000 watch for only $5,000, with a replacement insurance policy, please be aware that Rolex raises its prices every year so it is not MIL fast and loose with the numbers to commit insurance fraud, it is Rolex jacking up the price of the watch over time.

My wife bought me a Rolex for $3,000 in 1999 and we had it on our insurance policy for years at that price. After 18 years I saw they were going for $9,000 new.

I cancelled coverage because I realized (1) the $3,000 coverage is 1/3rd what a new one costs; and (2) no one is going to steal my old watch when new ones are worth so much.

Insurance was basically a waste of money.



You do realize that all "fine" jewelry is all inflated to crap from the get go? That actually a reason why the insurance wouldn't cut a check for 75K for that ring either. Maybe these policies are written by the jewelry industry.
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Old 06-09-2021, 08:01 PM   #29
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You do realize that all "fine" jewelry is all inflated to crap from the get go? That actually a reason why the insurance wouldn't cut a check for 75K for that ring either. Maybe these policies are written by the jewelry industry.
I don’t know about your $75,000 ring, but OP was asking about a $5,000 Rolex she insured that now costs $8,000 to replace.

Here is the OP’s post with a figure she later corrected from $6,500 to reflect the correct $8,000 replacement price:

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MIL has a policy for her jewelry with them and her Rolex watch was recently stolen. She is insured for $5,000 with zero deductible. A local jeweler is offering to sell a used replacement for $6,500.
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Old 06-09-2021, 08:03 PM   #30
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I believe the way the policy works is that if the ring is insured for $75K, and it's stolen, she can purchase another ring for up to $75K and get full reimbursement minus the $1,000 deductible.

What the replacement ring is actually worth is a much more complicated issue, but I don't think the insurance company gets involved in confirming its worth before approving the purchase. They simply cut a check to the jeweler for up to $75K upon receipt of an invoice.

Establishing the actual value of a ring like hers is very difficult. There is the full retail price, the price a wholesale jeweler would pay, and the price it might fetch through a private sale. At least with a Rolex watch you can look at the model and serial number and compare it to other watches on the market. But a ring is so unique that you can't compare it by simply looking at model or serial numbers.
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Old 06-09-2021, 08:08 PM   #31
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I don’t know about your $75,000 ring, but OP was asking about a $5,000 Rolex she insured that now costs $8,000 to replace.

Here is the OP’s post with a figure she later corrected from $6,500 to reflect the correct $8,000 replacement price:

It's not my ring...
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Old 06-09-2021, 08:11 PM   #32
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I believe the way the policy works is that if the ring is insured for $75K, and it's stolen, she can purchase another ring for up to $75K and get full reimbursement minus the $1,000 deductible.

What the replacement ring is actually worth is a much more complicated issue, but I don't think the insurance company gets involved in confirming its worth before approving the purchase. They simply cut a check to the jeweler for up to $75K upon receipt of an invoice.

Establishing the actual value of a ring like hers is very difficult. There is the full retail price, the price a wholesale jeweler would pay, and the price it might fetch through a private sale. At least with a Rolex watch you can look at the model and serial number and compare it to other watches on the market. But a ring is so unique that you can't compare it by simply looking at model or serial numbers.

Well that's a sweet gig for the jeweler. Your MIL is still without her sentimental ring, the insurance company is out 70K but the store sells a 70k plus ring for retail. ( just using the ring as an example).
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Old 06-09-2021, 08:12 PM   #33
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It's not my ring...
Glad to hear. That would be quite a loss.

I read the first few posts, then skimmed the rest, so I honestly missed the whole discussion about a ring that cost more than my first house.
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Old 06-10-2021, 07:45 AM   #34
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Yes, this sounds crazy. $3K a year with a $5K cap and she owns a $75,000 ring (that is in a risky environment)?

There needs to be another solution. You could probably have a Safe Deposit box, and hire a Brinks driver to fetch it for her when she wants for less than $3K a year, and you'd gain more protection.

Would she notice if you subbed a cubic-Z copy? After all, if it is sentimental, then as long as she thinks it is real, her sentiments are fulfilled.

-ERD50
this is what we did. For many folks the true value is sentimental.
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Old 06-10-2021, 10:46 AM   #35
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On the $75K ring, have you reviewed the policy to see if there are any requirements for it to maintain the insurance? I don't know of what kind of exclusions there might be, but I could imagine a "safe keeping" provision that could be troublesome if it were stolen from an "unsecured" area.
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Old 06-10-2021, 01:30 PM   #36
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On the $75K ring, have you reviewed the policy to see if there are any requirements for it to maintain the insurance? I don't know of what kind of exclusions there might be, but I could imagine a "safe keeping" provision that could be troublesome if it were stolen from an "unsecured" area.
The requirements are pretty generic:

What Must Be Done in Case of Loss

1. Protect the Covered Property – “You” must take all reasonable steps to protect or recover the “covered property” at and after a loss has occurred to avoid further loss.

2. Notice – In case of a loss, “you” must: a. give “us” or “our” agent prompt notice including a description of the property involved (“we” may request written notice); and b. give notice to the police in the case of a loss from a violation of law.

Here is the entire policy in case anyone is curious:

https://www.jewelersmutual.com/faq/s...surance-policy
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Old 06-10-2021, 01:37 PM   #37
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I wonder if they knew that it was sitting in a drawer in an assisted living facility that they might deny the claim in the grounds that you were negligent... so something like that.

They could learn that it was stored in a drawer in an assisted living facility through the police report.

Perhaps you could tell her that it needs to be stored more securely in order for the insurance to cover it. Does the facility have a safe that she could have it stored in... sort of like you would with valuables if you were staying in a hotel?
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Old 06-10-2021, 08:13 PM   #38
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DH called the Florida Insurance Commission to ask them for advice on how to proceed. They recommended we file a complaint with the Commission and let them handle it. So we are going to give it a try.

We are planning to purchase a small safe to store the remaining jewelry. We just need to figure out what we can secure it to so that a thief can’t just steal the entire safe and walk away with it.
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Old 06-10-2021, 11:49 PM   #39
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DH called the Florida Insurance Commission to ask them for advice on how to proceed. They recommended we file a complaint with the Commission and let them handle it. So we are going to give it a try.

We are planning to purchase a small safe to store the remaining jewelry. We just need to figure out what we can secure it to so that a thief can’t just steal the entire safe and walk away with it.
I bought a small safe from harbor freight for a relative at a retirement home.
I bolted the safe with large toggle bolts through the drywall.
It was tight in the shelf and was the best option at the time.

It was like this:
https://www.harborfreight.com/037-cu...afe-62979.html
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Old 06-11-2021, 02:17 AM   #40
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Have you looked into renters insurance and getting a rider on that policy? Seems to me from some of the comments that the current policy is over-priced and under whelming vis a vis coverage.
Maybe you could get a jewelry rider on your homeowners insurance?
The best idea for the ring is to spend a few hundred and get a duplicate made in cubic zirconia. Leave that in AL, and take the real thing elsewhere.
Safe is a great idea, if safe is always locked. My DM would have left safe open because that was "easier" for her.
If you leave the ring in the assisted living, don't be surprised when it turns up missing.
I do agree with others that the insurance company is under no obligation to accept your suggestion of cash payout instead of replacement. You don't like it, and I don't like it, but they are doing exactly what they said in the policy. If it were me, I'd go the costco route and not write the insurance commission.
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