Oh G-d what do I do? Part 2

[angel_nieves]

Ok folks I told my mom the full details today (I waited till I could tell her in person so she wouldn''t panic to much). I am now commanded not to ever go into little Haiti (part of Miami) not even for charity reasons.
I talked to my insurance company and they are going to cut me a check for my stolen goods. Here is the problem though my mom wants me to use the diamond that my father proposed to her with they are now divorced (2.06 I color and Vvs clarity) I have no ideal of the other specs. It is currently set in a very 1960''s yellow gold setting which is to over the top for me. She wants to take it out of the bank safety box and have it set in my choice of setting.
Is it wrong to take the money for my stolen ering and use it for something other (I have been wanting to add a sun room to my house)?

 

[angel_nieves]

Oh the diamond is a rb and if i can find some photos I will post them.

 

[Mara]

hmm well what could the insurance money buy you in terms of diamond?

i don''t know that i''d be keen on wearing my divorced mom''s diamond but that''s just me...also it would depend on the cut since i couldn''t wear a large diamond if the cut was bad but i''m a cut whore...

as to ''wrong'' to use the money...it''s your money so do what you want with it.

 

[FireGoddess]

You insured the items, you can do what you want with the payout. It''s up to you. Your dad bought your mom that ring, so I wouldn''t have a problem wearing the stone if it were me...if I liked the stone, that is!! It''s a honkin big stone, so if you like it, use it!

 

[angel_nieves]

Here it is in the current setting (yuk)!!!

 

[Mara]

Okay here''s what I would do...use the 2c as a pendant and still replace your ring...tee hee....

 

[FireGoddess]

Date: 2/14/2006 5:57:52 PM
Author: Mara
Okay here''s what I would do...use the 2c as a pendant and still replace your ring...tee hee....

This is what I love about Mara. The glass is always full, full full. Girlfriend can always find a way to have her cake and eat it too. I like that.

I definitely would be exchanging that setting, fo sho. The questions are, how badly do you want the sunroom, and how much do you like your mom''s diamond? If you like the diamond, use it - and if the cash will get you your sunroom, go for it. It can only add to the value of your home. If you''re tempted more by diamonds however, go with Mara''s suggestion. Either one sounds peachy to me!!!! It''s a win-win.

 

[angel_nieves]

I acutally love my moms diamond and knew I was to inherent it one day.

 

[AndyRosse]

Date: 2/14/2006 6:14:09 PM
Author: angel_nieves
I acutally love my moms diamond and knew I was to inherent it one day.

Then take it out of the YG setting, get a new setting, and build yourself a sunroom!!

Best of both worlds!!

Oh, and I think you should invite us over when the sunroom is finished for a PS party in FL!!

 

[MissGotRocks]

If you really love the diamond it doesn''t make much sense to buy another one! What insurance company do you have - or is it covered under your auto policy as it was stolen from your vehicle?

The only question that might arise is when they look to insure a new diamond that they just paid you to purchase. Course, there is no law that says you have to put insurance on the new diamond but common sense says you would do that. I guess you could always say that you used the money to purchase a family stone. I don''t know how the value of the stolen stone compares to the value of your mom''s stone.

 

[FireGoddess]

Date: 2/14/2006 6:35:06 PM
Author: MissGotRocks
If you really love the diamond it doesn't make much sense to buy another one! What insurance company do you have - or is it covered under your auto policy as it was stolen from your vehicle?

The only question that might arise is when they look to insure a new diamond that they just paid you to purchase. Course, there is no law that says you have to put insurance on the new diamond but common sense says you would do that. I guess you could always say that you used the money to purchase a family stone. I don't know how the value of the stolen stone compares to the value of your mom's stone.

As far as I'm thinking....it shouldn't matter - what the stolen stone was worth versus what this stone was worth. You paid to have it insured against loss, and it was lost. They paid you the value you insured it for. It's like cars. You could have a car totalled, get the value paid out to you...nobody says you have to go out and buy the same car, or a more expensive car...or any car with that money.

I wouldn't worry about it.

ETA: Hmmmm...but the car analogy brings up a point I'm curious about...to those of you who have filed jewelry claims....did your insurance rate go up on your new policy, or was it again the same in relation to the cost of the ring?

 

[MissGotRocks]

A good friend of mine just had all of her jewelry stolen from her home. She was insured with State Farm and I wish you could have seen the descriptions that were listed for her items. There were two major rings that had a detailed appraisal but she had a diamond pendant and a pair of diamond earrings and they were listed just like that - one diamond pendant. No carat weight, no color, no clarity, no anything. She went to a jeweler I have used for replacement and I of course went with her. They told her that it would have been her responsibility to provide the insurance company with as much info as she could. I understood that but I thought the insurer should have requested a bit more info themselves. At any rate, due to the lack of info, she had to look at pendants and earrings and decide which size came closest to what she had so that they could put a dollar value on it. Then the dollar value had to be compared to the insurance amount on each piece. This jewelry had been purchased years ago and was insured for what she had paid - and of course never upgraded. In the end, the put values on most of her pieces and the insurance company agreed to give her a lump sum and let her divide it up any way she wanted and buy as many or as few pieces as she wanted.

She ended up with a nicer pendant than what she had, a beautiful bracelet and a pair of diamond studs that were bigger than what she had. In doing that, she lost the value of a sapphire ring and a bracelet that was insured but in the end she was happy with what she chose. Interestingly enough, even though the jeweler was talking directly with the insurance company and they were cutting him a check that day, he told her she would still have to go home and cancel the insurance on the pieces they were paying out. They could not do that without her say so. The insurance rate - whatever it was so much per hundred dollar of insured value - remained the same to answer your initial question. The overall amount, however, went up because her new pieces were worth more money. But there was no penalty to her for having incurred the loss. It may be interesting to see the new premium on her overall homeowner''s policy upon renewal.

The jeweler did tell her though that the purpose of insurance was to restore you to your original position before the loss - not to better or worsen the situation. Her deal was a little different though as they didn''t have much information to go on. And I don''t think they ever intended to pay her anything outright - not a cash payout policy like Chubb or the like. He said most companies won''t do that anymore because there has been so much fraud. Folks call in and say they lost their jewelry and then take the money and buy something else. Then they just take the jewelry back out of the drawer where they lost it and voila ~ they have a new something and their jewelry that they lied about losing.

 

[Dee Jay]

I once made a claim on my insurance beause I lost my engagement ring, but I found it the same day the check arrived from the insurance company, so I sent the $ back. (That was a hassle--no one had ever tried to return $ to them before and they had no idea how to recieve it back... ). My insurance rates did not go up (maybe because the claim was cancelled?) but there is some weird note in my file so I have to explain the whole store over again every time I put a new piece on the policy.

I also made two small claims for other times (once I broke the crystal on my Rolex by dropping it on the marble floor of my bathroom - ouch!) and once I lost a .35 stone out of my eternity band. Both claims were for less than $500, and again my rates didn''t go up. But I think they claims were classified as damage items and not full loss. That distinction seems to make a difference. Now that I know what I know, though, I would not continue to make claims for small items like this becuase I am indeed afraid of being a "repeat offender" and having my rates rise.

By the way, one of my coworkers got a GEORGOUS emerald ring, split shank, diamond halo, last week. I begged and begged and begged for her to call the insurance company before she even wore the thing. Well, long story short, she never got around to it. When she got to work yesterday and took off her gloves the emerald was GONE!!! Miraculously today she found the stone on the floor of the commuter train that she takes every day (a few very slight abraisions on the table, but no real damage). Needless to say, the insurance company opens its phone lines at 9:00 am -- she was on the phone with them by 9:01!

 

[Odilia]

{{{{By the way, one of my coworkers got a GEORGOUS emerald ring, split shank, diamond halo, last week. I begged and begged and begged for her to call the insurance company before she even wore the thing. Well, long story short, she never got around to it. When she got to work yesterday and took off her gloves the emerald was GONE!!! Miraculously today she found the stone on the floor of the commuter train that she takes every day (a few very slight abraisions on the table, but no real damage). Needless to say, the insurance company opens its phone lines at 9:00 am -- she was on the phone with them by 9:01!}}}}

Yikes!

This story is a strong inspiration to hurry up and update my insurance for my uninsured jewelry! (My e-ring is insured of course.) I am so glad she found the stone!

 

[Odilia]

Of course, angel_nieves'' whole story is also an inspiration to get insurance. But there was something about the quickness of Dee Jay''s friend''s emerald ring loss after only about a week ....... yikes!

angel_nieves, I agree with the others: Use the insurance money however you want.