QuestionWe recently had a house fire, my wifes jewelry box was burned and all her rings, watches and jewelry were either burned, water damaged or blackened. Along with being thrown out the window. Can these items be cleaned or should our insurance company (State Farm) pay for the items? We have replacement cost insurance.
AnswerMr. Vaughter,
You will want to address this on a piece by piece basis as some items that may be salvageable could have greater sentimental value than monetary value.
The best thing you can do is sit down with a bench jeweler, find out which items could be salvaged, discuss with your wife which of those she is attached to, then sit down with your claims adjuster and make the final decision. If you carry replacement cost insurance, your insurance company will either pay you out what it would cost them to replace it for you in like, kind, quality, or will actually replace the item for you.
You need to make sure you separate out any items that were custom made or designer pieces (Tiffany's) as the cost to replace these will be much higher than standard replacement cost. I would also separate any antique items for individual consideration.
If you have a choice between the value paid to you in cash at the insurance companies cost, or them replacing each item, you will likely be better off if you have them replace it. The truth is, they can buy at wholesale and you can't. If you take the money, you are not likely to be able to purchase similar items for the amount they pay you.
If I can be of further assistance please don't hesitate to e-mail me at Lisa@gemni-gems.com
Lisa
