Back to insurance complaintsMay 11, 2012
Insurance Company: Nationwide Mutual Insurance Company
Coverage Type: Homeowners Insurance
- Claim Handling - Delays upon Delays
- Claim Handling - Unsatisfactory Settlement/Offer
- Claim Handling - Denial of Claim
- Marketing & Sales - Misleading Advertising
I recently lost my wedding rings. After accepting this fact, I reported it to NW. We had a homeowner policy for over 20 years now. When my husband gave me my rings we added them on the policy, a separate clause. They were insured for $3500.00. We paid premiums for $3500.00 worth of jewelry, for 19 years. We showed the appraisal paperwork at the time insurance was issued. Now I'm being told by NW that 1) the appraisal was 'woefully inadequate' and 2) that they (NW) would only pay replacement amount, not face value of what was insured. NW was to contact a "Jeweler" to figure out what it would take to replace my rings. The next person to call me was a person from a "replacement service".
She explained her job was to evaluate my lost jewelry, but she could also help me with a replacement of it. I guess I left really confused. Why, for nearly 20 years, would I be paying insurance to cover the value of $3500.00 rings (based on the appraisal) if the insurance co. could turn things around and say it was valued at less than that? I used that same appraisal to obtain the insurance in 1993. I'm also confused about this replacement services. How can the person who is determining the value of my lost property, be the same person trying to sell me new property of the same value? Whose best interest does she have? Does she work for me, or NW or herself?
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May 17, 2012 at 9:33 PM
I'm sorry you lost your rings. I don't get it, your rings replacement cost should of increased over the years because to replace the rings you had should cost atleast double of what you paid. I think you need a lawyer or the will cheat you.