February 24, 2014
Insurance Company: GEICO
Coverage Type: Homeowners Insurance
- PolicyHolder Service - Inadequate Reimbursement
- PolicyHolder Service - Unfair Negotiation
- Claim Handling - Unsatisfactory Settlement/Offer
- Claim Handling - Fraud
- Marketing & Sales - Misrepresentation
- General - I feel abused by this company
This is a review for Geico and Stillwater Insurance Co. I switched my home and auto insurance from a local company to Geico because they were about $1800 cheaper a year than I was previously paying. On my homeowners insurance I had additional coverage for several pieces of scheduled jewelry. When I was reviewing my policy with the Geico agent I was told the coverage was the same as I had before. I even sent them my current policy to compare their information to. All seemed in line, and I purchased the policy. In December I had a break in at my home and about $36k worth of jewelry was stollen. I just received a letter from Stillwater stating that they do not pay the insured amount, but lowest amount they can find the item for. My $28k family heirloom bracelet is now being "replaced" for $17k.
I would've never agreed to this type of coverage if I would've known that they do not pay the insured amount. I also found out that my policy only covers $1500 on watches, jewelry, and guns. Anything else is up to $250k, so all of my other jewelry that was stolen will not be replaced.
March 5, 2014 at 7:23 PM
You may not want to agree to those values. If they are offering you $17k then it seems you have the coverage. Check out your policy's APPRAISAL CLAUSE. Jewelry typically APPRECIATES not depreciates. Thomas Di Sieno, Digitory Solutions, Inc.