State Farm Complaint - Jewelry Insurance Explanation
NILES, ILLINOIS -- I purchased $100.000 worth of jewelry insurance (my wife's rings, watches, and other jewelry) about 5 years ago from Bill our State Farm agent in Niles IL. We also carry our house policy and life policy with the same company. About 3 months we have burglary break in to our house, police came took a bunch off fingerprints and found nothing. My wife's watches were missing and some other smaller jewelry that wasn't insured! Our policy for watch was insured for $45000 when we provide a police report we been offered either replacement watch or replacement cost check of $38900. My question is this why we are paying premium on $45000 but when comes to replacement we get only 39k. State farms answer was we have to negotiate a better deal with some jewelers out of New Orleans and that's why we can replace your watch for less. That's great but why I'm paying for the past 4 years on 45k, and that kind of watch I like to see and hold in my hand before I make a decision!
Not to mention that we just got a letter from State Farm that they no longer willing to insure us - really one claim in 6 years and our house $2400/year our jewelry $1600 year and our life policy $4200 year that's about 8k year was great to collect and raise our rates every year but now we're no longer a good customer!
Have your agent properly explain your policy and stay away from State Farm!