How do I repay ins. money for lost/found jewelry?

You have several options. You may give the insurance company the value of the new ring they bought you with the insurance payout. You can return the ring that the insurance payout was used to purchase. Lastly, you can give the insurance company the ring they insured, you thought lost, and then found.

Not everyone is as honest as to return the insurance money if they found jewelry that they believed to be lost or stolen. Some even use this insurance fraudulently. But rest assured your steps to repay that money to the insurance company are appreciated and this issue is not abnormal.

You will need to call your insurance agent and notify them that you found the piece of jewelry you filed a claim on. Then they will advise you of their policy and procedure that may have all three options, giving you choices. They appreciate your honesty and reward as such.