do you insure appraised value or what you paid?

[glaucomflecken]

hey!

with my first e-ring my ins company wanted the appraisal form faxed to them and they insured me based on that number. with my new rings, my jeweler asked if he wanted me to have him make the appraisal what I paid for them or what their appraisal value would be (he says it would be about 30% higher than what I paid). he suggested what I paid for the rings to save money on insurance premiums.

My rings are Tacori and pretty much have a set replacement value. My diamond was appraised about $2500 more than what I paid.

Would it be best to have my e-ring value appraised at what I paid for the mounting plus the appraised value of the diamond? My thinking is that if something happens, then I can recoup the cost to replace the mounting flat out which I assume will probably stay relatively stable. And since diamond prices fluctuate,if I insure what the appraised value is, then that larger amount would be reimbursed if something were to happen and hopefully that larger amount would get me at minimum what size/clarity I have now in case diamond prices rise.

is this the best way to do this to be most insurance cost efficient while covering my heiny in case something were to happen? also, should I insure my wedding band? i paid upwards of $4k for it.

thanks you all are always the best!

 

[RockDoc]

glaucflexen

The answer to your question, is to find out what type of policy you have, and speak to the company about how they settle a claim that you may have.

Do they replace the ring, or pay you cash so you can replace it where you want?



Rockdoc