Insure appraised value?

[jaz464]

I will soon be recieving my completed e-ring

and I have begun to consider insurance. What we paid for my diamond is quite different from what it was appraised at. My question is, how many people have their jewelry insured for the appraised value vs the amount they paid. I'm a little confused as to how this all works. I got an extremly good price on my diamond. I feel that if anything were to happen to the stone I would be hard-pressed to find another like it for the same price. Also, in say 10 years, the price of diamonds will most likely be higher. Does jewerly need to be re-appraised to adjust for inflation? There is a thread going on that kind of addresses this question but I was hoping for more of a poll-like question.

 

[Scintillating]

Yes, you want to insure it for the appraised value of the stone - not what you paid.
Approx. what it would cost to replace it retail.
You don''t want to use an out of this world appraisal value, one that doesn''t have real world meaning.

Many people have suggested having the appraisal/appraised value UPDATED every few years for your insurance. This way the insurance coverage is an accurate representation of what the stone/ring is worth at the time.

Scintillating...

 

[jaz464]

This is what I would think. However, here is a different opinion:

https://www.pricescope.com/community/threads/appraisal-question.35386/

 

[strmrdr]

it depends on the policy.
in general cost + 30% is the max id go on any policy.

 

[jaz464]

Date: 10/30/2005 1:37:34 PM
Author: strmrdr
it depends on the policy.
in general cost + 30% is the max id go on any policy.

That is exactly what my diamond was appraised for. Perhaps I will do that.