sparkler29
Shiny_Rock
- Joined
- Jan 9, 2004
- Messages
- 194
This has probably been addressed but I have a quick question about the relationship between the amount stated on an appraisal and the amount of insurance needed. My fiance purchased my diamond and did not have it independently appraised (how many times did I tell him to read up on Pricescope?!?!?).
The vendor had it set in the current simple white gold setting and wrote out his own "appraisal." This appraisal states that the worth of the diamond is double what my fiance paid. OK, this made my fiance feel good and think he got a good deal (which it looks like he did after searching on PS for comparable stones - Yay!). He paid slightly below what the PS vendors list for a stone with equal specs. Anyway, now that I''m looking into insurance, it appears that I have to send them a copy of the appraisal, and because the appraised value (again, not an independent appraisal) is so much higher than we paid, it is really increasing the quoted yearly premiums. When I asked if I could just insure it for slightly above what we paid, they said that they needed a copy of the appraisal. So it seems we''re stuck. The companies I''ve called so far are Chubb (Plib. and stand-alone), Traveler''s and my current renter''s insurance company, Allstate.
What do you recommend - should I have the diamond/ring independently appraised at this point? Will the value be any lower? Why can''t I just have the ring appraised for the amount we paid?

What do you recommend - should I have the diamond/ring independently appraised at this point? Will the value be any lower? Why can''t I just have the ring appraised for the amount we paid?