Appraisal for insurance purposes?

[Rolling Thunder]

Hey all - with my ring done, do you recommend that I seek out an appraisal for insurance purposes? My company (State Farm) will insure the ring at its present cost, which is $4000 for the stone & setting. Since my jeweler believes it would likely appraise higher than $4000, would it be to my benefit to have it appraised? I apreciate your help.

- RT

 

[oldminer]

As long as you can get anpother one for $4,000 you don''t presently need more insurance. The best reason to have an appraisal is to be sure this is value is sufficient and that the diamond is as represented to you. In a sense, you are appraising the retail jeweler and the "deal" you made. If the retailer has done right by you, you have no problem. Occasionally, people don''t get treated well. Analyze your own comfort level and decide what you might want to do.

In a couple years you likely will need an updated value on the diamond. The retailer might provide this for no cost or you might go to an appraiser then. If no problem exists with the representation of the diamond, then seeing an appraiser later on will likely work out okay.