Appraisal

[Nervousgent]

Is an appraisal necessary? I'm not sure about insurance yet but in total I spent $19.5k so I definitely couldn't afford to get another if something happened to the ring. Do most people get insurance? Can you get insurance without an appraisal? Why is a good independent appraisal worthwhile compared to just looking for the cheapest appraisal you can get? Lol sorry for all the questions but I'm just trying to figure out what is best for me haha

 

[Rockinruby]

Hopefully some others will give you better info soon since I am too new to be of much help. In the meantime, from what I've read on PS it seems to vary as to whether people carry insurance or not. I know that's probably not very helpful, but it seems to be a personal choice. If you feel you cannot easily replace your item then it would be worth considering. You can easily get a quote from a reputable company. Some do require an appraisal, but you can request that your appraisal not be ovarly inflated to keep costs down. I think some companies will insure you based off of your receipt alone though. Apparently it makes a big difference if your item is branded or not, antique cut, etc. It's important that you check how everything is listed if you do decide you want insurance. You could also call your homeowners insurance company (if you have one) and ask if they cover anything. I can't get the search function to work so I looked up links that have varying info on similar topics. Hopefully this will be helpful to you.

https://www.pricescope.com/community/threads/requirements-for-jewelry-insurance.212286/https://www.pricescope.com/community/threads/appraisals-and-insurance.212310/
https://www.pricescope.com/community/threads/what-is-your-current-jewelry-insurance-coverage.213484/
https://www.pricescope.com/community/threads/my-oec-fell-out-insurance-question.213217/
https://www.pricescope.com/communit...ce-dilemma-paying-a-fortune-to-insure.212949/
https://www.pricescope.com/community/threads/appraising-diamond-for-insurance-inflated-value.213488/

 

[chrono]

The insurance payout is based on however little or however much information you submit to the insurance company and based on the plan chosen. If you submit nothing, you'll get the ugliest cheapest replacement diamond your insurance company can find. If you submit a lot of details, then the insurance company has to meet that minimum. A good appraisal will not only not over-inflate the value (which your premiums are based on) but provide in-depth information, including magnified pictures.

 

[LLJsmom]

The insurance payout is based on however little or however much information you submit to the insurance company and based on the plan chosen. If you submit nothing, you'll get the ugliest cheapest replacement diamond your insurance company can find. If you submit a lot of details, then the insurance company has to meet that minimum. A good appraisal will not only not over-inflate the value (which your premiums are based on) but provide in-depth information, including magnified pictures.

Yup!! And the price difference between appraisals is not that big. Given you're already spending $19k, and you care enough to consider insuring the piece, the cost of an appraisal is a drop in the bucket. Big picture. (I do have insurance, bc the peace of mind is worth the cost. but some people self insure. Varies.)