Appraisals for E-Rings under $5000

[snuggles1]

Is it necessary? And will insurance companies do this or put it under some other household insurance instead? I was reading some older posts that said places like Chubb won''t do it as an individual piece of jewelry but as general household stuff and all was needed was a receipt of sales purchase.

 

[:)]

I would still personally get an appraisal to make sure that I had received the item that I had purchased and that everything matches up. Another thing to keep in mind is that often what comes with the purchase of a stone/ring is a ''feel good'' type of appraisal which yes you can use for insurance purposes, but you will end up paying a premium to insure the ring for more $ than it is actually truly potentially worth, then be out the $$$ you paid for the premium when the ring gets damaged and it doesn''t really cost them as much to replace it, or alternatively that prices have risen and you are not insured for enough. A qualified appraiser can alert you to the proper value what something should be insured for (usu they give you a slight middle ground so that you are covered slightly if prices rise some over time but not so high that it results in astronomical additional premiums!)

 

[snuggles1]

I''ve always wondered what the point of the appraisal sent by the jeweler was for...esp since everyone says you shouldn''t have a jeweler who sells the product appraise your goods.

 

[DentD]

We insured our rings through the same company that does our auto insurance and I believe that gives a slight discount on our auto policy. I can't complain about our insurance either; I had to file a claim a couple of months ago on my lost ring and the process couldn't have been smoother.

ETA: My ring was valued right around $2500 (Solitaire and WB) and trust me, it was worth it to pay the insurance premium. There was no way on our budget we could have afforded to buy a new ring on our own!

 

[wishinpink]

DentD- who was your insurance company if you don''t mind me asking? (sorry about threadjack)

 

[DentD]

State Auto - we went through an insurance broker to shop for the best policy.