appraisals?

[radiantquest]

since most people here buy online i wasnt able to find much on this aspect of the topic. my questions is this, a ring that is bought at a B&M store and purchased with one of those plans where even if the piece gets shredded they will replace it do they give you what you paid for it towards a new one or do they give you the appraisal amount. thanks.

 

[denverappraiser]

Read the fine print of the contract. My guess is that they are agreeing to neither, they are agreeing to repair or replace using another of like kind and quality in the case of a covered loss. Most warranties do not cover loss or theft of the piece by the way, even if they do cover ‘shredding’. You may find you want a supplemental insurance policy anyway. These generally are also to repair or replace with like kind and quality although they usually have a bigger list of what sort of losses are covered.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

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[radiantquest]

thank you denver, i was hoping that you would answer. good stuff to know.