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Appraising and insuring HELP

mmi

Shiny_Rock
Joined
Nov 2, 2010
Messages
101
SO and I are about to purchase a stone from GoG. However we know nothing about appraising/insuring. We are wanting to get the ring set by a local jeweler. Should the diamond ($3.5k) be insured before we do this in case it breaks? And, after that, do we insure the whole ring? Never done anything like this before. Please advise!
:)

mmi
 
I also wanted to add that Pricescope does not list any appraisers for South Carolina.
 
So, I'm a doof and I see that my GoG stone will come with a free appraisal. Brain fart. However, I still need advise on the insurance front!
Thanks so much.
 
Jewelers Mutual does strictly Jewelry Policies and since Jon usually includes 2 appraisals/presentations you can keep one and send one to them. Chubb is excellent but nearly impossible now to get just a jewelry policy. Someone recently said something about I think Touchstone? being able to write them, but normally you need to have cars or houses on the policy.

If you go through your homeowners insurance, ask about cash out and what their rules on replacement are. Id want control over the replacement.
 
I actually have a question on this that I think is in the spirit of the OP. In order to get the amount of coverage that we would ideally (enough to get a comparable cut/color/clarity stone) want (probably with Jewelers Mutual), do we need to have an appraisal done or can we just use a copy of our receipt (from BGD)?
 
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