Apprasial question

[Inhoc98]

My insurance said they would cover the replacement cost of the diamond I am about to purchase. Do you guys think having the diamond appraised is important? It is a GIA cert from a reputable dealer. Thanks so much

 

[JulieN]

It's a good idea. Would you change your mind or think you overpaid if it were a borderline color or clarity grade, or if flouresence caused the reported color grade to be higher?

 

[RockDoc]

It is important to know if "replacement cost" means they will pay their cost to replace, and how exactly it will be replaced, or if they will pay you in cash and you go where you want to replace it.

While GIA reports and a seller with integrity helps a lot, there is more information and consideration than what you have that MAY or May not be complete.

Sure, it will cost you some extra money to have it done, but having someone not associated with the sale will advise you in some very enlightening ways.

I compare it to a home inspector, and a real estate appraisal, when buying a home. Yes, diamonds cost less than a house, but they still cost more the girl scout cookies and you should consider the benefits of an independent opinion and verification.

The appraiser should also provide some further input as to the different types of insurance available to you, and discuss how a claim settlement would happen.

Insurance policies vary widely from company to company and from type to type, as well as the state insurance filings.

Ask the agent for a sample copy of the policy and read it very carefully would be my advice for you at the moment.

Rockdoc