Does $400 for insurance sound expensive?

[chrispassmore]

I have called around (Allstate, Farmers, Jewelers Mutual), and so far it seems as if the average cost to insure my engagment ring is about $350-$400. It appraised at $18K, with a purchase price of $10K. I''m just curious if this sounds a bit pricy to anyone else. I sure as hell hope not.

 

[hoorray]

They typically charge a $$ amount per $1000 insured. If you got a new appraisel for closer to the actual replacement (purchase) cost, the insurance cost would be lower. It'd probably pay for the second appraisal several times over. I'd call a couple of appraisers and find out their process and style. Mine told me what he thought actual replacement cost was, and asked me if that was how I wanted the value listed (rather than the inflated retail pricing. No insurance company is going to pay retail, so they are making out with the inflated appraisals.) A basic insurance appraisal shouldn't be expensive.