Experts (especially appraisers) can you please chime in?

[Gypsy]

I thought I had lost my jewelry and I was concerned about the rising prices of diamonds. All my pieces (but one, which I will be taking in next week) have been either bought or appraised in the last 12 months. But I KNOW for a fact that with several of my pieces I could not get something identical for the price I paid and some of them, maybe not for what they appraised at 12 months ago....

My Aurora band for example was insured with a detailed receipt (which lists the AGS #'s of the .32 pointers and other details). I know that if I had to replace it it would cost significantly more than what I paid just 7 months ago because of the increase in diamond prices and in metal prices. How would Jewelers Mutual handle this? Would they have only paid the original jeweler the amount I originally paid, or would they have paid for an equal replacement regardless of the prices now?

I just want to know if I should update my appraisals again, or if it is something I don't have to worry about? I just updated all, so they are recent, but they are all before all the recent price hikes.

 

[Gypsy]

Bump....

 

[nfowife]

What do your policies state? When I lost my e-ring USAA could replace with similar OR give me the cash value of the policy. They could not replace for the policy value because prices had risen, so I got the cash. I was under-insured.

 

[diamondseeker2006]

It will depend on the policy so you need to call JM. I think Chubb allows for the items to be a certain percentage over the insured value.

 

[WinkHPD]

I thought I had lost my jewelry and I was concerned about the rising prices of diamonds. All my pieces (but one, which I will be taking in next week) have been either bought or appraised in the last 12 months. But I KNOW for a fact that with several of my pieces I could not get something identical for the price I paid and some of them, maybe not for what they appraised at 12 months ago....

My Aurora band for example was insured with a detailed receipt (which lists the AGS #'s of the .32 pointers and other details). I know that if I had to replace it it would cost significantly more than what I paid just 7 months ago because of the increase in diamond prices and in metal prices. How would Jewelers Mutual handle this? Would they have only paid the original jeweler the amount I originally paid, or would they have paid for an equal replacement regardless of the prices now?

I just want to know if I should update my appraisals again, or if it is something I don't have to worry about? I just updated all, so they are recent, but they are all before all the recent price hikes.

The maximum that JM will pay out is the value of the policy. So, if you have an item appraised for $1,000 and now it will cost $1,500 to replace it, the most that JM will pay is the $1,000 and you will have to pay the balance.

Wink

 

[yssie]

I thought I had lost my jewelry and I was concerned about the rising prices of diamonds. All my pieces (but one, which I will be taking in next week) have been either bought or appraised in the last 12 months. But I KNOW for a fact that with several of my pieces I could not get something identical for the price I paid and some of them, maybe not for what they appraised at 12 months ago....

My Aurora band for example was insured with a detailed receipt (which lists the AGS #'s of the .32 pointers and other details). I know that if I had to replace it it would cost significantly more than what I paid just 7 months ago because of the increase in diamond prices and in metal prices. How would Jewelers Mutual handle this? Would they have only paid the original jeweler the amount I originally paid, or would they have paid for an equal replacement regardless of the prices now?

I just want to know if I should update my appraisals again, or if it is something I don't have to worry about? I just updated all, so they are recent, but they are all before all the recent price hikes.

The maximum that JM will pay out is the value of the policy. So, if you have an item appraised for $1,000 and now it will cost $1,500 to replace it, the most that JM will pay is the $1,000 and you will have to pay the balance.

Wink

From a long conversation w/ a JM rep some weeks ago, in which I posed a number of scenarios, my understanding is this -

1. If you have a ring insured for $1500 w/ no deductible, the stone(s) are specified as worth $1000 of that total and the setting $500, then should you lose the ring you have $1500 total to play with to replace w/ like kind and quality. You can allocate $1200 to the new stones, and get a cheaper version of the setting for $300, if you want - if for example prices on diamonds rise such that this is a possibility. They don't specify that you may spend a max of $1000 on the stones and $500 on the setting

2. If you destroy the setting but the stones are fine, you have a max of $500 to get it replaced w/ like kind and quality

3. You can pick your own vendor to do the work. So they won't say "we have an in-house jeweller who can do the job for $1000, so you get $1000 max from us" - if you pick BGD and they require $1700 to replace, they'll give you the $1500 you are insured for and you pay the extra $200


May want to confirm before taking my understanding as fact, though!

 

[Gypsy]

Great information. I will get my appraisal on my Aurora band updated then. I think my earrings and my BGD pendant are okay. And probably my engagement ring. But my Aurora band will need to be revalued.

I hope these price increases stop soon. All these appraisals cost money man!