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Help Needed on Diamond Ring Insurance in NYC

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trueblue101

Shiny_Rock
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Apr 20, 2011
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I hope everyone is having a great morning thus far. After months of searching, research and bothering all of you for opinions, my ring finally arrived yesterday. It is a Leon Mege 3.08 Antique style cushion in his classic sharp double claw prong setting. My boyfriend said that I can do my reveal once we are officially engaged so please bear with me for photos (believe me, it is cruel and unusual punishment not to be able to wear it).

It arrived so quickly that we not even have time to look into insurance for it and I am now realizing that I do not even know where to start.

Do I have to get it appraised? If so, can anyone recommend an appraiser for me in NYC please? Do I have to bring the stone or will the GIA cert and receipt suffice?

Also, for all you renters out there, did you buy a separate policy since we do not have a homeowner's policy?

Any advice on this topic would be appreciated.

Thanks so much!!!
 
Where did you get your center stone from? Is it certed? Did Leon issue you a receipt for the setting, or perform an insurance appraisal type receipt that includes your center stone?
 
Congratulations on your upcoming proposal!
Definitely get it appraised and insured. Even if you did have a homeowner's policy you most likely would need to purchase separate insurance on the ring.

Looking forward to pics!!
 
Hi, if you have a receipt for the ring, you will likely not need to have it appraised just for insurance; I know we didn't when we bought the ring a few years ago. We did end up appraising it a few years later, however. I know David Wolfe has been recommended here many times and it sounds like he's great if you want a very detailed appraisal. But if it's just for insurance, I found that IGI was exactly half the price of David Wolfe, so we went with them (both are somewhere in the diamond district). Yes, you will need to bring the stone/ring to the appraiser. Ultimately, it still ended up being a waste of time and money for us because their replacement value was too high and I didn't want to pay a much higher premium than necessary. I ended up contacting the company that had sold us the stone and they offered a free appraisal, which was what we used for insurance. Our policy is with Jewelers Mutual. We looked into adding it on to our homeowner policy (State Farm) but found them a pain to deal with (may have just been our local office) and the price difference was negligible.
 
TxnBluDvl|1333248158|3160986 said:
Where did you get your center stone from? Is it certed? Did Leon issue you a receipt for the setting, or perform an insurance appraisal type receipt that includes your center stone?


I sourced my stone through Leon and he did send us a receipt/ work order for the stone and setting but not a separate appraisal. Thanks.
 
missy|1333286552|3161115 said:
Congratulations on your upcoming proposal!
Definitely get it appraised and insured. Even if you did have a homeowner's policy you most likely would need to purchase separate insurance on the ring.

Looking forward to pics!!

Hi Missy,

Thank you for your kind words. I am so looking forward to posting pics also but I have to wait :(.

Okay, so is the appraisal the first step?

We were thinking of getting renters' insurance and adding on a rider to it. Do you think that would suffice or would we need a separate insurance policy?

Thanks again!
 
I think it is better to get a jewelry policy from Jeweler's Mutual or preferably Chubb if you can find someone to write the policy. Chubb will write you a check and you choose the replacement whereas JM tries to connect you with a jeweler to replace the stone (usually a jeweler you would choose or approve of).

Chubb has accepted sales receipts along with the GIA report as long as the sales receipt describes the items, such as: 1 D VS2, 3.00 ct. antique cushion diamonds, GIA report # 1234567, setting platinum 4 prong solitaire, sales price $30,000.

You don't really need another appraisal because what often happens is that the appraised value is much higher than what you paid and you get stuck paying higher premiums than you should. JM does require an appraisal, so you see that it will lead to higher premiums. I have Chubb and they accept sales receipts that describe the items along with the lab reports (if it involves diamonds of a size to have a report). Periodically you might want to check value and have an updated appraisal done in order to update insurance, however, Chubb is fabulous and just gives me the option each year of raising the coverage by 10% or more without another appraisal. That came in handy over the last couple of years as diamond prices rose. You might want to start a new thread to ask who sells Chubb stand alone jewelry policies in NY.
 
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