I have read lots of insurance threads here and have found them valuable, but I still need some input. I have a jewelry policy with Jewelers Mutual and need to add a couple of items to it.
I'm well aware of "vanity appraisals" and certainly don't want to pay any more for coverage than I need to, but I don't want to underinsure, either. I won't be wearing my good jewelry when I'm clearing brush or cleaning house or doing anything rough and I do have an alarm system at my house so that should reduce the chances of something happening, but stuff does happen.
The ring I'm most concerned about is my 2.06 J SI2 "roval" in a pave platinum setting. It cost a little under $10K at the end of November 2011. The appraisal that came with it valued it at just under $18K. I got another appraisal from the local jeweler that I use (independent, does sell diamonds, not the most exclusive jeweler in town, small shop in an older strip shopping center), expecting it to come in under the original appraisal "just because". It did not. It was over $24K.
JM's tipping point for higher insurance rates is $15K. The rate per $100 is $1.10 up to $15K and $1.40/$100 at $15,001. I can insure for $15K for $165, or for the lower appraised value for a little over $250.
I am leaning toward insuring for $15K, given that the ring cost under $10K less than two months ago. I think that it would be hard to replace it for that amount now, though. I just did a PS search on ovals from 2-2.3 ct. with GIA reports and the least expensive one is almost $11K. It is two color grades higher than mine. BN has one that's about the same size and price as mine. It's two clarity grades higher, but I think it's being dinged because it's a 1.25 l/w "roval". It is deeper than mine so it faces up smaller.
If I ever need to replace this diamond, I think it's going to be difficult to find something that's essentially similar because ovals aren't as common as RB and princesses, "rovals" are even less common, and I lucked into an SI2 with a crystal inclusion that is either not visible or visible as a pinpoint of glitter, depending on the lighting. Based on the measurements I've seen for quite a few other ovals, it faces up large for its weight without being shallow (depth approximately 60%).
I know the insurance company isn't going to spring for an upgrade (nor would I expect them to).
So would you insure for $15K or the lower appraised value of $18K, and why? ($24K isn't even a consideration.)
I also picked up a 14K white gold bezel set sapphire and diamond ring on ebay for less than $200. Ebay description said it was .65 ct. Appraiser estimates it at 1.1 ct., with two .05 ct. diamonds and appraised it for over $1700. That seems really, really high to me. I don't know that I want to insure it for more than maybe $500-800 since I've seen other ebay rings that are similar that I'd be very happy with for less than that. What would you do about insuring a used ring that you consider a utility/everyday ring (you like it, it's nice and worth something, but it's not irreplaceable, and you wouldn't have to have one just like it)?
Thanks!
liz
I'm well aware of "vanity appraisals" and certainly don't want to pay any more for coverage than I need to, but I don't want to underinsure, either. I won't be wearing my good jewelry when I'm clearing brush or cleaning house or doing anything rough and I do have an alarm system at my house so that should reduce the chances of something happening, but stuff does happen.
The ring I'm most concerned about is my 2.06 J SI2 "roval" in a pave platinum setting. It cost a little under $10K at the end of November 2011. The appraisal that came with it valued it at just under $18K. I got another appraisal from the local jeweler that I use (independent, does sell diamonds, not the most exclusive jeweler in town, small shop in an older strip shopping center), expecting it to come in under the original appraisal "just because". It did not. It was over $24K.
JM's tipping point for higher insurance rates is $15K. The rate per $100 is $1.10 up to $15K and $1.40/$100 at $15,001. I can insure for $15K for $165, or for the lower appraised value for a little over $250.
I am leaning toward insuring for $15K, given that the ring cost under $10K less than two months ago. I think that it would be hard to replace it for that amount now, though. I just did a PS search on ovals from 2-2.3 ct. with GIA reports and the least expensive one is almost $11K. It is two color grades higher than mine. BN has one that's about the same size and price as mine. It's two clarity grades higher, but I think it's being dinged because it's a 1.25 l/w "roval". It is deeper than mine so it faces up smaller.
If I ever need to replace this diamond, I think it's going to be difficult to find something that's essentially similar because ovals aren't as common as RB and princesses, "rovals" are even less common, and I lucked into an SI2 with a crystal inclusion that is either not visible or visible as a pinpoint of glitter, depending on the lighting. Based on the measurements I've seen for quite a few other ovals, it faces up large for its weight without being shallow (depth approximately 60%).
I know the insurance company isn't going to spring for an upgrade (nor would I expect them to).
So would you insure for $15K or the lower appraised value of $18K, and why? ($24K isn't even a consideration.)
I also picked up a 14K white gold bezel set sapphire and diamond ring on ebay for less than $200. Ebay description said it was .65 ct. Appraiser estimates it at 1.1 ct., with two .05 ct. diamonds and appraised it for over $1700. That seems really, really high to me. I don't know that I want to insure it for more than maybe $500-800 since I've seen other ebay rings that are similar that I'd be very happy with for less than that. What would you do about insuring a used ring that you consider a utility/everyday ring (you like it, it's nice and worth something, but it's not irreplaceable, and you wouldn't have to have one just like it)?
Thanks!
liz
Meaning, I try to ge tthe appraiser not to inflate their assessments, but this has been hard recently because appraisers in my area are mega inflaters.
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