Since this has come up again - I''ve got a poll (if it works).
You''ve just bought a 1ct D IF diamond solitaire for $15,000 which you plan to insure (and get re-appraised every three years). Assume we''re using like-kind with no inflation protection built into the policy (ie: no Chubb 50% extra free deal).
Take it to two appraisers: one give a current fair markety value appraisal of $15,000, the other an ''insurance appraisal'' of $22,500.
Do you insure it for $15,000 (what you paid) or $22,500 (the ''insurance value'')?
Why?
You''ve just bought a 1ct D IF diamond solitaire for $15,000 which you plan to insure (and get re-appraised every three years). Assume we''re using like-kind with no inflation protection built into the policy (ie: no Chubb 50% extra free deal).
Take it to two appraisers: one give a current fair markety value appraisal of $15,000, the other an ''insurance appraisal'' of $22,500.
Do you insure it for $15,000 (what you paid) or $22,500 (the ''insurance value'')?
Why?