Insurance question- please help!

[jrich]

I have been reading up on all the posts about coverage, but haven't seen the answer to this yet. We are doing a policy with JM for my engagement ring. Long story short, I want to know if I can pick the specific amount I want to insure it for. Can you do that or do they make you pick either the price on the sales receipt or the price on the vendor's insurance evaluation? We aren't interested in doing a separate independent appraisal. The vendor's insurance evaluation was $10,250 and we paid $6,800. I believe a pretty accurate estimate of what it would take to replace the ring would be 8K, before allowing for inflation. So I'd like to insure it for 8500-9000. So bottom line, can I do that?

Sending in my forms to JM tomorrow, so any help is greatly appreciated!

Jessica

 

[diamondseeker2006]

You can only do it if you ask Yekutiel to rewrite your insurance appraisal. They (JM) will not use your sales receipt unfortunately (Chubb will, though). My daughter had to insure using an inflated vendor evaluation back in fall 2010 because she didn't have time to get another one, but it worked out great because diamond prices increased so much in 2011 that her valuation is now not inflated! But I would definitely ask him to redo yours.

 

[LibbyLA]

I was able to specify an amount after some argument. My ring cost a little under $10K and I had one appraisal for $17K+ and another for $18K+. I got insurance for $15K and not a penny more. Replacement diamonds comparable to mine are hard to find (oval) and most that are similar are $12-14K so I didn't want to insure for too little but I didn't want to insure for more. At $15,001, the amount you pay per $100 rises and the excess is applied to the first $15K as well, not just to the amount over.

Your mileage may vary...