Insurance question.

[breanne]

What exactly is the process? Do I use what I paid? Or do I need an appraisal?

 

[One_Who_Knows]

Hi Breanne
first , you need to have your piece of jewelry appraised by
a legit jeweler.
then, you can insure it with your home insurance company even..
the fair price to pay is approximately 2% of your jewelery value per year
I hope that that helps

 

[Queenie60]

Or - if you're not a homeowner, you can insure with Jewelers Mutual which seems to be a frequent recommendation here on PS.

 

[diamondseeker2006]

Some insurers will require and appraisal and some will take your sales receipt and diamond grading report. Mine does the latter and I always insure for what I paid when buying new items. If you got a deal on a second hand item, then it would be wise to get an appraisal. But I would never insure with an inflated appraisal because it just makes you overpay insurance premiums. If I had to use an appraisal, I would provide the appraiser with a copy of my sales receipt and ask that what I paid be reflected in the value.

 

[ponder]

You need to see what you insurer requires. My insurer prefers sales receipts for value, but I will also provide lab reports or an appraisal as additional information to ensure true like and kind replacement. They will only take appraisals if the item was a gift or family piece. You always want to give them as much information so that you make sure you get the best possible result in case of a claim

 

[MollyMalone]

fyi Jewelers Mutual is the only USA insurance company that will issue jewelry policies to Canadian residents, provided they do not reside in Quebec.
http://www.jewelersmutual.com/Personal/Personal-Insurance

 

[breanne]

Awesome, I'm in Ontario. My ring is complete, so I will be needing to look into insurance. I read somewhere on here that you can get the full value insured, and to have it reinsured every few years, just to keep up with inflation? Can anyone give me some feedback, tips etc? Thank you so much!

 

[diamondseeker2006]

Awesome, I'm in Ontario. My ring is complete, so I will be needing to look into insurance. I read somewhere on here that you can get the full value insured, and to have it reinsured every few years, just to keep up with inflation? Can anyone give me some feedback, tips etc? Thank you so much!

If you bought a diamond 3-4 years ago, it is likely worth less today than it cost then. So diamonds do not necessarily always go up in value. I have not reduced my insurance due to the value decline, because I figure prices will eventually rise.

It might be good once a year (before your yearly insurance renewal) to come on PS and check diamond prices for stones with the specs of yours under Resources: Diamond Search. I wouldn't worry about getting a new appraisal unless the value had gone up quite a bit (like maybe 15-20%). I'd never get appraisals when values went up something like 5% because it is a hassle to get accurate appraisals and it costs money, too. Some insurance policies do allow a percentage over your insured amount as inflation protection, as well.

 

[breanne]

Great, thank you. We purchased this diamond for $6552 USD, the setting came to $935 for platinum, we're Canadian so there was exchange, is this a good price to have it appraised at? Again any info would be great, total Canadian was 10,590.00 if that helps.

1.42
J color
SI-1
No Fluorescence

Depth 61.4
Table 58
Crown Angle 34
Crown Height 14.5
Pav Angle 40.8
Pav Depth 43
Star Length 50
Lower Half 80
Girdle - med to slightly thick, faceted 4.0
Culet - none

Edit** We purchased a month ago.

 

[sonnyjane]

Awesome, I'm in Ontario. My ring is complete, so I will be needing to look into insurance. I read somewhere on here that you can get the full value insured, and to have it reinsured every few years, just to keep up with inflation? Can anyone give me some feedback, tips etc? Thank you so much!

If you bought a diamond 3-4 years ago, it is likely worth less today than it cost then. So diamonds do not necessarily always go up in value. I have not reduced my insurance due to the value decline, because I figure prices will eventually rise.

It might be good once a year (before your yearly insurance renewal) to come on PS and check diamond prices for stones with the specs of yours under Resources: Diamond Search. I wouldn't worry about getting a new appraisal unless the value had gone up quite a bit (like maybe 15-20%). I'd never get appraisals when values went up something like 5% because it is a hassle to get accurate appraisals and it costs money, too. Some insurance policies do allow a percentage over your insured amount as inflation protection, as well.

I've had my set insured with JM since 2008. I had it reappraised in 2012 because at that time the comps had gone up quite a bit. In the years that I haven't had it reappraised, JM has sent me a letter saying that if I don't submit an updated appraisal, they will just be increasing the insured value by a small % to account for inflation (and that's what they've done).

 

[diamondseeker2006]

Awesome, I'm in Ontario. My ring is complete, so I will be needing to look into insurance. I read somewhere on here that you can get the full value insured, and to have it reinsured every few years, just to keep up with inflation? Can anyone give me some feedback, tips etc? Thank you so much!

If you bought a diamond 3-4 years ago, it is likely worth less today than it cost then. So diamonds do not necessarily always go up in value. I have not reduced my insurance due to the value decline, because I figure prices will eventually rise.

It might be good once a year (before your yearly insurance renewal) to come on PS and check diamond prices for stones with the specs of yours under Resources: Diamond Search. I wouldn't worry about getting a new appraisal unless the value had gone up quite a bit (like maybe 15-20%). I'd never get appraisals when values went up something like 5% because it is a hassle to get accurate appraisals and it costs money, too. Some insurance policies do allow a percentage over your insured amount as inflation protection, as well.

I've had my set insured with JM since 2008. I had it reappraised in 2012 because at that time the comps had gone up quite a bit. In the years that I haven't had it reappraised, JM has sent me a letter saying that if I don't submit an updated appraisal, they will just be increasing the insured value by a small % to account for inflation (and that's what they've done).

That is very bad because prices have declined since 2012 when they were so high! So if they have been increasing the insured value since then, it is likely valued too high.

 

[diamondseeker2006]

Great, thank you. We purchased this diamond for $6552 USD, the setting came to $935 for platinum, we're Canadian so there was exchange, is this a good price to have it appraised at? Again any info would be great, total Canadian was 10,590.00 if that helps.

1.42
J color
SI-1
No Fluorescence

Depth 61.4
Table 58
Crown Angle 34
Crown Height 14.5
Pav Angle 40.8
Pav Depth 43
Star Length 50
Lower Half 80
Girdle - med to slightly thick, faceted 4.0
Culet - none

Edit** We purchased a month ago.

Yes, I would consider the value what you paid for the diamond and setting plus any taxes involved.

 

[sonnyjane]

Awesome, I'm in Ontario. My ring is complete, so I will be needing to look into insurance. I read somewhere on here that you can get the full value insured, and to have it reinsured every few years, just to keep up with inflation? Can anyone give me some feedback, tips etc? Thank you so much!

If you bought a diamond 3-4 years ago, it is likely worth less today than it cost then. So diamonds do not necessarily always go up in value. I have not reduced my insurance due to the value decline, because I figure prices will eventually rise.

It might be good once a year (before your yearly insurance renewal) to come on PS and check diamond prices for stones with the specs of yours under Resources: Diamond Search. I wouldn't worry about getting a new appraisal unless the value had gone up quite a bit (like maybe 15-20%). I'd never get appraisals when values went up something like 5% because it is a hassle to get accurate appraisals and it costs money, too. Some insurance policies do allow a percentage over your insured amount as inflation protection, as well.

I've had my set insured with JM since 2008. I had it reappraised in 2012 because at that time the comps had gone up quite a bit. In the years that I haven't had it reappraised, JM has sent me a letter saying that if I don't submit an updated appraisal, they will just be increasing the insured value by a small % to account for inflation (and that's what they've done).

That is very bad because prices have declined since 2012 when they were so high! So if they have been increasing the insured value since then, it is likely valued too high.

Yeah. I didn't know about that until very recently. I'll have to see. JM is very cheap where I live now so honestly $3 extra a year never bothered me.

 

[breanne]

So reading prices have declined, what would my stone have been appraised for prior to 2012? Just curious how much things have declined Might be a good time to buy a few more

 

[MollyMalone]

So reading prices have declined, what would my stone have been appraised for prior to 2012? Just curious how much things have declined Might be a good time to buy a few more

We consumers don't have access to sufficiently detailed information to offer an informed opinion, or even decent guesstimate, as to what a GIA-graded stone of those particular specs was selling for. For a general idea of the rises and falls, there's a chart (updated monthly) -- under the Resources tab at the top of the pages here -- that shows the percentage change of prices in D - I, VVS2 - SI2 diamonds, listed in the PS database, since December 2007:
https://www.pricescope.com/diamond-prices/diamond-prices-chart