Insurance - Which appraisal to go with?

[lolidunno]

I bought my engagement ring a few weeks ago from Blue Nile and have since proposed (she said yes . We are looking at insuring the ring under our condo's content insurance. I recall that our content insurance has "caps" for certain items with jewelry being one of them. We would thus have to pay a higher premium to insure the ring itself for full value.

I have 3 "values" for the ring...

1) What I paid - approx. $7k
2) The included Blue Nile appraisal - approx. $11.5k
3) A third party appraisal from a recommended lab in Toronto (Harold Weinstein) - approx. $14k

Just wondering what I should be telling the insurance company/what is usually done in this circumstance. The reason we got the third party appraisal is because I read that BN's own appraisals are somewhat "generous". Imagine my surprise when my GF (err, fiance) told me their value (they didn't ask to see the GIA report either).

Thanks

 

[diamondseeker2006]

Since you bought the ring new for a retail price from Blue Nile, I see no particular reason to insure it for thousands more than you paid since it can technically be replaced by the insurance company probably for less than you paid. If over time diamond prices increase, you might want an updated appraisal to raise the replacement value, but I'd personally try to always keep it close to the current pricing at Blue Nile. Otherwise, you'll be overpaying insurance premiums!

 

[GreenAsaCountryEarofCorn]

i am in the same situation except in reverse. i purchased my diamond from whiteflash last month and like you, i too have 3 very different values i am dealing with - 2 of which i am not happy with:
(1) what i paid for my diamond
(2) the valuation letter that accompanied my diamond from whiteflash's independent, yet contracted (gia grad) appraiser
(3) third party appraisal where i live in the mid-atlantic from a reputable (gia grad) appraiser

while diamondseeker reasoning to insure it for what you paid, thus saving you the $20-$50 on your insurance premium. the concern i have with that is what if you are in between years in your appraisal updates (recommended 3-5 years) and you loose your diamond and during that time frame diamond prices increases. now in order to replace your diamond you are going to have to reach deep in your pocket to replace it for the same quality.

what i keep wondering about is how can 2 different appraisers, both reputable in their communities, both gia trained and certified, and both with years of experience come up with two appraisal values so far off? i am going to play it safe and may opt for the higher value. yes, i will pay more for insurance premiums ($30 more) but to me it's worth it in the event the diamond is lost and now i have to pay $1K+ to replace it.

just my humble opinion.

thanks.