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Insurence Question....yet another question!

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Treasure43

Brilliant_Rock
Joined
Mar 11, 2009
Messages
655
If BF was to purchase a diamond from BN it comes with an apprasial from them. Obviously we would send this to Jewelers mutal or Nationwide and before we got the stone so it would be insured. If we were to pay $5000 for it and then get it independently appraised for $7000, how would this impact the insurance? Would the accept the new apprasial or not?
 

neatfreak

Super_Ideal_Rock
Joined
Feb 17, 2007
Messages
14,167
They would accept it, but the important thing to know about the payout is that they will payout what it costs to replace the stone, not what it appraises for necessarily. So you want an appraisal that is a touch inflated (to account for price fluctuations) but not overly so- otherwise you are paying premiums on $ you''d never see in case of a loss.
 
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