Insuring my E-ring questions

[PaisleyCT]

Hi everyone! Long time lurker, first time poster

First of all, you all are amazingly helpful and I learned a ton browsing the forums here. I tried to pick up some info to pass along to my fiancé when he was going to choose my engagement ring. I now have a BEAUTIFUL ring that I'm totally in love with and whether or not you guys know it, a good portion of that is thanks to all of your knowledge!

Now my dilemma is insurance. I know I need to get it as soon as possible, I've been wearing my ring for too long without it! I've heard a lot about appraisals, certifications, and what companies to go with. I feel like I've heard good things about Jewelers Mutual, and that it's better to have separate insurance for the ring as opposed to putting it on an existing policy. Also, I have an appraisal from the jeweler he purchased the ring from. Should I use that appraisal or try to get an independent one? And finally, the GIA cert is from 2008. Is it ok that it's 4 years old? I see many from at least 2010 so I don't know if it will still be fine? (That last part might sound like a silly question!)

Let me know if you want any more specific info that would help you form an opinion better! Thanks so much!!

 

[PaisleyCT]

Anyone?

 

[Laughinggravy0]

Paisely Hi, congrats for having something to insure
I can't help at all except to say I'm not sure you are posting in the right place? Dunno, but might be better in hang out?
see if a mod can help....
Good luck
A

ED to add, I'm working down the threads no, perhaps your answer lies in the "rate your insurer" on this page?

 

[dangr]

Congrats!

I did some research on this by reading previous threads about insurance. If you go with JM, I believe you can just submit your sales receipt or that existing appraisal. There's no need to have it independently appraised because it will likely result in an inflated value, which is nice for bragging rights (that you got a great deal), but you'll just have to pay more in premiums (JM will replace your lost/damaged stuff instead of giving you cash). Hope that helps a little, good luck!

 

[diamondseeker2006]

Hi, and welcome! This is the right place to post this question!

Is the appraisal the jeweler gave you accurate or did he inflate the value? If he did, I would go back and ask him to please redo it and state the value as the amount you paid. That is the replacement cost assuming you didn't buy the stone second hand or something. I send the appraisal (or sales receipt) with a copy of the diamond certificate attached when I add something to insurance. I saw someone say the other day that Jeweler's Mutual will not use a sales receipt if the item is valued over $5000.

 

[Bosie]

DS2006 you are the best. In this case I have to differ with you a little. An appraisal is usually higher than what you paid for the stone and setting (the ring). I think the OP should use the appraisal which will be higher because most insurance co's increase the replacement cost each annivesary of the policy to keep up with rising prices and inflation. It has been my personal experience that after a few years the true replacment cost exceeds what the insurance co has it on its books for. This happened to me, so I had the ring re-appraised. Otherwise, if after a few years you experience a loss/theft you will not cover the real cost to replace, also for the OP to use the appraisal it will buy this person some time in getting re-appraised to bring it in line with current replacement value.

 

[diamondseeker2006]

DS2006 you are the best. In this case I have to differ with you a little. An appraisal is usually higher than what you paid for the stone and setting (the ring). I think the OP should use the appraisal which will be higher because most insurance co's increase the replacement cost each annivesary of the policy to keep up with rising prices and inflation. It has been my personal experience that after a few years the true replacment cost exceeds what the insurance co has it on its books for. This happened to me, so I had the ring re-appraised. Otherwise, if after a few years you experience a loss/theft you will not cover the real cost to replace, also for the OP to use the appraisal it will buy this person some time in getting re-appraised to bring it in line with current replacement value.

Bosie, thank you! ButI will tell you why I think it is never wise to overinsure...... because with replacement policies, you are paying more than the insurance company is going to pay to replace the stone/ring. Yes, if prices rise, you will occasionally need to get an updated valuation for the insurance. My insurance actually gives me the opportunity to raise the value on my jewelry once a year without a new appraisal which is nice (I folllow prices here and know when to add value). You don't want to overpay your premiums. Diamond prices have actually fallen a little recently since they were sky high. So it is especially important not to overpay now because if diamond prices stay stable or fall, someone might be able to go a long time without increasing value.