Question about insuring a diamond from whiteflash

[doanuts]

I'm looking to get coverage from Jeweler's Mutual, but I have a question about the verification report that was supplied. Should I cover the diamond for the amount I paid or the estimated retail price on the verification report? Thanks.

 

[jstarfireb]

I picked something in between, but I think I'm going to have to raise it to account for the huge jump in diamond prices. We bought it in 2007. I don't think I could get this same ring today for the value I'm insuring it for.

 

[yssie]

I'm looking to get coverage from Jeweler's Mutual, but I have a question about the verification report that was supplied. Should I cover the diamond for the amount I paid or the estimated retail price on the verification report? Thanks.

They will not let you use your receipt if your purchase was over 5k, so in that case some sort of appraisal/verification letter is your only option.

The verification letter is probably hugely inflated - mine certainly was - and it's a waste to pay premiums on that inflated amount, it's not like they'll shell out for a 15k stone if your set can be replaced for 8k, y'know?

OTOH prices have been skyrocketing recently, and appraisals aren't cheap, so a comfy buffer is probably wise... and then the reality with all types of insurance is that if you ever DO have need of it you'll certainly have a much easier time getting a fantastic 8.5k replacement out of them if you're insured for say 12k than you will if you're insured for 9k...