Ring Reappraised, went up in clarity - Insurance ?

[sonnyjane]

Hi there! I bought my engagement ring in 2008 and it was described as a 1.01 ct H SI1. It was NOT certified by any lab, so I knew these were possibly not accurate. At the time I paid $4,745.

Because of the recent increases in prices, I had it reappraised today for insurance purposes. They spent 2 hours examining it and made me a plot (which I never had before) and they said that they also found the stone to be a 1.01 ct H, but they said that it really didn't have the inclusions that they'd expect of an SI1, so they gave it a VS2. They appraised it at $7,621. The plot they gave me just shows a few clouds. The appraiser was GIA trained if it matters.

I'll certainly take the news, I just wondered, for Jeweler's Mutual, since they replace with like-kind stones, will they use this new appraisal's information (H VS2) or would they use the original one from the store where I purchased it (H SI1) but increase the replacement value?

Oh... and if anyone saw my other post, my stone was NOT chipped, it was just something solid wedged under the prong. They got it out. Yay!

 

[Dreamer_D]

If the ew documentation states different specs and those specs were used to determien the replacement value, then the information on the new appraisal should be used to replace! You can insist on it.

 

[sonnyjane]

If the ew documentation states different specs and those specs were used to determien the replacement value, then the information on the new appraisal should be used to replace! You can insist on it.

Awesome, thanks! I was grumbling about paying the $125 to have this appraisal, but I'm really glad I did it. Since my stone wasn't certified, I've always had this "well, it's nice looking but it might be crap" mentality, but after finally getting a plot and an independent appraisal, I feel really happy about my little-stone-that-could lol.