Should I increase the insurance on my diamond?

[meesmom]

So I was just looking around online at diamonds similar to mine, and it looks like the price haa almost doubled? I bought my 1.5 carat a few years ago at around $8700. Now similar ones cost $12,000 to 15,000?? Is this for real, and if so, should I raise my insurance amount?

 

[Karl_K]

yes

 

[tyty333]

For real and Yes...unless you want to have to pay a lot out of your pocket

 

[AnastasiaBeaverhausen]

Totally. In fact, most insurance companies recommend insurers to get updated appraisals on a regular basis. Or at least review your policy at before every renewal to see if you want to change the amount of coverage.

 

[meesmom]

Totally. In fact, most insurance companies recommend insurers to get updated appraisals on a regular basis. Or at least review your policy at before every renewal to see if you want to change the amount of coverage.

I spent $700 on new appraisals right before the pandemic, ugh. My ring appraised for $14,000 but that was retail replacement and included the setting.
Good news is i have USAA and its pretty easy to change the value online.

 

[meesmom]

yes

Ok, thank you.

 

[meesmom]

For real and Yes...unless you want to have to pay a lot out of your pocket

I thought i must be missing something. I don't understand how the prices have increased that much!

 

[diamondseeker2006]

I spent $700 on new appraisals right before the pandemic, ugh. My ring appraised for $14,000 but that was retail replacement and included the setting.
Good news is i have USAA and its pretty easy to change the value online.

Did you insure for $14k? If so, I wouldn't worry about changing it since that is close to the actual current value. Prices probably go back down some over time.

 

[meesmom]

No, I'm pretty sure that I have it insured for $12k. I will raise it to the $14k.

Did you insure for $14k? If so, I wouldn't worry about changing it since that is close to the actual current value. Prices probably go back down some over time.