- 3 years ago
- Wedding: November 1999
Fi called home owner’s insurance co today (not sure who it is with) to ask about adding ering and wedding bands onto the policy.
they told him that the rings will have to be appraised (they dont know that the ering is certified and a replacement value had been appraised by the gem lab already), and told us a yearly premium would be figured for a dollar or so for every $100 of appraised value. it would cover all accidents or mysterious circumstance (theft, fire, loss etc etc) and would have a $500 deductible.
they said they would need our reciepts, any appraisals, any certifications showing the stones characteristics as well as the gold and metal characteristics. they also said that in case of a claim, they would find a replacement of the exact same cut, clarity, color, and carat, but if they could find it for a lower price than the appraisal value, we would get that much instead of just blindly paying us the appraisal value.
technically, the ering is a certified diamond and we have both the replacement appraisal value and certification in hand from the grading company. it has a lifetime warranty from our jewelry store, as well. but i dont think it covers theft. the wedding bands also have the lifetime warranty, but the wedding bands are not certifiied. i was told that we could have a some sort of document from the jeweler to show the quality of stones and gold for the wedding bands for the purpose of insuring them.
does that sound right? why do they need receipts, then?
do we even need the homeowners insurance? i guess for theft, we do? i plan to have them all soldered together to be one ring after the wedding.
does the insurance company need to see all the paperwork so they can figure our premium based on the highest appraisal value while telling us we will get paid for the cheapest same-quality replacement they can find? does that sound right or like a rip off?
my ering appraised for twice the purchase price, will the insurance company make us do THEIR appraisal or will they want my massively over-valued appraisal from the gem lab? actually the gem lab appraisal was sent after id recieved the ring and called them to request more details about the stone and the replacement appraisal, so i never actually sent the ring anywhere, i just trust that the appraisal for my stone was done before it was set.