Post # 1
I’ve had my engagement ring for over a year and need to renew my insurance. My mother advised that I insure it for more than I did last year, because it would cost more to buy the same ring if I lost it. The insurance company asked if I did a new appraisal.
How much do appraisals cost and how often do you get them done? It seems excessive to get it done every year, but then again if I lost my ring and could only afford to buy a different ring of lower quality I would be totally bummed.
Post # 3
- Wedding: July 2012 - The Gables Inn, Santa Rosa, CA
It really depends on the ring– was it undervalued to start? Inflation and things dont change THAT much from year to year– I would say get it appraised every 5 years or so, but if you think it’s changed that much, it never hurts I suppose.
Post # 4
Most policies have an inflation factor built in. (I’d call and make sure – sometimes it’s an optional coverage)
remember – your insurance company can get the ring for less than retail. Unless you really underinsured it to start, you should be fine.
Post # 5
Appraisal costs vary…$60-$100 wuold be standard I think.
But every 3-5 years should be sufficient. Insurance companies do not pay out the appraisal amount anyway… They pay out replacement cost based on current market values. You appraisal should have all of the metal and stone details including weights and stats/certs, so they would re-cost it out.