Post # 1
I was wondering if anyone here has had their engagement/wedding rings appraised for insurance purposes? Would you mind telling me what you paid?
I have to double-check the receipts for the wedding rings but I think they both have warranties (we purchased them together at the same place). Should I be okay with just that?
My rings aren’t that elaborate but I’m paranoid about stones falling out. My husband picked out my engagement ring all on his own and I have no idea if it came with a warranty (I just admitted to faux pas #1 ~ bad communication). I don’t want him to think I’m prying into how much the ring cost.
My insurance agent told me that they have a pretty good policy that covers wedding rings (including covering missing stones) the only thing is I have to have it appraised and I just found out from my regular jeweler that the appraisal alone will cost me $125 and they have to keep the rings for one week.
I don’t want to be without my rings for that long and I really don’t want to pay $125 for an appraisal. Is that the normal amount? Eegads!
Thanks for your help Bees!
Post # 3
That is really interesting that your rings did not come with an appraisal when you bought them. My center stone came with a GIA certification and apprasial for the whole setting when they were purchased. I know that for my insurance we had to have an appraisal and not a warranty.
I cannot say how much an appraisal should cost but there is no reason that they should have to keep it for a week unless they are having to take the stones out of the setting and ship them to GIA to be certified. I would definitely check what all is included with your appraisal.
Post # 4
You should be able to get blanket coverage for the rings. You don’t need to have the ring appraised, just be able to pick an amount of coverage that will cover the rings.
Blanket coverage covers a value listed on the policy for any personal belongings that are of high worth, like jewelry or valuables. So if you get a $2500 blanket coverage endorsement on your homeowners policy, that $2500 will cover your ring or your grandmother’s heirloom earrings or whatever of value you can claim on it (depends on the company what is covered under a blanket endorsement).
What you are thinking of is scheduled coverage. That’s a coverage that covers only the items listed in the policy. So, only the ring. For scheduled coverage you have to have the ring appraised to get the specific amount of coverage for that one item.
Call your homeowner’s agent and ask about their options for blanket coverage endorsements for jewelry. It’ll save you the time and money for an appraisal. The endorsement I got covers my ring anywhere I wear it and I think it was an extra $75 or so a year for the coverage.
Post # 5
One benefit of having your rings covered through insurance is, if you ever lose them (even if it’s your own fault) you can get them replaced. The warranty wouldn’t be any help if you lose it or it gets stolen.
Are you sure your ring didn’t come with appraisal papers when you bought it? If it’s a certified diamond with paperwork I’d be a little surprised if it didn’t.
Post # 6
I have no idea if it came with an appraisal. I’m a bad girl. I’ll check the paperwork when I get home from work. Thanks for bringing it up. whitsonnet you sound like an agent! LOL! Thanks so much for the info. I thought about adding it w/out the appraisal. I just wanted to know if that was possible.