Post # 1
Please forgive me if this is a stupid question.
I am doing research on e-ring insurance. My fiance called his renter’s insurance company yesterday and they told him that we did not need to get an outside appraisal to send to them and that all they need is the receipt from his purchase. What do yall think of that? Everything else I’ve heard and read strongly suggests getting an independent appraisal.
Post # 3
Before moving we had a personal articles policy on my e-ring through my State Farm renters and they told me there were two options to verify the amount. If it was purchased in the last 6 months we could bring in the receipt or an appraisal, but if it was purchased more than 6 months ago it had to be an appraisal. We went ahead and got the appraisal from the jeweler he bought the ring from because it was a family friend who had given him a good deal.
You want to make sure you get it appraised, because if you worked out a deal or had a discount for the ring at the time of purchase then you’ll be given that lower amount as insurance rather than what it would actually cost to replace the ring. You can get the appraisal sent to you and give your insurance company the higher of the two verifications.
Post # 4
I agree. When I got my ring appraised, it was appraised at a few thousand more than we had paid for it. When I got my insurance information for the ring, the value insured is the higher one, so if you just submitted the receipt, you would only be reimbursed what you had paid, not what it is worth should something happen.
Post # 5
Thanks ladies. That makes sense.