(Closed) Ring appraised for 77k over purchase price. What do I insure it for? Poll.

posted 4 years ago in Rings
  • poll: What would you insure your ring for?

    Appraisal Value

    Purchase Price

    What you believe you would be able to replace it for.

  • Post # 79
    Member
    35 posts
    Newbee

    View original reply
    kaotoo3391 :  

    Pardon the question, but why didn’t you ask a claims adjuster coworker to begin with? It seems you have both an agent and adjusters to seek advice from–why an anonynous forum of laymen?

    Post # 80
    Member
    8987 posts
    Buzzing Beekeeper

    That is such a huge swing that I would use the purchase price.  We used our appraised value only because my husband had a family member in the jewelry business who sold him the ring at wholesale price. We didn’t want to have a situation 10 years from now where we need to replace the ring and our hookup is gone so I’d end up with a much smaller replacement ring.

    Post # 83
    Member
    35 posts
    Newbee

    Farmer’s is a very price-sensitive carrier. I didn’t even realize they’d write a high value policy. Interesting…

    On that note, though, I am out. A lot of the information provided makes little sense when taken together, and nobody can give you even general insurance advice based on it.

    Post # 84
    Member
    361 posts
    Helper bee

    Assuming the center stone and setting cost much much more than ~$20k, I’d insure it for purchase price plus 10-15%. If it somehow magically cost under ~35k for the center stone and setting, I’d get it insured for the appraisal amount. 

    Post # 85
    Member
    1932 posts
    Buzzing bee
    • Wedding: December 2013

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    kaotoo3391 :Β  I’m absolutely in love with your ring!! I’m a halo girl too! I just had my emerald cut set into a double halo, I think it would have looked beautiful as a solitaire but I prefer more bling. As for insurance purposes I would speak to your Broker, he will have the best information on your specific case etc. I hope you never lose this beauty and that you will never have to make a claim. Although if you want to lose it lol, please come and loose it at my house in Australia. 😜😊

    Post # 86
    Member
    245 posts
    Helper bee
    • Wedding: May 2015

    I am not usually drawn to any kind of square stone, but DANG! Your center stone is mesmerizing. I would be staring at it all day!!

    I’m not am insurance expert, but I’d insure it for “replacement value” which I’d bet is somewhere between what you actually paid and the appraisal. I’d probably get a second independent appraisal and go from there. I think your research price checking specs is going to be invaluable too, since like you mentioned most appraisals are inflated. Trying to build a similar ring now should help you get closer to the magic number.  

    Post # 87
    Member
    293 posts
    Helper bee

    View original reply
    kaotoo3391 :  Check out Jeweler’s Mutual and Lavalier. They both will let you work with whatever jeweler instead of forcing you to take their own crap. They have online quotes based off of your zipcode, but after my husband called in, we got a better quote than the one online since you can specify any extra safety measures you’re taking (in-home safe, bank vault, home security system, etc.)

    Post # 88
    Member
    200 posts
    Helper bee
    • Wedding: May 2012

    View original reply
    madelise :  after reading so many good reviews of Jeweler’s Mutual we just insured my set.

    The topic ‘Ring appraised for 77k over purchase price. What do I insure it for? Poll.’ is closed to new replies.

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