Post # 1
We purchased the ring this weekend, and I am curious about the appraisal. We spent $5500 on the ring, and the jeweler appraised it for $10,000. I know that the jeweler will always appraise it for more. We need to next go to an independent appraiser. Was there a large difference in value based on different appraisals??
And can I put the ring on my renter’s insurance? What do I need to do the insurance.
ALSO, how much does an appraisal usually cost? I live just outside of NYC.
Thanks, ladies!!! Hope I get the ring soon! 🙂
Post # 3
Well, Fiance won’t tell me exactly what he spent on the ring, but it’s between 12,000-15,000 that he spent on it, it’s been appraised for just over 20,000. I put my ring on my renter’s insurance as a “floater” I believe it was called. My renter’s insurance for the year with the ring is now 500$ and it covers the ring and then the rest of my property because of other jewlery, clothes, etc that I wanted to make sure was covered.
Edit: Hope you get your ring soon!!! Good luck!
Post # 4
@Fallicious1012: Same thing happened to me. The jeweler over-appraised it so we got an independent appraiser. There’s definitely a difference in the 2 amounts but I trust the independent appraiser more. He explained that insurance companies doesn’t have to pay out the full amount if they feel it’s over appraised. Also, I went to the AGA website to find a reputable appraiser.
Here’s a good article about appraisals I found – http://wedding.theknot.com/getting-engaged/engagement-rings/articles/engagement-ring-appraisals-101.aspx
As for insurance, I hear a lot of bees add it to their home/rental insurance, but you have to make sure it covers certain things such as theft, damage and “mysterious disappearance.”