(Closed) Should I have my ring appraised? Why?

posted 8 years ago in Rings
Post # 3
Member
893 posts
Busy bee
  • Wedding: September 2011

Usually your insurance on the ring is for the appraised value, not what you paid for it. I’m not sure why the insurance company you worked with wanted to know how much you paid for it instead. You may want to check into it.

The benefits to getting it appraised is so you know the value of the item should it get lost/stolen and need to be replaced or reimbursed by the insurance company.

Post # 4
Member
2392 posts
Buzzing bee
  • Wedding: September 2011

It’s usually for insurance.  I didn’t get mine appraised because we’re not insuring it – if it was lost or stolen, it would be a sentimental issue but I could easily afford to replace it since we chose to have an inexpensive ring.

Though I think some people have homeowner’s or renter’s insurance which they can add the ring to pretty easily, so it’s not a huge hassle to insure a moderately priced ring.  We don’t so it seemed like a waste of time and money to get it appraised and insured.

Post # 5
Member
14183 posts
Honey Beekeeper
  • Wedding: June 2009

When i got mine appraised, I turned in receipts for the wedding bands and engagement ring, plus the GIA certificate on my stone (we paid for that at cost, so it was worth significantly more). They factored in what I paid and what I had in order to arrive at an appraised value that would enable me to get it replaced should something happen to it.

Post # 6
Member
8738 posts
Bumble Beekeeper
  • Wedding: September 2011

@smith2be: Fiance got my ring appraised to make sure it was what the jewelry company said it was. He had the GIA cert on the diamond, but he wanted to make sure that the GIA cert matched the stone in the ring, especially since he bought it online. He went to an independent appraiser, NOT a jewelry store to get the appraisal done.

Also, our insurance company would only insure on appraisal value NOT purchase price. Just because you paid $x for something doesn’t mean that is what it is actually worth.

I believe it’s like that for almost anything you insure. Insurance companies will only insure what the item is worth, regardless of what you paid for it.

Also, on a large purchase like a ring, it’s always good to have all the paperwork on it in case of loss, theft, or if you do ever have to/want to sell it.

Also, for estate purposed, I believe they value everything in your estate for estate tax calculations, so the appraisal would be used there as well.

Post # 7
Member
7587 posts
Bumble Beekeeper
  • Wedding: December 2010

Mine already came with an appraisal document from the jeweler. Depending on where you bought it, this might be free, just ask.

It’s for insurance purposes. To make sure that you can replace what you got if you lose it or it gets stolen. It costs us $18 a year to insure it on renters insurance. It’s totally worth it!

Post # 8
Member
8738 posts
Bumble Beekeeper
  • Wedding: September 2011

@Entangled: True, most  renters (and maybe homeowners) insurance will cover up to $5k for each item I believe? But any individual items over $5k must be listed separately on the insurance policy to be covered for more.

Post # 9
Member
16 posts
Newbee
  • Wedding: July 2011

It is always a good idea to make sure you are getting what or more for what you paid for.

Post # 10
Member
8738 posts
Bumble Beekeeper
  • Wedding: September 2011

@Monica25: I agree. A little off topic, but I was watching Pawn Queens on TLC last night, and there was a woman who brought in a bracelet to sell that she believed to be diamond & sapphire that her husband gave her.

They tested at the store and it turns out the “diamonds” were moissanite. It’s ALWAYS good to get a 2nd opinion when you are dealing with expensive items that can be imitated.

The poor woman was hoping to get $10,000 for the bracelet and the shop could only offer her $75 because they were not real diamonds.

Post # 12
Member
16 posts
Newbee
  • Wedding: July 2011

@KatNYC2011: Also, just wondering where you took yours to get appraised and how much it cost?

Post # 13
Member
5494 posts
Bee Keeper
  • Wedding: August 2011

Mine came with the appraisal certificate from the certification lab.

Post # 14
Member
104 posts
Blushing bee
  • Wedding: June 2011

When we insured my ring our insurance agent told us the ring appraises for more than the purchase price to account for inflation and accrual of value as years pass. 

It’s possible that if you lose your ring a few years after you purchase it, the quality of the stone you had may be worth more than it was at the time it was purchased.

If you only insure your ring for the purchase price and lose it a few years later, you will only be able to recoup the purchase price instead of the new higher value of your level and quality of stone.

She also mentioned that we should have the ring re-appraised every 3-4 years to account for the new value it may have accrued.

 

Post # 15
Member
5921 posts
Bee Keeper
  • Wedding: December 2010

We got mine appraised because like someone mentioned above, our insurance would only insure the appraisal value, not the purchase price. 

Also – – a family member recently got engaged, and went to a jeweler to get her ring cleaned – – turns out is was glass – – not a real diamond.  An appraiser would also be able to catch something like that.

Post # 16
Member
510 posts
Busy bee
  • Wedding: November 2010

I definitely recommend getting it appraised, and please make sure you get it covered under insurance! You never know what’s going to happen. Insurance will cover it if it’s lost or stolen. My aunt had her house broken into back in January, and they stole all of my grandmother’s gold jewelry (who passed away 12 years ago), and it was supposedly worth $17K!!!! Not only is it sad to lose it for sentimental reasons, but financially, that was a huge loss.

When my husband picked my engagement ring up from the jewelers, it came with an appraisal, however the appraisal is the same as the purchase price. I’m thinking about taking it to another jeweler to get an independent appraisal just to be sure.

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