Jewlery Insurance

#408
Agreed. Mine only has images on file because I sent the entire packet of information with every minute detail regarding my stone. When I reset the stone, the jeweler did update the appraisal because the setting was branded and that had an impact on the value, especially since the designer made it himself and had a letter verifying that (don't get me started.) However, the diamond is the driver in the value, at least in my case, and since it's impossible without a custom cut to replace this specific stone, that's where I have to be on top of appraisals. You should be getting new ones every 3ish years anyway, and if you haven't had one since 2010, do one now because diamonds had a significant valuation uptick in early 2010. My carrier does automatic increases each year for inflation and market changes so I don't have to do a lot with that other than confirm valuation every few years.
 
#409
Thanks ladies for your input.

Due to my neurosis I went to the jeweler that did the reset and had an appraisal done. I'm kind of bothered that he appraised it for lower. It's $1200 lower, than initially appraised. That could definitely be due to the setting. My original setting had two bigger side stones and then pave band. This new setting is a halo and pave band.

I'm tempted to just leave things as they are. God forbid anything should happen I rather be able to claim more than less. And as Jawhawk said that should be fine, hopefully?

Any opinions?? Thanks.
 
#410
In my opinion, honesty and full disclosure are always the safest option. Heaven forbid you actually need to make a claim one day and this difference causes them to reject it. I would just update the records with the new info. If the valuation truly went down, so should your premium. Better safe than sorry, especially since youve already done all of the legwork.
 
#411
I used to work in insurance, I think you should update to the new appraisal. The lower appraised price may also be due to the cost of gold, maybe it's gone down since you had it originally appraised? At any rate, if anything happens you want to make sure you are covered so I would update it.
 
#412
Ok thanks ladies. I willl update it then. Yes it could be due to gold, and actually my original ring had more gold as well. My new setting is much more delicate looking, meaning less weight in gold and no big sidestones. I guess either way I can think of it as God forbid anything should happen - I would spend probably all the money on the replacement of the diamond, and we could could always spend our own money on setting.
 
#414
Hi everyone,

I would like to have an idea on how much is the price range of a certain jewelry to have it insured? For instance, does anyone thought about or have your Cartier Love Bracelet insured ? TIA :smile:
 
#416
If you go to the Jewelers Mutual website, you can type in the value of the jewelry you wish to have insured and the desired deductible and they will give you an estimate. For a $17k engagement ring, I was quoted about $200 per year with a $1k deductible.
 
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