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      05-05-2008, 03:46 PM   #1
nj335i
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Diamond Ring Appraisal/Insurance

Any tips? I just bought an engagement ring, and I need to get an appraisal before getting insurance. I got a quote for $75 per carat for the appraisal in NYC. Is this a good price? Also, how much should the insurance run me?
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      05-05-2008, 07:13 PM   #2
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The rider on your homeowners / contents insurance shouldn't be more than about $5 per thousand dollars. So a $10,000 ring should run about $50/year for replacement insurance, as a rider. That will all be influenced by where you live, but my wife's ring is about half that where I live (much less crime than NYC).

You can get an appraisal from any decent jeweler. The one from which you purchased it should be able to give you an insurance appraisal.
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      05-05-2008, 08:05 PM   #3
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The jeweler you bought the ring from should have provided a appraisal for free, at least mine did. They appraised then gave me 2 copies of the typed and signed appraisal for me and to give to my insurance.

I have StateFarm. I went with the total coverage. They will replace for full value of ring under any circumstance. I pay $12-14 a month(can't remember the exact figure), the ring and diamond were appraised in the $12k range. I could have went cheaper but whats the extra $2-3 a month. I'll reappraise to include the wedding band once it is finished which should be any day now.
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      05-05-2008, 08:31 PM   #4
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Cool, thanks for the advice!
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      05-05-2008, 08:47 PM   #5
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Quote:
Originally Posted by TurboFan View Post
The rider on your homeowners / contents insurance shouldn't be more than about $5 per thousand dollars. So a $10,000 ring should run about $50/year for replacement insurance, as a rider. That will all be influenced by where you live, but my wife's ring is about half that where I live (much less crime than NYC).

You can get an appraisal from any decent jeweler. The one from which you purchased it should be able to give you an insurance appraisal.
to be honest, that cost per year seems light.

every other tidbit seems on the money
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      05-05-2008, 11:04 PM   #6
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$75 for an appraisal sounds about right.

i also got an appraisal from the guy i bought my engagement ring from, but i wanted another, UN-BIASED, appraisal to make sure i didn't get ripped off. the second appraisal ended up being higher, so that made me happy.

btw, congrats dude!
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      05-06-2008, 05:47 AM   #7
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Quote:
Originally Posted by dimisa1977 View Post
to be honest, that cost per year seems light.

every other tidbit seems on the money
It's possible I'm on the low side. The only thing I pay a lot for is car insurance (damn 8 points ). My homeowners and associated has always been dirt cheap. I carry pretty thourough coverage, they've just never charged me much. Must be where I live.
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      05-06-2008, 09:48 AM   #8
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Yeah, $50/year seems light on a $10K ring.

FL rates are about 1.5%, which would be $150/year, assuming no minimum premium. BTW, I just checked a company I represent who writes that coverage and in NY the rates vary from 1.5-2.0%, depending on location. I have seen lower rates with some companies where the coverage can be endorsed to the Homeowners' policy, but not all companies have such an endorsement.
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      05-06-2008, 01:44 PM   #9
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Quote:
Originally Posted by its ray den View Post
$75 for an appraisal sounds about right.

i also got an appraisal from the guy i bought my engagement ring from, but i wanted another, UN-BIASED, appraisal to make sure i didn't get ripped off. the second appraisal ended up being higher, so that made me happy.

btw, congrats dude!
Thanks! Yeah, I was going for the same thing... unbiased appraisal.

Quote:
Originally Posted by Icedog_16 View Post
Yeah, $50/year seems light on a $10K ring.

FL rates are about 1.5%, which would be $150/year, assuming no minimum premium. BTW, I just checked a company I represent who writes that coverage and in NY the rates vary from 1.5-2.0%, depending on location. I have seen lower rates with some companies where the coverage can be endorsed to the Homeowners' policy, but not all companies have such an endorsement.
I believe it's 1.5% in NJ, with percentage discounts if you choose to have deductibles.
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      05-06-2008, 01:44 PM   #10
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Oh yeah, I got the ring appraised and am happy to say that I got a pretty good deal on the rock!
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      05-06-2008, 01:47 PM   #11
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Quote:
Originally Posted by darkcloud View Post
The jeweler you bought the ring from should have provided a appraisal for free, at least mine did. They appraised then gave me 2 copies of the typed and signed appraisal for me and to give to my insurance.
+1

Go back to where you purchased it. It is the least they can do!
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