Insuring at appraised price?

[whirled]

Hi everyone! Thanks again first for all your informative advice! I have another question after reading some of the other messages...

I mentioned that my ring appraised for much more than what my fiance paid for it. Is it worth it to insure it for that much? The appraiser said (since I didn''t know exactly how much he paid for it) to ask him if that number is OK with him and he can adjust it. What are the pros and cons of insuring for more than the price paid for the ring? If i lose the ring or it gets stolen, would the insurance company pay for a replacement at the higher value? or pay up to that amount when they try to find a replica of the ring with exact specs?

Thanks!
andria

 

[Mara]

Read the previous posts recently on Chubb insurance and State Farm and other posts. We have had alot of insurance posts recently..all asking the same questions (I asked too!). The bottom line is that SF and other insurance co's MAY try to replace your stone for you at their cost, and you MAY not get something that you'd be happy with. They will try to match your specs but we all know that each stone is different.

Chubb is a little more $$ but they cut you a check and thats it. No hassles.

If you insure at the appraisal value (this is what most people do), that is the value you are paid out if something happens and you need to claim against the policy. EX if your ring was $10 appraisal, but he paid $7k, they'd pay $10k to you OR find you a stone that is within your specs and parameters but may be less $$ for them. Personally I'd take the check. We are most likely going with Chubb...they are not that much more expensive for peace of mind.

Good luck!!

 

[whirled]

Thanks for your advice, Mara! I guess I'll just have to call my agent and ask about the specifics. Seems like they vary with company to company. But I'm sort of leaning toward insuring it with my homeowner's insurance.

Boy, I am really getting addicted to this site!! Not only do y'all have great advice, everyone is so friendly and fun to talk to!