I finally bought the diamond. I picked out and paid for a setting from WhiteFlash already...I just have to drop the stone off to get mounted on the ring. But WF is recommending getting insurance for the mounting process. My next step is to get insurance on the loose diamond so WF can set it. I heard Jewelers Mutual is the way to go. I browsed a little, and reviewed their application. I'm a little hesitant to give my social security number on an application for insurance. I don't want it to affect my score. Also, I'm not sure if I use the retail replacement value on GOG's appraisal report, or if I use the dollar amount that I paid for the diamond. Can someone help me out please? What is the difference between insuring at the retail replacement amount vs insuring what I paid? When the annual policy expires, do I have the option to opt-out for free, or will they charge me if I don't say anything?
Try Chubb. http://www.chubb.com/personal/valuable_articles.jsp As far as what do you want to insure the diamond at...it depends. If it is lost or stolen, do you want the purchase price back or the appraised price? If the appraised price is higher (which I hope it is ), then I would suggest insuring it at the appraised price. The value of the diamond will appreciate even during the first year of ownership...so it's better to make sure you get fair value for the diamond if something happens to it. If your girlffriend is living with you, you might want to check your home owners/renters insurance. Those policies will sometimes include a jewelry rider and might provide you with additional coverage. As far as canceling...you should be able to cancel after the annual policy expires. Just make sure you read the policy cancellation/renewal procedures and follow them. Congrats!
Call my guy James Banks 920-330-3875....let him know Jason Silverman referred you. He's very helpful.
I agree, Chubb is really good for jewelry insurance.. Basically, if you suffer a loss you will be compensated up to the cost you paid for the stone or what your appraisal says it's worth depending on which you pick... If you choose the price paid (assuming it's lower) you'll pay less for premiums on the insurance.. As far as what to claim the value of the stone at, I always do it at the price paid.. Odds are you will not loose or break the stone even during setting and if it's a high dollar diamond the difference could be significant on your annual premium for the difference of cost paid verses the appraisal (WF inflates their appraisals a bit too much IMO).. Also, if you renew the policy every year (I do, and I recommend including both rings) most insurance companies include a small percentage increase in value when the new policy is put out to compensate for appreciation..
