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PSA: Appraisal/insurance on your rings
We switched insurance companies when we bought our new house, and decided to move all of our insurance (home, car, jewelry) under the same company to get the associated discounts. Because we switched, I had to get an updated appraisal done on my engagement ring (since the last one was done when the ring was purchased in 2007).
We just got the updated appraisal in the mail yesterday and HOLY FREAKING HELL. The ring has more than DOUBLED in value. Apparently prices of diamonds and the metals (gold, platinum) are pretty much skyrocketing.
The bottom line is that if I had not switched insurance companies and gotten the updated appraisal, my ring would've been SEVERELY underinsured. If something had happened to it, the insurance I had (based on original appraisal) would not have covered the replacement cost.
You may want to consider looking into an update for your rings as well--just to make sure everything is accurate and you have enough insurance!
Re: PSA: Appraisal/insurance on your rings
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I mentioned this to DH recently and he told me that his friend from whom he got it appraised towards the very high-end when we got it to allow for some wiggle room and anyway, he'd be the one replacing it. I was like "that doesn't mean he's going to just GIVE me a ring if we need it if the insurance isn't enough!".
How did you go about getting it appraised. I have a fear of leaving it somewhere to be looked at - like that they'd switch the stone or something. I realize this makes me sound conspiracy theory crazy, but there you go.
I am the same way, Megan. Between my ring and my Mikimoto pearls - this girl isn't taking a chance. I found a place in town that will do appraisals on site - I just need to call ahead and make an appointment and then I can sit there and watch.
Well, since I was just getting an updated appraisal (mine was appraised originally when it was purchased, by the store that I purchased it at), all I had to do was bring in my original appraisal and the ring. She gave the ring a once over (to make sure it was the same ring the appraisal referenced, I guess?), cleaned it, and gave it back to me right there.
When it's an update to an existing appraisal, it's my understanding that all they have to do is adjust the value. So, if a 1 ct. VS2 H color diamond was $XXXXX amount in 2007, they have some kind of formula in which they enter a 1 ct. VS2 H color diamond for 2011.
It was easy, and only cost $20 since it was just an update. I went back to the same jeweler where the ring was purchased, and who had done the original appraisal.
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Holy crap. I didn't think of this and I just Googled the specifics of my center stone to see how much they're selling for (not even accounting for how good the cut is or the ratio (maybe be a cushion cut thing...) and you're right. Almost everything I see is about double what mine is insured for - not including the side stones or the platinum! I just saw our freaking jeweler twice this Summer to my wedding ring sizing - wish I'd had it done then!