| From what I have read Insurance companies won't pay you $15,000 for the loss of a ring insured for $15,000. Usually there is a clause in the contract stating they will replace it. Therefore the insurance company will purchase the same ring from a broker for $5000.00. It's a bit of a scam. Insurance companies love high appraisal on diamonds etc. because they know you will pay a high premium to insure the piece. They never have the intention to pay you the amount you insure it for.(because they can replace it for a smaller amount). Also you should get a new appraisal every three years.
The forms for an appraisal can be bought on-line. Anyone could claim they were an appriaser or a GIA graduate.
Last edited by pearltime; 06-24-2006 at 07:49 PM.
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