# Ring Appraisal



## CuriousReader (Apr 3, 2009)

I need to get an appraisal for an engagement ring for insurance, can anyone suggest me a good place to do it in the GTA area? how long does it take and how much does it usually cost?

Thanks!


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## I'm Howard (Oct 13, 2010)

Most Jewellers can handle it, and appraisal is usually twice what some one would actually pay you.


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## Square Root (Jan 30, 2010)

Yes. At least twice what you actually paid. Not sure how the insurance companies deal with that issue. If they actually give you what it is appraised for (in the event of loss) you could make a lot of money? I got an appraisal recently that had both retail (higher) and wholesale values. I could chose which one to use for insurance. Used the higher one.


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## CuriousReader (Apr 3, 2009)

Square Root said:


> Yes. At least twice what you actually paid. Not sure how the insurance companies deal with that issue. If they actually give you what it is appraised for (in the event of loss) you could make a lot of money? I got an appraisal recently that had both retail (higher) and wholesale values. I could chose which one to use for insurance. Used the higher one.


Wouldnt choosing the higher one also mean higher premium?

What does it cost to get appraisal?


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## MoneyGal (Apr 24, 2009)

You should be able to get an appraisal at no charge from the store where you bought the piece. 

Insurance for jewelry is usually a "rider" on your house insurance policy. It's been a long time since I insured jewelry, so I don't know how much a rider is now. 

The probability of loss of an engagement ring is actually relatively low, since it is worn on the body and usually women keep close track of their wedding and engagement rings. I don't have or wear an engagement ring and I don't have any riders on my insurance policy. The risk of loss of my wedding ring is very low as I don't take it off. 

The higher the insured value (whatever that insured value is), the higher the insurance cost.


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## Square Root (Jan 30, 2010)

CuriousReader said:


> Wouldnt choosing the higher one also mean higher premium?
> 
> What does it cost to get appraisal?


it would except it is covered in a fixed dollar amount (rider) in my homeowners policy. Like $50,000 or something. Ie jewellry loss up to $50,000 and only have to show appraisals if there is a loss. Used to have a separate listing that was insured but this was too expensive in relation to the perceived risk.


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