Looking to Insure $20K Engagement Ring... Please Help!

An insurance company does not 'replace' a piece of jewelry. They write a check.

Not always. I worked in State Farm claims some years ago. Jewelry policies had complete gemology reports and photos. We had jewelers all over the country that could reproduce an identical piece of jewelry for about half of the amount of insurance and it was written into the policy that State Farm had that option.

Appraisals are a joke. Every weekend in the paper there are jewelry adds that say we'll sell you this item for $1000 and give you an appraisal for $2000 for your insurance. Guess what. You bought yourself a $500 piece of jewelry.

It isn't any wonder that insurance companies want to replace the item rather than pay for it.
 
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