{"id":19,"date":"2007-04-23T18:58:24","date_gmt":"2007-04-23T09:58:24","guid":{"rendered":"https:\/\/www.diamondsandopals.com\/blog\/so-youve-been-given-a-valuation-with-your-engagement-ring-what-about-insurance\/"},"modified":"2018-08-30T16:05:50","modified_gmt":"2018-08-30T08:05:50","slug":"so-youve-been-given-a-valuation-with-your-engagement-ring-what-about-insurance","status":"publish","type":"post","link":"https:\/\/www.jogiadiamonds.com.au\/blog\/so-youve-been-given-a-valuation-with-your-engagement-ring-what-about-insurance\/","title":{"rendered":"So You\u2019ve Been Given A Valuation With Your Engagement Ring. What About Insurance?"},"content":{"rendered":"<p>It&#8217;s fairly common nowadays for valuations to come with engagement rings and other jewellery, but usually they have some huge, seemingly meaningless value on them.<br \/>\n<!--more--><\/p>\n<p>This leads to a fairly important decision when it comes to insuring your engagement ring &#8211; should you insure it for what you paid, or for what it is valued at?<\/p>\n<p>Now on the face of it, it may seem like an easy decision &#8211; get it insured for what you paid for it &#8211; you&#8217;ll always be able to go back to the jeweller and buy it for the same or roughly the same cost.<\/p>\n<p>However, when preparing a valuation, a valuer has to take into account many factors, such as:<\/p>\n<ul>\n<li>Australian dollar fluctuations &#8211; remember back in 2001, the Australian dollar was trading at below US$0.50, it it now above 80 cents. Since diamonds, gold and other precious metals are all traded in USD, fluctuations will affect the price of replacement.<\/li>\n<li>How long the valuation is designed to last. A valuation that lasts five years will carry more currency risk and inflation than one lasting one year. However, two years is pretty much standard.<\/li>\n<li>How much the engagement ring or piece of jewellery would cost in a brick and mortar store, given a customer&#8217;s choice. Independent valuers don&#8217;t take into account whether you bought it from the internet or from Tiffany&#8217;s, however, a valuation for insurance purposes should assume prices from brick and mortar stores.<\/li>\n<\/ul>\n<p>With all these factors to consider, a valuer must balance your interest (a lower premium) with a price that isn&#8217;t too low that it makes them liable for claims in the future.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It&#8217;s fairly common nowadays for valuations to come with engagement rings and other jewellery, but usually they have some huge, seemingly meaningless value on them.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-19","post","type-post","status-publish","format-standard","hentry","category-buying-advice"],"_links":{"self":[{"href":"https:\/\/www.jogiadiamonds.com.au\/blog\/wp-json\/wp\/v2\/posts\/19","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.jogiadiamonds.com.au\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jogiadiamonds.com.au\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jogiadiamonds.com.au\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jogiadiamonds.com.au\/blog\/wp-json\/wp\/v2\/comments?post=19"}],"version-history":[{"count":1,"href":"https:\/\/www.jogiadiamonds.com.au\/blog\/wp-json\/wp\/v2\/posts\/19\/revisions"}],"predecessor-version":[{"id":389,"href":"https:\/\/www.jogiadiamonds.com.au\/blog\/wp-json\/wp\/v2\/posts\/19\/revisions\/389"}],"wp:attachment":[{"href":"https:\/\/www.jogiadiamonds.com.au\/blog\/wp-json\/wp\/v2\/media?parent=19"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jogiadiamonds.com.au\/blog\/wp-json\/wp\/v2\/categories?post=19"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jogiadiamonds.com.au\/blog\/wp-json\/wp\/v2\/tags?post=19"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}