Jewelry Insurance

Jewelry Insurance Cost: It’s Always Worth It!

As a soon-to-be bride, one day you’ll always remember is the day he asked for your hand in marriage. But if an unfortunate accident occurs, such as your engagement ring falling down into the garbage disposal, or if it were to fly off of your finger, or a diamond falls out of the setting, you’ll certainly wish that you had properly protected your sentimental jewelry.

Jewelry and insurance experts can tell you that jewelry insurance cost is nothing compared to the lost of a valuable bauble. If lost, for whatever reason, you need to know what it’ll take to make sure you’ll be able to enjoy your ring for years to come. Following a few simple suggestions can help you better protect those prized possessions.

Choose a reputable coverage provider

When it comes to insuring any valuable jewelry there are basically two options. If you have homeowners’ or renters’ insurance, you can purchase an extension (also called a “rider”) that covers your engagement ring specifically (Basic homeowner policies however provide very limited coverage for property such as jewelry). If you don’t have renters’ or homeowners’ insurance you can take out a policy through a company that specializes in jewelry insurance.

One important factor is to know exactly what each piece is worth. A thorough appraisal will include the carat weight, cut, color, and clarity of all the diamonds, (along with the carat weight and shape of any colored stones), the metal type and fineness or karat, as well as any identifying marks, hallmarks, or stamps.

The Gemological Institute of America (GIA) uses the “4Cs” to evaluate diamonds: color, cut, clarity, and carat weight. This assessment of quality, while not an appraisal, lists all of the measurements your appraiser will need to make the most accurate determination of value. If a ring or any other expensive jewelry is lost, without an appraisal there’s no way to be able to recover the actual worth.

Remember to have your pieces reappraised

Since the value of your engagement ring has likely gone up since it was purchased, it’s important to have it reappraised every 2 to 3 years for insurance purposes. We suggest going back to the same appraiser each time, as most reputable appraisers will retain a copy of your original appraisal and can work from that instead of starting from scratch. Never weigh the cost of jewelry insurance against the value of an expensive piece – it just doesn’t add up!

When All That Glitters Is Seemingly Gone

Sometimes, life imitates art-as in the case of a wedding ring that disappeared without a trace one evening, leading to a comedy that seemed like it could have been straight out of a long-ago series featuring a zany redhead and her hot-tempered Cuban husband. Jessica Jones gave dinner parties that were legendary in the circle of friends, with delectable food made all the more mouthwatering for its clever presentation on an impressive array of fine china. A sit-down affair for 20 had gone well, although she’d had to use every dish in the house. But when Jessica removed her four-carat wedding and set it on the windowsill above the sink to wash the dishes, she never dreamed of the journey the sparkler would take but she thanked her lucky stars (and her agent) that she had purchased insurance for jewelry.

Her agent knew that a ring that was the magnitude of Jessica’s, with a nearly flawless, clear brilliant-cut diamond gleaming in the center of the platinum band flanked by several exquisite channel-set emeralds, was worth far more than the relatively small, specific amount of coverage that is built into a standard homeowners policy, even a high-value one; it was clear that her ring would more appropriately be protected with either a jewelry floater or a standalone policy. That way, the diamond wedding ring as well as the matching engagement ring, earrings and bracelet could be covered for their entire value. Jessica was heartsick about the loss, her husband tore the entire kitchen apart looking for the ring, and everyone who had attended the dinner party felt sick that such a beautiful evening turned into a nightmare.

Fortunately, Jessica’s agent had really done her homework. Learning over the years that Jessica had a habit of misplacing items and failing to care for her valuables the way she should (for example, forgetting to get the prongs on her rings checked periodically to ensure stones remained secure in their setting)-the agent had recommended a policy that included coverage for mysterious disappearance as well as lost stones and diminished value in a set should one or more pieces become lost.

As it turned out, Jessica didn’t have to file what would have been a very expensive claim-it turned out the ring had somehow dropped into some brown butter cookie dough that was in a bowl near the windowsill, was dropped onto a cookie sheet and baked into the buttery treat, and was discovered when Jessica bit down into a cookie only to bite into the ring (and chip a tooth in the process). The moral to the story, she says-follow the advice of one’s professional insurance agent… and chew carefully when there’s a chance that a diamond ring could be inside your cookie.