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!