Insure Your New Diamond Ring Against “Oopsies”

No matter how careful you are with your diamond jewelry, “oopsies” happen. Be sure it’s  adequately insured for loss and damage. You can get insurance as a rider to your homeowners or renters insurance policy, or a policy from an insurance company that specializes in jewelry.

It all starts with an appraisal

To be able to claim the value of your ring, you need proof of it with a current appraisal. To make sure that you’re insuring for full value, consider a qualified jewelry appraiser.

An appraisal will give you a document describing your item in exact and extensive detail. This includes a gemstone’s measurements, clarity, and color, as well as the quality and value of the item. With this information, you have a better chance of getting the original item replaced with a similar one.

See what happens with a jewelry appraisal.

Some insurance tips:

• The cost of the insurance will vary. Factors considered include the value of the ring, where you live, and how much of a deductible (if any) you’re willing to take on.

• Understand your options in case of damage. Check to see if you can choose who will repair your ring?

• Know what happens if there’s a loss. Are you insured for cash or a replacement? And if so, are there any limitations on who can replace your ring? What if you can’t find a replacement? Are there any exemptions?

The Knot writes, “the sentiment behind your rings is priceless, but the rings themselves can be replaced.” Keep the sentiment, but be sure you’re in the best position to replace your ring by insuring it.

As always, if I can help you with anything, including insuring your diamond ring, let me know!

Brilliantly yours, Aimee