Congratulations on your engagement! As a newly-engaged bride-to-be, we’re sure that practical and time-consuming tasks like purchasing engagement ring insurance are far less exciting than searching for the perfect wedding dress or planning a dreamy honeymoon. However, if your engagement ring falls off into the ocean while you are working on your summer tan you’ll wish you had protected that sentimental stone. It’s important to make sure you’ll be able to enjoy your ring for years to come—no matter what you’ll be doing with that left hand!
Below, a quick overview on insuring your ring:
First, choose a provider.
You have two options for insurers. If you already have homeowners’ or renters’ insurance, you might be able purchase an extension to cover your engagement ring specifically. If you don’t have homeowners’ or renters’ insurance, there are companies that specialize in jewelry insurance. The cost of coverage will vary based on several factors including the value of your ring and where you live.
Some important questions to ask about your policy include:
- Can you choose who repairs your ring?
- If you’re insured for replacement, are you limited in where can you purchase a new ring?
- Are there any circumstances that aren’t covered?
Next, get an appraisal.
You can’t protect the value of your ring if you don’t know what it’s worth. A thorough appraisal will include the carat weight, cut, color, and clarity of all the diamonds, 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.
If your center stone is around half a carat or larger, your jeweler will often provide a diamond certificate or grading report from an independent gemological laboratory like the Gemological Institute of America. 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. (This detailed information can also help track down your specific diamond if it’s ever stolen.)
Finally, remember to reappraise.
It’s important to have your ring reappraised every 2 to 3 years for insurance purposes. And consider going back to the same appraiser each time for consistency.
It’s one of the many reasons to choose Grants Jewelry for your Engagement Ring and other important jewelry needs.
Every Engagement Ring from Grants Jewelry is one of a kind, and comes with a thorough appraisal. Susan is a GIA graduate, so you can be confident that you’ll have all you need to insure this valuable purchase. Contact us today to discuss engagement rings, or jewelry appraisal needs.
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