(Closed) Rings Appraised and Insured- HELP!!!

posted 7 years ago in Rings
Post # 3
Member
209 posts
Helper bee
  • Wedding: September 2010

1. Get an appraisal from a jewelers. 

2.  Take the appraisal to the insurance company.  Helps if you have the original receipt for the ring. 

3.  Insurance company will add the ring to your current homeowners policy or you can have it insured separately. 

Post # 4
Member
1638 posts
Bumble bee
  • Wedding: September 2011

Excellent Lacrossebride!!!

 

Word of warning

I work for an insurance company and to insure jewelry they have to be worth a certain amount. Make sure your company does or does not have any requirements like that. With my company, each piece has to be worth a minimum of $2,000.

 

Post # 5
Member
5118 posts
Bee Keeper
  • Wedding: November 1999

Basically everything @LacrosseBride: said. I have a family ring, so we had to take it to an independent jeweler (not Helzbergs, etc). They provide the appraisal and the info you’ll want to know (ct size, cut, clarity, etc). You bring that info to the insurance agency, and they’ll give you the options on how to add it into your insurance. Mine needed a rider policy since my renter’s insurance did not cover the cost of my ring. It’s not too difficult to do. 

Post # 6
Member
16 posts
Newbee
  • Wedding: August 2011

Do you already have a grading report? Before you get an insurance appraisal, (and ideally before you make your purchase), you’ll want to get a grading report from a respectable lab. That way you’ll know exactly what the 4 C’s of your stone are BEFORE you get it appraised. It will also help you to make sure you’re getting an accurate appraisal. GIA is the most impartial, trustworthy, and respected lab in the industry. You can get more info from their website:

http://www.gia4cs.gia.edu

Hope this is helpful.

-L

Post # 7
Member
1843 posts
Buzzing bee
  • Wedding: September 2011

Make sure you ask your jeweler if they will provide a FREE appraisal. We bought my ring from a family-owned jeweler and he provided a free appraisal with the sale (which includes all of the information the insurance company needed, as well as two photos on their “special equipment”).  They told me the first appraisal is free – any additional ones you request down the road would be at cost (I didn’t even ask how much).

Post # 8
Member
1820 posts
Buzzing bee
  • Wedding: August 2010

A few more things to note –

  1. Make sure your appraiser knows that you need the appraisal for insurance purposes.  There are usually two appraisals “values” – one that tells you how much it would cost to replace the ring (in my case, to have a new one custom made, as it is an heirloom), and one that shows the value of the ring.  The value appraisal is what you will use for insurance, and it is usually higher than the replacement cost appraisal.
  2. Depending on the appraisal “value” of your ring, your ring may already be covered under your homeowners’/renters’ insurance policy (although the jewelry threshold is usually lower on renters’ insurance), so be sure to ask before they start trying to up-sell you on insurance.
  3. If you do need to buy insurance, there are usually two types – one comes as a rider to your current homeowners’/renters’ insurance and the other is a separate insurance policy.  One will allow you to get cash for the value of your appraisal if your ring(s) needs to be repaired or replaced.  The other option will only allow you to have the ring(s) repaired or replaced.  (You can think of it like car insurance – under one scenario, the ring would always be “totalled” if something happened to it; under the other, the insurance company can decide whether the ring is totalled or whether they will pay to have it fixed.)
  4. Make sure you know what your deductible will be.  If your ring just needs repair, it is often cheaper to pay for the repair than to pay your deductible.
  5. Last thing – keep your appraisal, your diamond certification, and a copy of your insurance policy somewhere really safe (like a bank safe deposit box) – if your ring is destroyed by fire/flood or stolen, it is nice to know that all the paperwork you need is somewhere else.

Post # 9
Member
8738 posts
Bumble Beekeeper
  • Wedding: September 2011

@milesbella: I think it’s important to get an independent appraisal done.

Go somewhere that is NOT your jeweler and have the ring appraised. That way you can get an unbiased value on the ring. Make sure they are appraising full replacement value for insurance purposes.

 

Post # 10
Member
5890 posts
Bee Keeper
  • Wedding: May 2012

@septcabride: sorry, i’m a bit confused.  wouldn’t the cost of replacing the ring be HIGHER than the cost of the value of the ring?

Post # 11
Member
1820 posts
Buzzing bee
  • Wedding: August 2010

@Mrs. Meowerson:  Not usually.  Usually, appraisers will give you a slightly inflated appraisal for your insurance so that you can guarantee that you will be able to replace the ring with your insurance.  I should have been more clear, though – often the appraisal will be higher than what was paid for the ring.

 

Post # 12
Member
37 posts
Newbee
  • Wedding: October 2011

Just insured my ring last week — my ring came with an appraisal when my Fiance purchased it, so I was able to use that to submit to the insurance company. I was recommended to use Jeweler’s Mutual as the company to insure my ring, and was happy with the service I received. I was able to do everything online and then they sent my policy by mail. I’ll pay $59 annually, with $0 deductible.

Post # 14
Member
1820 posts
Buzzing bee
  • Wedding: August 2010

One more thing that I kept forgetting to add last week – you will probably need to have your ring re-appraised every 5-10 years, especially if the cost of precious metals has gone up substantially.  You want to make sure that your insurance will cover replacement if anything should ever happen to your ring.

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