How to Get Insurance on a Diamond Ring or Other Jewelry
Jewelry often gets lost or is stolen, so if you've recently purchased a diamond ring or another piece of expensive jewelry, take the time to get it insured. Insurance companies will charge you based on the appraised value of the ring. With a higher appraised value, it will be easier to replace your ring if it is lost, but you will also pay a higher premium. You want enough insurance to replace the ring, but not so much that the premiums are too expensive.
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Instructions
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Take the piece of jewelry to a certified gemologist and get an insurance appraisal. Look for GIA or AGS certification. The jewelry store where you bought the ring will usually be able to provide the appraisal.
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Contact your homeowner's or renter's insurance company and tell them you want to add a ring or piece of jewelry to the policy. They will ask for a copy of the appraisal and provide you with a quote.
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Call or go online for quotes if you aren't happy with the quote that you get from the homeowner's or renter's insurance company. Shop around for the best rates before you commit to a policy.
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Ask for copy (or an updated copy) of your insurance to verify that the piece of jewelry is covered. Read the find print carefully and know exactly what your policy covers.
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Tips & Warnings
Make sure the jewelry store doesn't over inflate the value of the ring on the appraisal. You want enough to replace the ring, but not so much that the premiums are too expensive.
Know exactly what your policy covers. Read the find print carefully.
References
- Photo Credit Ryan McVay/Photodisc/Getty Images
