Diamond & Jewelry News, Advice and Prices for Consumers
Diamond & Jewelry News, Advice and Prices for Consumers
July 22, 2010
The diamond engagement ring is a family heirloom from my husband's side of the family, and I would feel much safer if it was insured.
July 31, 2010
Note that getting your antique jewelry appraised could cost a pretty penny - up to $100 or so each time, so I wouldn't get too zealous about getting the jewelry appraised every year, as the previous person recommended. A jewelery appraisal a year could cost you more than the diamond engagement ring itself, if enough time goes by.
July 29, 2010
It is definitely recommended to insure your vintage diamond engagement ring, as most home insurance policies only cover valuables stolen from your home, but won't cover items and jewelry that is lost or damaged. Even though you cannot insure the antique or vintage engagement ring for its sentimental value, at least you can cover the diamond ring's monetary value with a reliable insurance policy. First off, carefully read your home insurance policy or whatever other insurance policies you hold, to see to what extent the diamond engagement ring is covered. If you find that the diamond ring isn't covered by your current insurance policy, you can take our additional insurance coverage specifically for the engagement ring. However, read the new policy carefully and make sure it includes coverage for loss and damage, as well as loss or damage outside of your country of residence if you travel and that is relevant to you. Make sure that the insurance policy will reimburse you for the full value of the jewelry, with either a replacement piece of diamond jewelry or a cash settlement. Before insuring the diamond engagement ring, it is absolutely necessary to get it appraised to be sure that you and your insurance company completely agree on the value of the jewelry. Some insurance companies insist on arranging the jewelry appraisal themselves, although many allow the customer to have the piece appraised themselves. In that case it is recommended to bring the vintage piece of jewelry to a few different appraisers, to be absolutely certain of its monetary value. The diamond engagement ring may even be worth more than your own estimates so it is best to be sure. Since jewelry values change with the market, and especially values of antique jewelry might increase as the jewelry becomes more 'antique', you may want to get the piece reappraised every year or so and make sure to notify the insurance company of the changes in value.
