Everything about Appraisals and Insuring Your Diamond

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Insure Your Fine Jewelry


Making fine jewelry purchases is a beautiful way of saying to your partner that you love her. It’s no secret that girls love diamonds. Buying a diamond for your loved one is no doubt a very romantic thing to do. But in the heat of it all, people tend to forget that protecting their jewelry is as important as showing their affection by buying it. Looking at the unromantic side of it all, there are some things that must be done to ensure that your diamond is forever protected from forces that are not under your control.


The basic understanding is that homeowner’s and renter’s insurance policies generally cover theft of jewelry, but not accidental damage or loss of jewelry.


Chances are, though, the policy will only cover part of what your diamond costs, so you need to make sure that you have additional coverage to replace whatever you lose in case you diamond is damaged, lost, or in the worst case, stolen.




For any kind of jewelry valued above $300, if you are looking to get additional coverage under your homeowner’s policy, the policy requires an extra clause. It also requires some kind of documentation or proof of the diamond’s value, like an appraisal.


An appraisal is the examination and valuation of a certain piece of jewelry done by a professional in the business in order to gauge the market value of your jewelry. When all is said and done, an appraisal is just a respected opinion of the quality of the diamond and its value, exposing it to interpretation by your insurance company. You don’t want your diamond to be replaced by a lower quality one after you’ve misplaced it.


To avoid this, it is recommended that you get the proper grading certificates with the correct diamond report. A Certified Diamond with a grading report will have no problems in getting replaced as is, and your diamond will be protected. Also remember to get updated appraisals every 2-3 years to know the current value of your diamond. The value of jewelry changes regularly, and you will need your policy updated accordingly to get the best out of your insurance coverage.
If it is a new diamond, then your receipts are enough proof of your diamond’s value. Get it insured immediately, so if anything were to happen in the days following the purchase, you will be covered and would have dodged an enormous bullet.


Not having a homeowner’s or renter’s policy is not a problem. You can still get your diamond insured. There are several insurance companies providing policies with rates varying from $1 to $4 per hundred of the cost of the diamond, with several aspects being a deciding factor on the rates. You can also get your high-value diamond insured separately to your homeowner’s policy. Research and find a company with terms that you are comfortable with and you are all set.



Check what kind of service your insurance company provides – whether they replace the ring with monetary compensation or if they require you to purchase a replacement from a jeweler specified by the company.


Of course, you would be better off holding on to your diamond than losing it. If you have a safe or some kind of secure place to keep your valuables, keep your jewelry there when it’s not in use. It would also be practical to keep all your documents regarding the diamond – the receipts, the insurance papers, policy information, Grading Report and the written appraisal – in the safe. All you have to do is follow all these steps to rest assured that your diamond will always stay protected.