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For those purchasing valuable items they plan to own for a long time, or even for life, it’s common to purchase insurance. Common items that are often insured include cars, homes, health, and even our own lives.
At Payne Anthony Creative Jewelers, we’re here to tell you about another area where you should strongly consider insurance: Jewelry, particularly engagement rings and various diamond ring formats. They may not be as large as a car or home, but these are still valuable items that can be protected against various forms of damage or loss using the right insurance program. Let’s go over some of the basics you need to know here – what can be covered and how this coverage works, the details you should know, and our recommendations for the best insurance method for your fine jewelry.
The first question from many people here, especially those who own several pieces they may be considering insuring: What does insurance cover for my jewelry? The simple answer: Virtually everything.
Whether we’re talking about a family heirloom engagement ring, a brand new sparkling diamond or any other option, it can be insured. This also extends to other forms of jewelry, such as bracelets, earrings, watches, necklaces, and even modern forms of “smart” jewelry.
Your first step when looking to obtain this insurance is obtaining a quote from a few different insurance companies. To do this, you’ll need to have the jewelry piece appraised by a third party, who will assess several factors of the piece and determine a rough value for it. Once you have this value, it will allow you to shop around for various insurance quotes based on the ring’s value and the kinds of protections you’re looking to add. We highly recommend shopping for multiple quotes before deciding on a final choice.
As you shop around these different quotes, it’s vital to understand the details at play. Not all jewelry insurance policies are the same – some may only cover minor issues or repairs, while others might require deductible payments before any services are completed. The last thing you want is to have already purchased your plan before you realize that a major area you wanted covered is not included. If needed, take an extra day or two to read over the specific details of each option before you sign any paperwork.
Generally speaking, we recommend comprehensive jewelry insurance if you’re going down this road. This is a full-service insurance type that protects from loss, theft, damage and even human error like dropping the ring. This type of insurance even allows for ring replacement if your ring is a unique piece – this will be done using a comparable or greater-value piece.
For more on jewelry insurance, or to learn about any of our jewelry designers or engagement rings, speak to the staff at Payne Anthony Creative Jewelers today.
Payne Anthony Creative Jewelers