Life is full of surprises. We can do everything in our power to protect the things that are most important to us, yet, no matter how cautious you are, there is always the chance of your ring getting lost or being stolen. It is for that reason that we always suggest insuring your diamond engagement ring. Knowing that your investment is protected in the event that something unwanted occurs will provide you with a comfortable sense of emotional and financial security.

What is an Appraisal?

An appraisal is a document stating the approximate retail replacement value of an item. Using current market data, an appraiser calculates the retail replacement value of the item. For diamond engagement rings, the appraisal includes the cut, color, clarity, and either carat weight for diamonds or millimeter dimensions for gemstones, as well as the metal quality and craftsmanship of the item. Your appraisal ensures that in the case of loss, theft, or damage your insurance company will give you an equal replacement of your item. The more information contained in the appraisal, the better chance you have of receiving the exact replacement for that item. Your insurance agency can rely on this appraisal to calculate a coverage rate for your diamond or piece of fine jewelry.

To insure your jewelry, you will need a certified appraisal from your jeweler. At Mint Diamonds, all of our jewelry valuing $1,000 or more is accompanied by a certified appraisal. With this appraisal you will be able to either add your jewelry item to your homeowner’s or renter’s insurance policy, or insure your purchase through a jewelry-exclusive insurance company.

Insurance Companies

When researching insurance providers, you’ll want to compare their policies to choose the one that best fits your needs. First, find out if there is a deductible and how much it is. Ask if the policy covers you fully, whether the item is merely damaged, or even if it is lost overseas. Many policies will have riders that do not allow for this level of coverage. Make sure you read the details of the policy carefully before you pay for extra insurance. Also find out if your jewelry is covered at the full replacement cost, and if you can receive a cash settlement in lieu of a replacement item. Finally, find out if there is a discount if you have a home security system, such as an alarm system.

Jewelers Mutual Insurance Company

We have received excellent feedback regarding the service that Jeweler’s Mutual offers. Although Mint Diamonds is not a licensed agent of Jewelers Mutual and does not sell or recommend insurance, they may be a viable option for you to consider. Since 1913, Jewelers Mutual has been the only insurer dedicated exclusively to jewelry and offers comprehensive repair or replacement coverage with worldwide protection against loss, theft, damage, and mysterious disappearance. With them, you will have the flexibility to choose your own jeweler, repair damaged jewelry with the same level of quality as the original, and replace lost jewelry with the same brand and type. They have GIA Graduate Gemologists on staff to assist you with your claim.

You can learn more about Jewelers Mutual by visiting www.jewelersmutual.com or calling 888.884.2424

*Mint Diamonds is not a licensed agent of Jewelers Mutual and does not sell or recommend insurance. Jewelers Mutual is an alternative to other insurance companies you may be considering. Any coverage is subject to acceptance by the insurer and to policy terms and conditions.

*For insurance purposes, it is a good idea to get a new appraisal every three to five years. Your investment will most likely increase, and you will want to make sure that your appraisal papers are up to date in order to protect yourself in the case of loss.