Insurance on Rings

11-26-2008, 11:27 AM

Do most insurance companies cover jewelry, diamonds, etc. or does one have to go through separate companies which specialize in insuring things of that nature?

rodman86 · 11-27-2008, 02:27 PM

Most insurance companies do cover jewelry and diamonds, just call your home owner's insurance provider and ask them what you need to do. Get an "insurance appraisal" or "replacement value appraisal" from your local jeweler, depending on the item of course; most insurance appraisals run anywhere from $65-$125 depending (some appraisers use a % of the value that they determine.... I don't like this method due to the fact that they are more likely to "over-value" the item as opposed to giving a fair dollar amount.)

If you have all the information about the piece, I would be happy to give you a (very) rough estimate of an appraisal value.

If anyone was curious, an insurance appraisal is not so much a measure of what an item is "worth", but should be looked at as; what would someone pay for this piece if they walked into a retail store in a mall, pointed at the piece and said "I'll take it", at full price! The "retail-replacement value" of a plain 14k gold chain should be anywhere from 33% to 100% more than what you paid... If it's not, your should do some shopping around next time!

Piece of advice - Get it appraised somewhere other than where you bought it, be sure the person has a Graduate Gemologist Degree (I like GIA), don't give any information about the piece (see if the appraisal matches what the seller told you), and use someone who charges a flat rate, not a % of the appraised value! Some might say to use someone who doesn't sell jewelry period, so as to keep them from giving a "lower value" to try and influence your perception of the business that you purchased the item from, but I sell jewelry and also do appraisals and can honestly say that regardless of the customer's decision to purchase a jewelry item from us has no influence on the appraisal value that I assign.

PREECERD · 12-04-2008, 07:30 AM

In the UK the appraisal is in the form of a 'Jewellery Valuation' or a 'Jewellery Portfolio'. These documents are recognized by all the leading UK insurance companies who deal with home contents insurance.

That said, home contents insurance may not fully cover your needs, so it is important to read the small print and compare what is on the market.

There are specialist jewellery insurance companies out there who can cater for all your needs and I'm sure that there are specialist companies in the U.S. too.

11-26-2008, 11:27 AM	#1
charlesincharge Guest Posts: n/a	Insurance on Rings Do most insurance companies cover jewelry, diamonds, etc. or does one have to go through separate companies which specialize in insuring things of that nature?

11-27-2008, 02:27 PM	#2
rodman86 Regular Member Join Date: Oct 2008 Location: Born and Raised in Houston, Texas! Posts: 82 Rep Power: 0	Most insurance companies do cover jewelry and diamonds, just call your home owner's insurance provider and ask them what you need to do. Get an "insurance appraisal" or "replacement value appraisal" from your local jeweler, depending on the item of course; most insurance appraisals run anywhere from $65-$125 depending (some appraisers use a % of the value that they determine.... I don't like this method due to the fact that they are more likely to "over-value" the item as opposed to giving a fair dollar amount.) If you have all the information about the piece, I would be happy to give you a (very) rough estimate of an appraisal value. If anyone was curious, an insurance appraisal is not so much a measure of what an item is "worth", but should be looked at as; what would someone pay for this piece if they walked into a retail store in a mall, pointed at the piece and said "I'll take it", at full price! The "retail-replacement value" of a plain 14k gold chain should be anywhere from 33% to 100% more than what you paid... If it's not, your should do some shopping around next time! Piece of advice - Get it appraised somewhere other than where you bought it, be sure the person has a Graduate Gemologist Degree (I like GIA), don't give any information about the piece (see if the appraisal matches what the seller told you), and use someone who charges a flat rate, not a % of the appraised value! Some might say to use someone who doesn't sell jewelry period, so as to keep them from giving a "lower value" to try and influence your perception of the business that you purchased the item from, but I sell jewelry and also do appraisals and can honestly say that regardless of the customer's decision to purchase a jewelry item from us has no influence on the appraisal value that I assign. __________________ Rodney Jr. A.J.P., G.G. (GIA) [url]www.shawsrr.com[/url] Last edited by rodman86; 11-27-2008 at 02:38 PM.

12-04-2008, 07:30 AM	#3
PREECERD Diamond Rookie Join Date: Dec 2008 Posts: 3 Rep Power: 0	UK Jewellery Appraisals/Valuations In the UK the appraisal is in the form of a 'Jewellery Valuation' or a 'Jewellery Portfolio'. These documents are recognized by all the leading UK insurance companies who deal with home contents insurance. That said, home contents insurance may not fully cover your needs, so it is important to read the small print and compare what is on the market. There are specialist jewellery insurance companies out there who can cater for all your needs and I'm sure that there are specialist companies in the U.S. too.

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