Diamond engagement rings are usually a costly investment for most of us. So, it is highly recommended that you insured and appraised your diamond ring. Usually appraisal is done by qualified and competent appraiser that works in the personal property field. It is not a requirement for the appraiser to be connected on a jewelry store. Sometimes they work independently without any connection to jewelry store. However, it is still best to trust appraiser who are connected in a jewelry store just in case problem exist. There are some cases wherein the store offers for a discount on an item if they will have their appraisal done at their store. Appraisals are done based on the current market value and not at the discounted price. Be careful in buying your engagement ring, there are some jeweller who sell a piece of jewelry for one piece and then gave you an appraisal for a much higher value. This is unethical and illegal and is glare upon by all appraisal organizations. A jeweller who practices this kind of illegal act must be questioned and proper action should be done against them. If you happen to buy insurance based on inflated value then you will be over paying for your insurance. Jewelry insurance is mostly for Retail Replacement Value. It means that the insurance company is obliged to replace the items with the same quality and kind. It does not necessarily mean that that the insurance company will write you a check bearing the value stated on the appraisal. In the event of jewelry loss, the insurance company will pay you an amount equal to what they can replace the item through their sources. Many insurance companies do not require an appraisal from an independent appraiser. If you are insuring a diamond engagement ring one of the important factor that the insurance company is taking into consideration is that it be completely and accurately described with the current market value. It should contain a reference to any Diamond Grading Report that might accompany the diamond, together with the complete description of the mounting into the diamond set. From here the insurance company will decide if they will insure the ring according to its description in the appraisal. Most of the insurance companies require an appraisal to be done by a Graduate of Gemologist with training on appraisal theory. Many homeowners offer a jewelry coverage policy. It is important that you should check with your agent and ask what the requirements are. It is a must that you should know the coverage of the policy and what is not included. For those who rent an apartment or home, it is possible to purchase a renter’s policy that can also include jewelry coverage. It is not a must to have a homeowner’s policy. If you rent a home you can still get insurance. Insuring your jewelry, particularly your diamond engagement ring is a good idea. You can rest assured that if anything happens and if in case you lose your ring, you can still have a replacement with the same value and quality.
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