Learn everything you need to know about insuring your engagement ring and fine jewellery collection. Find out which questions to ask your insurance provider, how to be sure if it's good policy, and other ways in which you can protect your diamond jewellery.
Insuring your fine jewellery is an important part of keeping it safe and protected through the years to come. While coverage between insurance companies varies, typical policies will cover theft, loss and damage to your jewellery or engagement ring.
Because jewellery has a high value, both monetarily and emotionally, it is important to consider insuring your collection.
As policies can vary, it is advised that you research which one is right for you and your needs. For example, not all policies will protect your jewellery if you travel with it between countries.
Have your diamond jewellery appraised so that, you are sure of it's value and can find an insurance policy that best protects it at a reasonable price.
Below is the link of an insurance company we strongly recommend for your jewellery insurance.
Insurance for engagement rings typically works the same way as insurance for other fine jewellery. We recommend insuring an engagement ring because it is likely to be the most valuable and meaningful piece of jewellery you will ever own.
With every purchase from Splendor Diamonds, you will get our one year guarantee for manufacturing or design issues. However, it does not cover normal wear or tear due to misuse of the jewellery.
You will also receive a free insurance valuation and diamond certification from G.I.A (Gemological Institute of America).
These documents make it easier to find a diamond ring insurance policy that reflects its true value.
DO YOU NEED JEWELLERY INSURANCE ?
While jewellery insurance is not mandatory, it is advised. Many people think that fine jewellery and engagement rings will be covered by a generic home insurance policy but, this isn't typically the case.
Contact your home insurance provider and ask them if your jewellery collection is protected by your current policy. If it is not, you will want to consider a separate insurance policy for your fine jewellery, for peace of mind.
In addition to an engagement ring valuation and diamond certification, locate the original receipts. With antique engagement rings and heirloom jewellery however, this may not be a possibility. Take photos of your jewellery collection for reference and be sure to store all items securely.
Even if you choose not to purchase insurance for an engagement ring or piece of fine jewellery, you should still take precautions that protect it. Store it carefully and securely, clean it regularly and keep an eye on it's wear and tear.
If you lose or gain a significant amount of weight, you may consider getting an engagement ring resized so that, it doesn't slip off your finger.
Be careful if you wear jewellery to certain events or locations; remove diamond rings before visiting the beach, for example. These are reasonable steps to take for ensuring that your jewellery can be enjoyed for years to come.
WHAT TO ASK YOUR JEWELLERY INSURANCE PROVIDER ?
If you are looking to insure more than one piece of jewellery - and particulary if your items include an engagement ring, ask whether it is more beneficial to have blanked coverage for the collection or to have scheduled insurance for specific pieces.
Make sure it is clear what kind of loss is covered by the insurance.
Does it cover only theft or will damage be covered too ? What about if you travel ? Cover all eventualities that relate to your lifestyle and concerns.
Get a checklist of everything you would need in the eventuality of having to make a claim. Whether it includes a police report, photographs, or an appraisal from this calendar year, you will want to be prepared.
We hope you have found this guide useful, if you have any other questions or if there is anything else you would like to discuss, please get in touch by clicking the link below and we'll be happy to answer all your questions.