Weddingbee Blog

I don’t have insurance on my engagement ring nor have I ever gotten it appraised. We always meant to do it but with our cross country relationship, my moving from LA to New York, work, sleep, play, blah, blah, blah… it just became one of those things we postponed.

When a reader emailed in a question about engagement ring insurance though, I decided to do a little research.

First of all, it’s important to understand the difference between an appraisal and a lab certificate. An appraisal puts a dollar value on the entire ring. A lab certificate (GIA, EGL, AGS) provides specifics on an unmounted stone (carat weight and dimensions, color and clarity grades, cut, shape).

45.52 carats; Graded by the GIA in 1997

After you have your appraisal, it’s time to get your ring insured. I called the good folks over at All State because if it’s good enough for David Palmer, it’s good enough for me. This is what I found out:

Renter’s insurance starts at about $200/year and a basic homeowner’s/renter’s insurance policy will cover jewelry for up to $1000. In order to have a ring insured for its full value, you must bring in an appraisal and a lab certificate to have a “floater” on the ring added to the policy. The floater will insure your ring up to the appraised value in case of loss, theft, damage etc. This costs an additional $15 per $1000 of the appraised amount of the ring per year. (The additional cost will vary with different insurance companies).

If the ring is lost, stolen, or damaged, the insurance company will replace the ring with something that is identical or similar to it; they do not give you the monetary value of the ring. The agent told me about people often bringing in inflated appraisals, but because they replace the ring based on it’s specs, the inflated appraisal usually has no bearing.

The GIA right here in New York City even offers a Free Report Verification Service:

“If you would like to confirm the authenticity of your GIA Diamond Grading Report or Diamond Dossier®, or the information your report contains, you can request a free verification. Simply submit your diamond along with its original report to the GIA Laboratory. The diamond will be re-assessed and the results of the new analysis will be returned to you, along with your diamond and its original report.”

The GIA will also evaluate a stone that does not have any certification, but it must be a loose unmounted stone. The cost for the service will be based on the size of the stone.

For more information contact:
GIA Laboratory
580 Fifth Avenue, Suite 200
New York, NY 10036
T: 212-221-5858 ext. 3724
Mon - Fri 8:00 am - 4:00 pm
http://www.gia.edu/

Resources:

• Appraisals vs. Lab Certificates.
• Guide to choosing a reputable jewelry appraiser.
• More on jewelry insurance through renter’s/homeowner’s policies.

Part II - Insuring your ring through Jeweler’s insurance. Coming tomorrow…