This week, I received a frantic call from a customer whose fiancée had lost her engagement ring. Although I would like to believe this never happens, it happens! Our lives are so busy and it is unrealistic to not take jewelry on and off on a daily or weekly basis…we need backup in place! When a person loses their diamond ring, it is more than just a financial loss; there is a tremendous amount of remorse and guilt. In addition, the expense of replacing a diamond engagement ring is not something that most people can easily afford. Just like in a car accident, jewelry insurance is there to be an unbiased resource to help you get your ring replaced so you don’t have to go through the emotional and financial stress of replacing the piece yourself.
The first step to applying for jewelry insurance is to get a jewelry appraisal from your jeweler. deBebians provides these appraisals on all orders over $1,000. This paper work is your proof of purchase and the suggested retail replace value that insurance companies need in order to give you a quote. Having this appraisal without any insurance does not give you any protection! deBebians does not offer insurance, therefore it is important to make sure you follow up with an insurance company after your purchase. You may even be able to add your jewelry to your homeowner’s insurance.
Jewelers Mutual Insurance Company is our recommendation for private jewelry insurance. You can receive a quote instantly via their website and decide how high of a value you are interested in being covered for. If you are purchasing a ring that you are concerned you could not replace in the event of an emergency, I recommend insuring it for the full amount. There is no limit as to how little or how much you need to insure your diamond jewelry for. Some people just want to be covered for the cost of the ring so that their monthly premium is lower. To what extent you insure your jewelry is your choice, but unless you are prepared for the worst case scenario, I would purchase some level of coverage. It is always better to be safe than sorry!