Question on insuring the engagement ring...

[mypak]

Hi, how does the insurance process work? I heard you can use your homeowner''s insurance but I currently rent. Are there certain insurance companies that specialize in this? Any advice here?

Also, say I decide on a diamond and it''s qualities like cut, clarity, carat....then to be safe I take it to an appraiser...once he/she gives it the thumbs up and I go to have it set, how do I know once it''s set that I got that same diamond? How long does the setting take? Is it something I can watch?

thanks so much in advance...

 

[JT]

Yes, there are companies that specialize in this. However, I was able to insure mine even though I don''t have homeowners yet. The rate was around $10.00 for every 1000.

 

[denverappraiser]

Most of the same companies that offer homeowners insurance also offer renters insurance with similar sorts of rules. An agent in your area should be able to explain their offerings. There are also specialty jewelry only companies, in particular Jewelers Mutual, at www.jewelersmutual.com. Rates range from about 1%/year to about 3%/year depending on the company you select, your zip code, claims history, and the type of coverage you want.

If you have the diamond appraised loose as part of your shopping process, your appraiser will be able to recognize it again when you bring it back for the appraisal on the finished item (which is the documentation that your insurance company will want).

Setting can often be done while you wait but it will depend on the details of the mounting you choose and the shop you select. Many are quite busy and it will be necessary to set an appointment for this sort of thing. Ask at the shop when you are selecting the mounting what your options are. Most will do their best to cooperate if they can.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver