Updated: Mar 10
If you're planning a holiday proposal or even if you're just planning a significant jewelry gift this season, this is your friendly neighborhood appraiser reminding you to have your pieces appraised and insured, preferably before they are gifted/presented.
Remember, the ring/jewelry is insured while it's at the jewelry store/online retailer, but as soon as you leave the store or receive the box, the onus is on you to have it insured. Ideally, you can make an appointment before it's given, but if not-- please set up an appointment with me or another appraiser, or have the store from which it was purchased provide one. In a pinch, you might be able to turn in your receipt to your insurance agent to cover the piece at the purchase price. The trick is, you have to have it done within thirty days of purchase or they will require an appraisal anyway. The piece will also only be covered for whatever you paid, so if you got any sort of discount, that won't count. Not to mention, receipts don't have very much information, either. Ideally, a piece of jewelry should be able to be replaced by the description on the appraisal, so keep that in mind as well.
As I've explained before, there are a few ways to insure your jewelry pieces. One way is to add a rider to your homeowner's insurance or to add it to your renter's insurance. You can also purchase jewelry insurance from Jewelers Mutual or another similar company. Expect to pay 1-2% of the overall value of the piece per year. Sometimes there is a deductible, especially on the homeowners/renters riders, but the jewelry exclusive policies often do not have one.
So, go forth and be merry (or get married--follow the link for more about wedding bands!), but make sure your pieces are insured!