Brilliance

Engagement Ring & Jewelry Insurance

Diamonds, fine jewelry, and engagement rings are prized possessions and it important to protect your purchase with jewelry insurance. Although every order from Brilliance is fully insured during shipment, the responsibility for your purchase is transferred to the customer upon arrival at your address. Jewelry insurance can be purchased through your homeowner’s or renter’s insurance, or can be bought separately through a specialized jewelry insurance company.

Most homeowner’s and renter’s insurances automatically include coverage from between $500 to $2,500 for all jewelry items within the home. One option is to add your jewelry or diamond purchase to your homeowner’s and renter’s insurance as an additional item to protect you in the event of theft. However, these policies do not always protect against other events such as loss or damage. Additionally, they may only cover a portion of the value of your jewelry or have certain policies that you need to be aware of such as deductibles, source for replacement, coverage amount, and others. If you select this method of insurance, it is important you ask questions regarding these policies and be knowledgeable of your coverage.

The option that offers the most protection is to add a rider to your homeowner’s or renter’s policy. Before insuring your purchase, the insurance company will request a gemological appraisal, which is a document that provides a detailed description of the item to be insured as well as the replacement value of the item. Gemological appraisals are usually conducted by an expert jeweler or gemologist and can cost between $50-$250. As a unique service to you, Brilliance provides a free gemological appraisal certified by our Master Gemologist with every purchase. This option guarantees enough coverage for your jewelry or diamond. Keep in mind that the coverage rates are often negotiable.

If you do not want to add a rider to your homeowner’s or renter’s policy, or do not currently have insurance, you can also purchase insurance through companies like Jeweler’s Mutual or The Chubb Group that specialize in protecting prized assets like fine jewelry or engagement rings. These companies will also require a gemological appraisal prior to insuring your purchase. Jeweler’s Mutual policies generally cover loss, theft, mysterious disappearance, and damage. Additionally, with Jeweler’s Mutual, you get to work with the jeweler of your choice and not through a dictated replacement company, as other companies require. However, a policy through Jeweler’s Mutual does not usually cover unset stones or loose diamonds. The Chubb Group offers a policy that covers personal valuables such as jewelry. This company has an insurance option that provides full coverage for the itemized amount shown on the policy without deductibles. Additionally, this insurance covers loss and theft world-wide. In addition to the option of replacing your jewelry item, Chubb also allows you to receive a cash settlement instead of replacement. An appraisal is recommended for jewelry insurance and required for items valued above $50,000.

Any insurance company will recommend that you have your jewelry inspected and appraised often to prevent potential losses and to update the replacement value of your items. Brilliance offers this service free of charge to our clients twice a year with our care and maintenance program. You can send your Brilliance jewelry to us for free inspection, cleaning, polishing, and refinishing. This way you will keep your jewelry looking like new and your diamonds set securely to help prevent a loss. Additionally, an updated appraisal can be issued to our clients upon request.

A Brilliance representative can explain your insurance options and can assist you in the process of insuring your purchase. Upon request, we can also fax your jewelry appraisal to your insurance company prior to shipment so that your purchase is insured upon arrival to you. Contact a Brilliance representative at 866-737-0754 to get started.

Categories: Diamonds, Education, Engagement, Gems, Jewelry