You wouldn’t leave your car or home uninsured, so why should a big purchase like an engagement ring be any different? An engagement ring holds a considerable amount of sentimental and financial value, so it makes sense to ensure your priceless purchase is protected.
But how do you go about insuring your engagement ring? Where do you start? Allow us to take you through the stages, including the engagement ring appraisal, and help you get from purchase to protected.
Why Insure Your Engagement Ring?
Most home insurance policies will provide cover for jewelry to a certain extent, but there will usually be what’s known as a ‘single item limit,’ which means there is a financial limit to what you can claim and costly deductibles. This can mean only a portion of the value of your item can be claimed, or in some cases, dismissed entirely. And paying a hefty deductible is never fun.
Expensive items, therefore, need to be stated individually on your home insurance policy with their value. In other words, you need to purchase a separate policy on your engagement ring.
Adding high-value items like jewelry to your home insurance premium can usually result in higher premiums and perhaps even a higher excess. Instead, we recommend opting for a specialist, comprehensive jewelry insurance premium as this is better value, and can compensate you for the total value of your item – should something happen.
Jewelry insurance will usually provide cover for the following:
- Accidental loss
- Damage caused by fire or flooding
- Theft
- Loss or damage to diamonds or stones
- Cover away from home, including overseas
- Accidental damage
What is a Jewelry Appraisal?
Purchasing insurance starts by obtaining a jewelry appraisal from an experienced and qualified jeweler. At Chrysella, our team includes a GIA-qualified gemologist who can take you through this process and provide you with an expert jewelry appraisal.
Also known as a jewelry valuation, a jewelry appraisal is a review and documentation of your engagement ring or precious jewelry to determine its market value, and the item’s price should you need to replace it. Many insurance providers will expect you to submit a jewelry appraisal before providing a quote for insurance.
A trained expert will evaluate your item and decide the price based on many factors using extensive industry knowledge. This can include materials used, the jewelry’s condition, current market value and scarcity.
You can then provide your jewelry appraisal to your insurance company to create or update your policy.
If you are having a valuation carried out an item of jewelry that you already own and not bought from new, the valuation will be based on what your jewelry is worth at the time of the appraisal based on its condition and other factors – not determined by the retail value from when it was bought.
Start Your Insurance Application: Have Your Engagement Ring Appraised
Of course, an item such as an engagement ring possesses considerable meaning in both cost and sentiment. There is often a far greater value than merely the price tag, but covering your engagement ring with a comprehensive insurance policy can offer some peace of mind should the worst happen. Insuring your jewelry will mean you’re financially compensated in the event of theft, damage or loss, even if nothing can replace the sentimental value.
Before submitting a jewelry insurance application, you will need to obtain an in-depth engagement ring appraisal from a qualified jeweler.
Our GIA-trained gemologist can advise and carry out engagement ring appraisals. Click here to find out more about Chrysella’s jewelry appraisal service.
The Chrysella Appraisal Process
We’ll guide you through the whole process, whether with an in-person appointment or by leaving it with us, to help you get insured and protect your most valuable assets.
How Our Appraisal Process Works
1. Show Us Your Items
The first step is to bring your jewelry to Chrysella for us to check. Whether you would like to conduct the appraisal in person or drop off your item for us to review and return to you, we can arrange a method of carrying out the valuation that works for you. Once your jewelry has been handed over to our team, we’ll start preparing your item for appraisal.
2. Discuss your item with you
Before we get to work, our GIA accredited gemologist will discuss your piece with you. This discussion is so we can learn more about your understanding of your item’s origins, materials and gemstones. This is a chance to present us with any grading reports from well known laboratories such as GIA. Oftentimes, sharing the report with your appraiser can make for a more accurate and sound appraisal. Our gemologist is GIA accredited and adheres to GIA standards and methodology for grading your item.
3. Evaluate Your Items
Once you have transferred your jewelry to us, we’ll start by taking a close look at your item. If your item requires cleaning, we will clean it to be able to see all the details of your piece.
Our expertly trained gemologists will review your jewelry, taking time and care to ensure no detail is missed. This examination involves a detailed study of your jewelry to determine a number of factors that will affect its value.
We will inspect the precious metals used in your jewelry, whether that’s sterling silver, gold, or platinum. We’ll check the quality of the materials used and the condition. We will also review and note the engagement ring size and dimensions and the age of the piece.
We’ll review the diamonds and gemstones. This inspection will specify information about your diamond’s cut, clarity, color and carat, along with other important qualities and characteristics that affect the value of your gemstone.
4. Document and Share Your Finished Jewelry Appraisal
Finally, we take a color photograph of your item and write up your appraisal. This appraisal documentation can then be passed on to your insurance provider. We partner with BriteCo to deliver your appraisal directly to you via email at the time of pick up!
We provide you with a digital copy of your appraisal documents and share them by email once the evaluation is complete.
Our appraisals are always precise and detailed, ensuring that your item is correctly represented in appraisal documentation and that your jewelry will be covered for its full value. No detail is missed, and we will ensure that your most prized assets are accurately recorded – so you can ensure your items are neither over nor under-insured for their true value.
Engagement Ring Appraisal: What To Look For
A qualified gemologist or jeweler should carry out your appraisal. Always check their website or ask to see their credentials to be assured that your jewelry is valued accurately and by a reputable individual or company. If you are not comfortable leaving your item with a total stranger, we understand! That is why Chrysella offers while you wait and watch appraisal service. Just ask to watch and your item will never leave your site. Our customers enjoy the unique ability to sit alongside the appraiser while the insurance appraisal is completed.
At Chrysella, our qualified and experienced GIA gemologist is on hand to carry out fine jewelry and engagement ring appraisals.
You will want to make sure that your jewelry is documented accurately. For a diamond engagement ring, ensure your appraisal includes details on the materials used (for example, gold or platinum) and their quality and condition. Ensure there is adequate detail describing the diamond or gemstones used, including any notable attributes such as color and clarity, as this will all affect the price of your diamond engagement ring.
Your appraisal should include all critical factors that would affect the value of your jewelry, and the cost of having to replace it.
What to do After Your Appraisal has been Delivered to You
Once you have received your appraisal, you can submit a copy to your insurance provider.
You’ll then be able to decide on a quote and choose the level of cover you would like to insure your item with.
It’s worth bearing in mind that the cost of jewelry can fluctuate, so consider having your items valued every few years. Your insurance provider should advise you on how often they recommend having your jewelry appraised. For most companies, this tends to be in the range of every 2-5 years.
Chrysella Engagement Ring Appraisals: Have Your Jewelry Appraised with Us
It’s essential to have your jewelry valued before you insure it, so you know exactly how much cover you need. At Chrysella, we’ll guide you through the process, helping you every step of the way. We’ll provide you with an accurate valuation of your jewelry to ensure you’re paying the correct premium and your item is sufficiently covered under your insurance policy.
Click here to book your appraisal appointment today!
To learn more about our jewelry appraisal process and to have your items appraised with us, schedule an appointment here.
Jewelry appraisals in Woodbridge, VA. Our GIA Graduate Gemologist can conduct while you wait jewelry insurance appraisals. We serve the Northern, VA and Washington DC Area. Visit our website to book your appraisal appointment.
