If you purchased an LA diamond engagement ring or plan to purchase one, have you considered getting insurance for that ring? Chances are you’re going to spend $2,000 or more for your ring (the average man spends between $3,000 and $6,000, according to diamond expert Raffi Rupchian of Icing on the Ring). When you buy anything with that kind of value, it’s probably a good idea to insure it. Many times your engagement ring will be included as part of your homeowner’s insurance policy. Many renters policies also include the option to insure your jewelry. But many times that insurance will only include loss or damage that occurs within your home. Make certain you understand your policy before paying an extra premium to cover your jewelry. If you happen to lose or have your LA diamond stolen when you’re not at home, your homeowner’s or renter’s insurance may not cover that loss.
First, Get the Diamond You Bought In the LA Jewelry District Appraised
When insuring the ring you bought in the LA Jewelry district—and you really should—your insurance company will require two things: a bill of sale and an appraisal. Even if you’ve just bought the ring, you’ll still need to have it appraised by an independent appraiser to verify the ring’s worth. Appraising your ring is a good idea, anyway, to give you peace of mind that you paid a fair price for the piece. Appraisals cost between $50 and $150 per hour. It’s probably a good idea not to use an appraiser that charges a fee based on the value of your ring. How much your ring is valued should have no bearing on the cost of an appraisal and such a system would seem to lend itself to over-inflated appraisals. Look for an appraiser who not only is trained to appraise rings, but one who is also a certified gemologist. Several appraisers have set up shop in the LA jewelry district, so finding a reputable appraiser shouldn’t be a problem for consumers who shop there.
How Much Do LA Diamonds Cost to Insure?
LA diamonds vary in value, and so will the amount you pay to insure them. Typically, the amount of insurance you pay is directly related to the appraised value of your ring, as well as where you live. A general ballpark is about $1 to $2 for every $100 of value. For example, a $5,000 ring would cost between $50 and $100 to insure each year. You may also pay more if you happened to live in an area where break-ins are more common. Insurance companies base their rates on risk, and if you live in what they deem a high-risk area, chances are you’re going to have to pay more to insure everything you own, including your jewelry. Shop around, because policies can vary from company to company. It’s important that you review the policy carefully to make certain you have full coverage of the replacement value of your LA diamonds.
Do Jewelry Stores In Downtown Los Angeles Offer Insurance Policies?
Many jewelry stores in downtown Los Angeles work with one or two jewelry insurance companies, making it easy to cover your jewelry. However, just because it is easier to grab some insurance the day you buy your ring doesn’t mean that’s the insurance company for you. It is important that you read the policies and understand the coverage. For example, some policies only cover you for the loss of your ring if the ring is stolen. You won’t get covered if you lose your ring. You should also consider what kind of proof an insurance company requires before paying for a loss. Other questions to ask include how much of the value of the ring is covered, as well as how the insurance company will pay. Some will just cut a check, others will require that you purchase a ring with that check through specific jewelry stores in downtown Los Angeles.
More Information About LA Diamonds
Looking for more information about insuring your diamond? Or want more information about shopping around LA for high-quality diamonds? Stop in and check out family owned and operated Icing on the Ring. If you’re looking for something more specific, give us a call at 888-565-6150 to speak with one of several experts who call our store home.