Should You Insure Your LA Diamond?

Nov 22nd 2022

If you purchased a Los Angeles diamond engagement ring or plan to purchase one, have you considered getting insurance for that ring? According to diamond expert Raffi Rupchian of Icing On The Ring, the average person spends between $3,000 and $6,000 on an engagement ring. An engagement ring is an investment, and you should protect that investment! When you buy anything with that kind of value, it’s a great idea to insure it. Oftentimes, your diamond ring can be added to your homeowner’s insurance policy- even your car insurance may offer diamond coverage. However, whichever way you choose to insure your diamond ring, you can be sure that your money, and your diamond, will be protected.

Getting Your Diamond Engagement Ring Appraised 

When insuring the ring you bought in the LA Jewelry District, your insurance company will require two things: a bill of sale and an appraisal of the ring. Even if you’ve just purchased 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 great idea to ensure that you paid a fair price. Appraisals typically cost anywhere between $50 and $150 per hour. If possible, visit an appraiser that won’t charge you an appraisal fee based on the value of your diamond ring, because that will drive the appraisal fee up. How much your ring is valued at should have no bearing on the cost of an appraisal. Be sure to look for an appraiser who not only has credentials 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 will be as easy as the day you bought her forever ring.


How Much Do LA Diamonds Cost to Insure? 

LA diamonds vary in value, therefore the amount you pay to insure them will vary as well. 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 between $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 for insurance if you live in an area where break-ins are common. Insurance companies base their rates on risk, and if you live in what they deem to be a high-risk area, you’re going to have to pay more to insure everything you own, including your jewelry. Be sure to do your research and shop around, because policies and rates can change from company to company. It’s extremely important to review the policy of your insurer carefully to make sure 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 insure your jewelry. However, just because it is easier to obtain insurance on the day you buy your ring, it doesn’t mean that’s the insurance company for you. It is important that you read the policies and understand the coverage of the insurance company. One important question to ask is if your For example, some policies will only cover you for the loss of your ring if the ring is stolen and 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 insurance companies will 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

If you’re looking for more information about insuring your diamond ring, stop in or make an appointment with Icing On The Ring. Our diamond experts are here to help you through the whole process, from purchasing the ring, appraisals and insurance. 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.

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