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Should I Insure My Lab Diamond?

There are some purchases in life that are worth protecting. One of them is jewellery. In this article we'll be exploring reasons why it might be worth insuring your lab diamond jewellery.

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There are some purchases in life that are worth protecting. One of them is jewellery. Diamond jewellery, engagement rings and wedding bands are sentimental treasures that deserve to be safeguarded. These precious gems hold not only monetary value, but emotional value; they are a symbol of love and commitment and remind you of the special occasions they were given.

So, it makes sense as to why so many wearers of jewellery ask the all-important question: “should I insurance my lab diamond?”. In this article, we’ll be exploring the many facets of this decision, the reasons behind diamond insurance and the peace of mind that comes with protecting your cherished investment. After all, behind every sparkling gemstone lies a story, and it's our mission to ensure that your diamond's tale is one of enduring brilliance and safekeeping.

What is diamond insurance?

Diamond insurance, also known as jewellery insurance or engagement ring insurance, is a specialised form of coverage designed to safeguard the financial investment and sentimental value of diamonds and other precious gemstones. The insurance provides protection in the event of various situations such as loss, theft or damage.

Most reputable retailers of diamond jewellery will offer diamond insurance as part of your purchase. If not, you can initiate diamond insurance by underdoing an appraisal to determine the market value of the diamond. The coverage you obtain is based upon this appraisal. You will be responsible for paying premiums and the cost of insurance, plus any deductibles that are specified in the policy.

Every diamond insurance policy is different, so it’s important you do your research and find the right one for you. Below, we’ll explain exactly why jewellery insurance is important and outline some of the essential tips to follow when taking out lab grown diamond insurance.

The benefits of insuring your lab grown diamond jewellery

  • Financial protection: Diamond insurance provides financial protection in the unfortunate event of loss due to theft or accidental disappearance. This ensures that your investment is not lost entirely.
  • Peace of mind: Knowing that your lab grown diamond is insured provides peace of mind. Whether you wear it daily or store it safely, you can go about your life with confidence, knowing that you're protected against unexpected circumstances.
  • Preserve the sentimental value: Beyond monetary value, diamond jewellery often holds significant sentimental value, especially when it comes to engagement rings and wedding rings. Insurance helps preserve these emotional connections by providing a financial means to repair or replace the item.
  • Covered for all scenarios: Diamond insurance typically covers a range of risks, including damage to the stone, loss, theft, and even disappearance. This comprehensive coverage addresses the various scenarios that could potentially impact your jewellery.
  • Customised policies: Insurance for diamond jewellery can often be customised to meet your specific needs. This may include adjusting coverage limits, adding endorsements for specific risks, or even extending coverage for travel.
  • Appraisal and documentation: The process of insuring your diamond involves having it professionally appraised. This not only helps determine the appropriate coverage but also provides you with documented proof of your diamond's value.
  • No impact on home insurance: Diamond jewellery insurance is a specialised form of coverage and ensures that any claims related to your jewellery does not impact the premiums or coverage of your home insurance.
  • Ease of claims process: In the event of a covered incident, insurance simplifies the claims process. Provided you have the necessary documentation, the insurance company can expedite the resolution, helping you recover from the loss more efficiently.

How much is jewellery insurance?

The cost of diamond insurance will vary due to a number of factors. The primary factor is the determined cost of your lab grown diamond. The higher the appraised value, the more you can expect to pay in premiums. The type of jewellery may also affect the insurance cost. For example, since engagement rings and wedding rings are typically worn daily, they may cost more to insure than a necklace or pair of earrings.

The coverage limits you choose will also impact the premium. Higher coverage limits will result in higher premiums but also provide more financial protection in the event of a loss. Your geographic location may also affect the policy. Areas with higher crime rates or increased risk factors may have higher premiums. To help with this, insurance companies often take into account any security measures you have in place for your jewellery. If you have a safe or security system, if may contribute to lower premiums.

Finally, different insurance companies will offer varying rates, policy add-ons and different variations of cover. It's advisable to shop around, compare quotes, and choose an insurance provider that offers the best balance of coverage and affordability.

Tips for insuring your jewellery

If you’re feeling like you’re ready to insure your diamonds, here a few extra tips we advise following to ensure you find the right lab grown diamond insurance policy for you.

Insure your jewellery ASAP

Insuring your diamond jewellery early is the best way to safeguard both the financial and sentimental value of your precious gem. By securing insurance quickly, you provide yourself with immediate protection against unforeseen circumstances, such as loss, theft, or damage. This swift action ensures that, from the moment you acquire your diamond, you have a safety net in place, offering peace of mind and preserving the beauty and significance of your cherished jewellery.

Choose a reputable provider

Always do your research and make sure the diamond insurance provider you choose is well-established and trustworthy. Reputable insurance providers will have the resources and stability to honour claims and fulfil their financial commitments. Their claims process will be efficient and transparent so you can feel confident knowing, should anything go wrong with your diamond jewellery, that you’ll have a reliable experience when you need to file a claim.

There are several insurance providers that specialise in diamond jewellery insurance. Their expertise in this specific area means they understand the unique risks and requirements associated with insuring valuable gemstones. Here at Labgrown.Diamonds, we recommend T.H. March Insurance Brokers.

Get an appraisal

Obtaining an appraisal is a crucial step when getting diamond insurance as it will account for the value of your diamond and ensure your jewellery is covered with the correct policy. An appraisal will confirm your diamond’s carat weight, cut, colour and quality as well as the quantity of diamonds included in your design. It will also note precious metals, any distinctive markings, stamps and other characteristics that might affect its value.

Make sure you have a diamond certificate

When buying lab grown diamond jewellery online, always make sure to check you are purchasing from a reputable retailer like Labgrown.Diamonds. All trusted diamond retailers will ensure your diamond arrives with an independent grading report. This report is a comprehensive assessment that certifies the diamond’s quality and characteristics and will be conducted by a reputed gemological laboratory like the IGI (International Gemological Institute or the GIA (Gemological Institute of America). The assessment of quality will often be required by an appraiser to determine the correct value of your jewellery.

Ask questions

Finally, never be afraid to ask questions. A reputable insurance provider will be more than happy to answer any concerns you have about diamond insurance. It’s worth making sure you are aware of exactly what is, and what isn’t included in your cover, and what is involved when making a claim. You may also want to ask about the process of jewellery repairs. You may already have a preferred jeweller for repairs or replacements and while some policies may have preferred networks, others will allow you to select the jeweller yourself.

If you’re still in doubt, don’t hesitate to contact Labgrown.Diamonds today. Our talented team of diamond experts are happy to explain the benefits of diamond insurance and help you through the process of applying. Get in touch today by calling us on 01335 702199 or sending us an email at [email protected].