You just purchased a valuable diamond ring, earrings, pendant, or any other piece(s) of jewelry at Rare Carat. Your item is insured by Rare Carat during shipment, but this coverage expires at delivery. As for the Rare Carat Warranty, it covers manufacturing defects but not the everyday wear and tear, theft or loss of a stone.
Given its sentimental and monetary worth, it is essential to protect your jewelry item against potential loss, theft, or damage. Losing your ring while traveling or losing the center stone after a hard shock on a solid object can be quite distressing.
Annual insurance premiums for jewelry usually cost between 1-2% of the insured value, though may vary based on provider, location, deductible, and other factors. In case you lose your jewelry, most insurance providers will offer a replacement item as opposed to cash value.
The information below will guide you through the process of insuring your jewelry, giving you peace of mind and financial protection for your treasured keepsake.
Step 1: Appraise Your Piece of Jewelry
This step may not always be needed, as an invoice might be sufficient. Many insurance companies will only require an appraisal if the piece is over $5,000 or if a certain number of months have passed since the purchase. Rare Carat can provide you with an appraisal for your jewelry, which you can select at checkout or request after your purchase for $20.
Step 2: Choose the Right Insurance Policy
There are two main types of insurance policies for your valuable jewelry:
Standalone Jewelry Insurance: This policy is specifically designed for insuring jewelry items like engagement rings or other types of jewelry and watches. Check out Jewelers Mutual to learn more about coverage and coverage options. Jewelers Mutual has been one of the most reputable and affordable specialized jewelry insurance providers for more than 110 years.
Homeowners or Renters Insurance Rider: Some insurance companies allow you to add your jewelry to an existing homeowners or renters insurance policy as a "rider" or "endorsement." Coverage varies by insurance company and might be limited compared to standalone policies.
Although Rare Carat may offer opinions to consumers about the importance of protecting their purchase, Rare Carat is not a licensed agent and does not sell or offer advice about insurance. All decisions for protecting jewelry must be made by the consumer, following information gathering. The purchase of insurance must be done by direct interaction with an insurer or licensed insurance agent.
