To many people, wedding rings are like investments, and you can tell by the average cost of buying engagement rings which is about $6,000. It is advisable to insure your engagement ring considering all the severe splurges. Insuring your ring allows you to protect your wallet and yourself from misfortunes such as theft, damage, or loss. And to do this, you need to know everything about ring appraisal for insurance. The first thing that you need to do when you want to insure your piece is to get a ring appraisal. This is the official document that verifies your ring’s market value. This will simplify things for you when you want to ensure your engagement ring. This post highlights the critical points you need to consider when getting a ring appraisal for insurance. Read on to gain more excellent knowledge.
What is a Ring Appraisal for Insurance?
A ring appraisal is simply a document with all the vital information about your ring/rings and how you obtained them. The person who performs a ring appraisal process is known as a jewelry appraiser. An appraiser’s work is to scrutinize the piece and provide detailed information about its worth. Some of the information you will find on a ring appraisal include the ring’s type, approximate monetary value, metal, gemstone, and other compositions of the ring.
It is crucial to know that there are different kinds of jewelry appraisals meant to cater to various needs. They include ring appraisal for insurance, estate, and fair market value appraisal. To make an informed choice of which type of appraisal will meet your needs, you need to seek professional help from an insurance provider, an estate or financial planner, or a certified jeweler. Once you’ve decided which type of appraisal will work for you, you can commence the ring appraisal for the insurance process.
You should note that a diamond grading report from your jeweler is not the same as a ring appraisal. A diamond grading report finds everything you need to know about the diamond on your ring. This includes the diamond’s grading according to the 4Cs. On the other hand, a ring appraisal determines the value of your entire crew, including the value of the diamond, metal, and other stones found on the ring.
Why should you obtain a ring appraisal for insurance?
If anything happens to your ring, a ring appraisal provides a more official receipt. Don’t expect your renters or homeowners insurance to take care of your claim in case of theft, loss, or damage. The cost of ring appraisal for insurance is much lower than repairing or replacing your ring in case of any issue. In other words, it is specifically meant to cover your engagement or wedding ring. There are various reasons why you need to get a ring appraisal for insurance. They include:
A ring appraisal for insurance allows you to know your ring’s actual value
To know the actual value of your engagement ring, you need to get a ring appraisal. The estimated value may differ from what you paid when you bought it. The approximate value of your can be given after a professional assessment only offered by an appraisal. It is wrong to think that your ring’s initial cost will be an adequate appraisal. Your ring’s value may change with time since the market of gemstones, metals, and diamonds is fluid. Getting a ring appraisal for insurance would help if you were sure about your ring’s worth.
A ring appraisal for insurance helps to reassure your ring’s condition
Another benefit of getting a ring appraisal is knowing your ring’s current state. If there is any damage due to wear and tear, you will be notified by the appraiser. This is vital if you buy a vintage or a second-hand ring.
An appraisal makes obtaining a ring of similar value easier in case of loss
Getting an insurance appraisal for your ring is important because it makes it easier to replace your piece with a ring with the same quality, value, and properties as the lost or stolen jewelry piece. The insurer will use the information from the appraisal to find a suitable replacement.
How Does a Ring Appraisal for Insurance Work?
It is a simple process that does not require much. You only need the services of a qualified appraiser to inspect and assess the ring very carefully. Details such as the ring’s characteristics are essential because they help to estimate the ring’s actual market price. Upon completion of the assessment process, the appraiser will provide you with documentation of the ring appraisal so that you can use it when necessary. If you especially need it when looking for a provider to insure your piece.
When is a Good Time to Obtain a Ring Appraisal for Insurance?
Buying jewelry from a reputable jeweler is essential because once you purchase your jewelry piece, you are given a ring appraisal immediately. If you will not get the check after buying the ring, it is essential to look for an appraiser as soon as possible. This will allow you to get the right coverage out of a jewelry insurance policy. You should also know that you can get over time; you may need several ring appraisals.
It is also advisable to re-appraise your ring or jewelry due to the rising cost of material used to make them. This includes the price of metals, gemstones, or diamonds. Other factors that affect appraisals include overall changes in the jewelry market and inflation. Insurance policies require you to update appraisal reports frequently.
Where Can you Find a Ring Appraiser?
If your jeweler cannot offer you ring appraisal services, you can seek appraisal services from organizations that provide access to certified appraisers. They include:
- IGOR
- The American Gem Society
- National Association of Jewelry Appraisers
When looking for reliable appraisers, you should ask for recommendations or referrals from people you trust. You can also go through online reviews to know what previous clients say about them. Credible appraisers should have certification to prove they are qualified to offer such services.
Conclusion
The first thing that you need to do when you want to insure your piece is to get a ring appraisal. A ring appraisal is simply a document with all the vital information about your ring/rings and how you obtained them. If anything happens to your ring, a ring appraisal provides a more official receipt. Getting a ring appraisal for insurance costs money; therefore, look for an appraiser who offers reasonable rates.