Question: Why do I need ring insurance, where can I get it, and for how much?
Expert: Matthew Trent, longtime Dallas jeweler and owner of Matthew Trent
For most people, insurance is a certain comfort of knowing that if there is a problem, it will be taken care of. To sum up, nobody likes paying for it until they need it one day.
Insurance companies that handle renter’s or homeowner’s insurance all have jewelry riders available. We prefer to stay out of the insurance business, but there are some companies that will write standalone policies. Jewelers Mutual, who writes our store policy, writes a standalone policy for a single piece and I’m sure there are others, as well.
You need an appraisal generally from a gemologist with detailed information about the gemstones and the piece itself in order to get insured. A picture is always a plus, at least for your records and sometimes they will also want a bill of sale. The insurance companies will want you to cover the entire value, but only a few companies will write you a check for that amount. Most will want to replace the piece of jewelry by working with a jeweler in an effort to reduce their out-of-pocket expense. Most of the policies I see cost about $1.50 per $100 in value.