Is a lab diamond worth insuring?

[Runningmama]

Will they give you close to what you paid to replace if it's lost or stolen, or is it not worth doing?

 

[mayaINaU]

Will they give you close to what you paid to replace if it's lost or stolen, or is it not worth doing?

I know @anangel went through this; see thread: https://www.pricescope.com/communit...t-david-cherry-pick-a-diamond-for-you.268232/
I do plan to insure my lab diamond once it arrives!

 

[YadaYadaYada]

In my prior life (read before kids ) I worked in insurance. If you choose to insure a piece of jewelry, I highly recommend not having a rider on your homeowners insurance but get a separate policy. This is because you don’t want to file a claim for jewelry that could potentially raise your home insurance rates or cause a non-renewal. The latter is becoming more and more common as one small claim makes you a liability in their eyes.

On top of that you may want to consider insuring for agreed value vs replacement cost, this is because the lab diamond market is rather volatile at the moment and we don’t know what the future value looks like.

You might be better off just taking the money you would be paying in premiums and putting it aside, basically self-insuring. That requires discipline but it makes sense for a lot of people depending on the value of item or collection.

 

[anangel]

JewelersMutual was great to work with, and David - @Rockdiamond - was even better! I replaced my diamond with one of the exact same size, but for the amount I had insured my original for David was able to get me a diamond with better color, clarity and upgrade my setting to platinum. David also took care of the bulk of the insurance paperwork after my initial claim.
I never thought I would lose a 2 carat diamond but life happens and it makes it much easier to enjoy my diamond knowing it can be replaced

 

[maisie2]

Mine is insured and will be replaced by my insurance if stolen/damaged/lost. I couldn’t imagine not insuring something so important to me. Plus I am fairly clumsy and didn’t want to have to worry every time I knock my hand into a door or counter top.

 

[TinsieCat]

Mines is insured as well. 2.99 carat EC, ~5.5tcw, totaling around $18.5K. I see it as…I already Insure my POS 2011 Toyota Camry for 4-5X the amount of my ring’s insurance and the value is half of the ring. Might as well insure the ring too and have peace of mind.

I went through jewelers mutual too.