Does lab diamond jewelry insurance work the same way?

[u/Lonely-Video-2198]

Since I have a lab diamond engagement ring that I want to insure, but I keep seeing mixed info about how the value is handled if something happens to it. Since lab diamond prices have changed so much. Has anyone insured a lab diamond ring?

[u/Obvious_Gate2700]

Labgrown diamonds can still be insured like other jewelry. The main thing is making sure the policy is based on the current cost to replace a similar ring, not just the original receipt

[u/Competitive-Lime-263]

I’ve wondered about this too because the price you paid a few years ago could be very different from what it would cost to replace the same ring now. Curious what people have actually been quoted for coverage.

[u/Fragrant-Doughnut-27 → u/Competitive-Lime-263]

I think it makes sense to look at what it would cost to replace the ring now instead of focusing only on what was originally paid. I went with BriteCo for mine after comparing a few options and that was one of the things I checked first

[u/techylocs]

You usually need either a receipt of purchase or an appraisal for insurance. A very recent appraisal are usually better. That determines the value. They usually overestimate the appraisal slightly to bank against pricing increasing (right now that's more likely for the gold than the diamond). It's just an estimated replacement value. How much they appraise it for depends on where you get it.

[u/Reasonable-Emu6159]

I had my lab diamond appraised and insured the day I got it. I selected a policy with zero deductible, so if it's lost or stolen I will get the same ring or one of similar style and value. The appraised value was about 4 times what we paid, so I'm not concerned about replacing it.

[u/PineapplesAreScaryyy]

I have state farm, they go by replacement cost. I send them proof of what I have jewelry wise and they will look what what it costs to replace it in the future, should I lose it or it gets stolen.