Protect Your Jewelry with Perfect Circle Insurance
Despite the fact that wedding and engagement rings are amongst many people's most prized possessions, many people also neglect to have these items insured. Join Kentucky Bride as we speak with Tyler Krowiorz of Perfect Circle Insurance by Jewelers Mutual Insurance Company on the importance of jewelry insurance.
Kentucky Bride Magazine: When it comes to proposals and marriage, engagement and wedding rings are one of the most valuable aspects, both monetarily and emotionally. Why do you recommend jewelry insurance for brides, specifically as it relates to the rings?
Tyler Krowiorz: According to a recent survey, Jewelers Mutual Insurance Company found an engagement ring is often times one of the most expensive items a young couple owns. Unlike a house or car, an engagement ring is one of the smallest, most-likely household assets to become lost. Surprisingly, 40 percent of households that own an engagement ring don’t have insurance to protect it.
KBM: Why should brides choose to use an insurance company that specializes in jewelry as opposed to having them covered under a larger, homeowner policy?
TK: Many of these homeowner policies may cover jewelry pieces like engagement and wedding rings, but the level of the coverage is where consumers are often times not as educated. Here are just some of the questions you should ask yourself: If you lose a ring will your Homeowners/Renters policy cover the entire value of the loss? Can you work with the jeweler of your choice to replace your ring? Do they cover mysterious disappearance (which means you don’t know how the loss occurred)? Would a claim filed for a loss of a ring raise your rates?
After brides answer the above questions, they should compare the coverage with their current insurance to that offered from Jewelers Mutual. They may find that a jewelry-specific policy will fit their lifestyle best.
KBM: How is jewelry evaluated prior to being insured?
TK: The easiest way to assure your rings are covered for the appropriate value is to have your jeweler provide you an appraisal and/or detailed receipt at time of purchase. This should contain the most up-to-date information about your purchase (details on cut/color/clarity, weight, etc.). This will help you best understand the appropriate value to insure your piece for.
KBM: How soon after receiving the rings and other jewelry should a bride get everything insured?
TK: As soon as that little ring leaves the store it’s vulnerable to such dangers as loss, theft or damage. It is recommended that you insure your new ring before leaving the jewelry store so you have peace of mind knowing it’s protected wherever it goes. At a very minimum, the ring should be insured before you start wearing it daily.
KBM: What goes into the evaluation and appraisal of a piece you are looking to have insured?
TK: You can find information on appraisals here: https://www.perfectcircleinsurance.com/Jewelry-Insurance/Evaluations---Appraisals
KBM: According to your webpage, you all have GIA or Graduate Gemologists on staff at Perfect Circle Insurance. What exactly do these gemologists do and how do their services benefit someone who has come to you for jewelry insurance coverage?
TK: Having staff on-site whose passion and specialty is jewelry is extremely beneficial for our policyholders. Their depth of knowledge in gemstones, precious metals and jewelry as a whole allows them to serve as a resource when policyholders have questions about the jewelry they’re insuring. Our jewelry experts take note of each detailed description a jeweler provides about our policyholder’s jewelry so that if a repair or replacement is needed, we can work with the jeweler to ensure the policyholder receives the same kind and quality as their original item that was lost or damaged. Details matter and having professionals who have a trained eye for it helps us restore our policyholder’s happiness after experiencing the devastation over losing a special piece of jewelry.
KBM: What are some challenges presented by the jewelry insurance industry?
TK: There really are none. Jewelers Mutual was started in 1913 by jewelers for the jewelry industry. We’ve been insuring manufacturers, wholesalers and retailers for over 100 years. In 1953, we launched our personal jewelry insurance and extended that same quality of service and coverage to individuals. Our goal is to educate both jewelers and consumers about the importance of protecting jewelry.
KBM: On your website, it says that you all will work with someone’s own jeweler. Why is this important when insuring jewelry?
TK: As you can imagine, losing or damaging jewelry is a traumatic experience to have. What compounds that is if you’re forced to work with a jeweler other than the one you prefer. Many homeowners insurers work with their own network of jewelers and ask their policyholders to work through them to repair or replace the pieces. At Jewelers Mutual, we encourage policyholders to work with the jeweler they prefer to work with. In many cases, they have a trust with their jeweler that can’t be replaced. This helps them feel better in a time of stress.
KBM: Also on your website, it states that when replacing a ring or other jewelry item that has been stolen, gone missing, etc. you are committed to replacing it with an item of the same kind and quality. Explain this a little further to our brides.
TK: Our goal at Jewelers Mutual is to return you to the same position you were in before you lost your ring. This means if your engagement ring featured a Hearts on Fire® diamond, we’ll make sure the diamond you receive as a replacement is a Hearts on Fire® diamond. “Like kind and quality" is a phrase often used in the Insurance industry, but we truly understand how important “same kind and quality” is, especially as it relates to your engagement ring.
KBM: Each one of your policies is available with a $0 deductible policy. Why is this essential for jewelry insurance?
TK: It’s not essential, but our rates are reasonable and allow for a $0 deductible, which means you don’t have to pay money out-of-pocket if you make a claim. However, taking a deductible lowers your insurance premium payment. The higher your deductible, the lower your total annual premium is. It really comes down to personal preference and we offer that flexibility to choose what works best for them.
KBM: When it comes to insuring jewelry, but most specifically engagement and wedding rings, what is one thing every bride should know?
TK: Rings are a big deal. They represent not only a commitment between you and your (soon-to-be) spouse, but they’re also a tremendous monetary investment. These factors combined could spell certain disaster if the ring is lost, stolen, or damaged. That’s why it makes sense to take some time, research your insurance options and determine where you find the most comprehensive coverage.
KBM: Your website is pretty interactive. What are some things a bride can do online with her policy and how does your website help with convenience?
TK: Anyone can come to PerfectCircleInsurance.com and by simply entering their zip code and their jewelry value through our Quick Quote calculator, they can quickly determine how much it’ll be to insure their piece. It’s then quite easy to apply online for coverage. Once a policyholder, they can conveniently add items to their policy, update their contact information, make a payment, etc, 24/7 through their secure, online account. Additionally, she can use our website for tips on traveling with jewelry, jewelry protection at home, jewelry care and cleaning, etc.
KBM: At Kentucky Bride, we aim to educate and inspire our brides. What are some words of advice you could give that will do both of these things?
TK: Wedding bands and engagement rings are more than gifts to mark an occasion; they symbolize a couple’s eternal love and commitment. In understanding that, a couple realizes the importance of protecting that significant symbol as well as the special moments attached. Perfect Circle Jewelry Insurance is about protecting cherished memories. If a bride wants to hold onto forever, considering jewelry insurance is a perfect place to start.
All photographs courtesy of the Perfect Circle Insurance website.