Can you insure lab-grown diamonds?
Yes, you can. Like natural diamonds, lab diamonds can be a significant financial investment, which you'll want to protect. Lab-grown diamonds are generally less expensive than a natural diamond, so insurance premiums may be lower. However, the replacement value will follow the current market value of lab-grown diamonds, which can fluctuate.
Explore Progressive's editorial standards for Answers articles to find out why you can trust the insurance information you find here.
What is a lab-grown diamond?
According to The Diamond Pro, lab-grown diamonds, also known as synthetic or cultured diamonds, are created in controlled environments, which replicates the conditions under which natural diamonds form, including extreme conditions of temperature and pressure. They have a carbon-based chemical composition and have the same hardness, brilliance, and durability of natural diamonds. To the untrained eye, they may be difficult to tell apart from a natural diamond. According to The Diamond Pro, even professional gemologists may need special equipment to discern which is which.
What does diamond insurance cover?
Jewelry insurance can pay to repair or replace jewelry that is stolen, lost, or damaged. Your diamond and other pieces may be covered anywhere in the world, up to the limit on your policy. Your diamond won't be covered for certain exclusions, including intentional loss, intentional damage, or manufacturer defects.
How can you insure a lab-grown diamond?
You can get your lab-grown diamond and other jewelry insured in one of two ways: through your property insurance or through a specialized jewelry insurer. If you go through your homeowners, condo, or renters insurance, you need to "schedule" your jewelry (also known as adding an insurance rider to your policy) to make sure the piece is covered for its appraised value.
Covering your jewelry through homeowners, renters, or condo insurance may likely offer limited coverage for certain types of losses. Adding a rider or getting a stand-alone jewelry insurance policy can allow the full value of your jewelry to be covered for a variety of scenarios.
Progressive offers jewelry insurance through Lavalier. With Lavalier, your insured pieces will be covered anywhere in the world. Be sure to check the specific terms of your policy or rider to understand the exact coverage.
There are basic steps to insuring your diamond, including:
- Get a jewelry appraisal: Obtain an accurate appraisal conducted by a certified gemologist familiar with lab-grown diamonds. An appraiser will determine the quality of the diamond based on cut, color, clarity, and carat weight, along with the setting and overall craftsmanship.
- Choose an insurer: Select a provider that offers coverage for lab-grown diamonds.
- Know your coverage options: Different policies offer varying levels of coverage. Common options include loss or theft, replacement coverage, and repair/replacement for damage.
- Provide documentation: Submit required documents to the insurer, which typically include an appraisal report and purchase receipt.
How to get coverage for your diamond
Via property insurance
Current Progressive customers: Call 1-866-749-7436 to provide details about your jewelry piece(s) to a representative. An appraisal may be required, as well as color photos for pieces over a certain dollar amount.
New Progressive customers: Get a homeowners insurance quote and add your jewelry piece(s). An appraisal and color photos may be required.
Via jewelry insurance
Get a quote for jewelry insurance online, or call 1-866-258-8690 to speak with a licensed representative.
Protect your valuable jewelry today
Learn more about jewelry insurance policies.
