Know Everything About Diamond Ring Insurance
If you are
lucky enough to have received a diamond
ring for engagement or just a gift or are considering purchasing
one for someone then it is worth looking into insuring such a
forget the importance of insuring a diamond ring, what can be worse
than falling in love with a ring and something happening to it,
whether it is lost or damaged if the ring is not insured then the
costs will have to be forfeited by the owner, if the diamond ring was
expensive then you may find your self in a situation where you simply
can not afford to replace or repair the ring.
not as simple as you may think, most insurance companies will not
just cover the item on your normal policy, some may cover jewelry for
theft but not for other circumstances where by the diamond band has
become lost or damaged.
companies will allow you to purchase additional insurance for fine
jewelry and your diamond band however there are a few questions
you should ask before taking out this addition to your existing policy.
1st and most
importantly you will want to know how much the insurance will cost.
It is also wise to ask how this will affect your policy should you
need to make a claim for your diamond ring.
2nd ask if an
appraisal needed to cover your diamond ring and if so would these
need to be provided by yourself by specific appraiser or will your
insurance company take care of this for you.
3rd ask if the
diamond ring be covered for its full value or replacement cost and
will this be in the form of a cash sum where by you would purchase
the replacement ring yourself or will the insurance company replace
the diamond ring themselves and send to you.
4th check if
the diamond ring be covered wherever the damage or loss takes place,
some insurance companies will only cover loss or damage within your
own company so additional travel insurance may be needed if you were
to go abroad.
5th will the
insurance cover all repairs on the diamond ring and who will make any
repair to the ring, some insurance companies have their own tradesmen
who would make any repairs needed other insurance companies will ask
for several estimates provided by yourself before you can go ahead
and get it repaired.
6th always ask
about excess, this is a sum of money you will pay before anything is
repaired or replaced, this is normally ascertained by the value of
the ring, it is a very important aspect of insurance, you may find
small repairs can be done without going through your insurance, some
cases will show that it simply is not worth paying the excess to
replace or repair your diamond ring depending on the excess figure.
sound daunting but it need not be, knowing what to ask and knowing
the facts always helps.