Know Everything About Jewelry Insurance
If you have
diamonds you will probably want them to be insured. You don't want to
find yourself in a situation where you have lost or damaged your
diamond and cant get another one. Although a new diamond may not hold
the same sentimental value as the original, it is still a good idea
to have them insured.
purchase your diamond you may be offered a warranty at the jewelry
store. You will want to see what this warranty covers exactly and how
much it costs. Some warranties are offered at pretty reasonable
prices, but you need be careful of what they cover. Some may require
you to bring your diamonds in every so often to get them looked at,
which is probably a good idea anyway. After your warranty is up on
the ring you can usually purchase an even longer warranty at the jeweler.
way to go is to talk to insurance people directly. These people will
know what the best type of coverage is. You may want to talk to more
than one insurance person to see what different coverages are
available to you and how much they will cost.
The first and
most common type of coverage you can get is replacement value
insurance. With this type of insurance you will get the diamond
replace for what it is valued at now, not when you bought it. There
is usually a limit to how much the insurance company will pay. The
insurance company can usually replace the diamond for less than what
you paid for it.
The next type
of insurance is agreed value insurance. With this type of insurance
you will get a check for an agreed upon amount, once you and the
insurance company have agreed on how much the diamond is worth. This
type of insurance is not very common.
The last type
of insurance is actual cash value insurance. This is the best type of
insurance to have on your diamonds. This type of insurance will
replace your diamond no matter what the cost. With this type of
insurance it doesn't matter how much you actually paid for the
diamond, it will be replaced at whatever it costs at the time of the loss.
insurance companies offer different types of insurance so make sure
you look around and get the insurance you need and want for your
diamonds. If your homeowners insurance covers your diamond you need
to find out how good this coverage is as well. If you lose your ring
somewhere other than your home will your homeowners insurance still
Are you sure
are even covered under your homeowner's policy? Some policies need to
have amendments added to cover certain valuables such as diamonds.
Whatever you do don't just assume that your diamonds are covered, and
don't wait until something happens to them to find out. Do a little
research and make sure you are covered with the proper insurance that