Diamond Insurance: Protection For Your Precious Gems
If you or your spouse have made considerable investments in diamond jewelry
, it is a wise decision to insure your diamonds the same way you would protect and insure your home or your car. In many cases, homeowners insurance will not cover loss for every circumstance so you should consider other insurance options to insure your diamonds.Before you even begin looking into insurance policies, every diamond owner should remember to hide his or her diamonds in a safe place in the house. If you have a permanent safe, keep your diamonds inside and memorize the code. Make sure you wrap your diamonds in a soft protective layering so they dont scratch the surface of any other precious items you might be storing for safe keeping. And if a safe is not an option for you- come up with another secret hiding place! Steer clear from the underwear drawer or removable ceiling tiles as these are the most obvious secret hiding places. If a thief has already made it into your home, this is the first place he will look.
If you want to insure your diamond jewelry you should look beyond typical homeowners insurance. Most basic insurance policies will cover jewelry for up to $1,000. If your diamond collection exceeds this amount you should purchase additional jewelry insurance from your insurance agent. When you are determining the insurance policy to purchase, consider the following points to discuss with your insurance agent:
- Is an appraisal required?
In many instances, you will have to get an appraisal for your diamond jewelry before the insurance is issued. Make sure you go to a reputable jeweler and spend a little extra time comparison-shopping. If you ever need to claim your insurance you will undoubtedly want to receive the full price. Consult with your insurance agent to find out if they need any specific documents from the appraiser. Certain appraisers work frequently with insurance companies and have simple and easy access to the appropriate documents.
-Are the diamonds covered everyplace in the world?
If you go on vacation with your jewelry, will your insurance still cover your assets? If you frequent exotic places in the world and like to add a little sparkle to your look with diamonds- make sure you insure them! Tourists are the easiest targets for theft around the world. Make sure you dont return home a victim.
-Is there a deductable?
-Does the policy cover damages?
Although diamonds themselves are quite strong, damages in a diamond jewelry piece can occur in a number of ways. Perhaps the setting or the clasp of your jewelry piece becomes damaged, or breaks. Inquire to see if these damages will be covered by your insurance. Depending on your lifestyle and the frequency that you wear your diamonds, you may want to include this in your insurance package.
- Will you be compensated with the full replacement cost?
Your insurance will either give you cash back for your diamonds, or replace the item upfront. In either case, it pays to know what will happen if you have to access your insurance policy. If the item will be replaced, find out what jeweler your insurance company typically works with. In most cases the insurance provider has a set of jewelers they consistently use for this purpose.
Diamonds are a beautiful and timeless way to mark a special occasion or show someone you care. If you take the time and the money to invest in a special diamond, make sure it truly will last you forever.
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