Insuring Your Diamond Jewellery
Once you have purchased your beautiful diamond jewellery, you will want to make sure that it is properly insured, in the event of theft or loss. Although homeowner's and renter's policies will cover a portion of your jewellery loss, it is often a small amount in comparison to the original cost of a diamond engagement ring or wedding ring. It is advisable to find out how much is covered by the policies you have in place, and then look into additional policies.
If you choose to get additional insurance, find out if there is a deductible and how much it is. Most insurance companies will not insure fine jewellery without an appraisal, so make sure you find out which appraisal reports are acceptable to your insurance company. Ask if the policy covers you fully, whether the item is merely damaged, or even if it is lost overseas. Many policies will have riders that do not allow for this level of coverage. Make sure you read the details of the policy carefully before you pay for extra insurance. Also find out if your jewellery is covered at the full replacement cost, and if you can receive a cash settlement in lieu of a replacement item.
Be aware that your insurance company may require updated appraisals on a regular basis. Be prepared to have your jewellery appraised every few years. Ask what the rules are for the particular insurance company you choose. Also find out if there is a discount if you have a home security system, such as an alarm system.
When you invest in diamond jewellery, you want to make sure that your investment is protected. Research insurance companies online or call around for information to make comparisons before you choose.