how to insure your diamond jewelry
DESCRIPTION
Diamond Envy (http://www.diamondenvy.com/) is your leading source for natural loose color diamonds and jewelry. It’s highly recommended that you insure your diamond or jewelry purchase, whether it’s loose diamonds or your engagement ring or anything else of high value, as soon as you make your purchase. This will give you peace of mind and guarantee that should anything unexpected happen, your major investment is protected.TRANSCRIPT
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How to Insure Your Diamond Jewelry
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www.diamondenvy.com
How to Insure Your Diamond Jewelry
Buying a diamond or piece of diamond jewelry is a major capital purchase, so you need to take steps to safeguard your investment against loss, theft, wear or other types of hazards that might cost you a pretty penny, and lead to the loss of your treasured possession.
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» It’s highly recommended that you insure your diamond or jewelry purchase, whether it’s loose diamonds or your engagement ring or anything else of high value, as soon as you make your purchase.
www.diamondenvy.com
This will give you peace of mind and guarantee that should anything unexpected happen, your major investment is protected.
»
» Here are some other tips to guide you on getting the right coverage for your diamonds and jewelry:
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Learn More Before You Buy a Policy1.1.
• Insurance policies can vary state by state, so do some preliminary research to see if there are any specific local regulations on how insurers treat diamonds or jewelry.
• For example, there are cash-value policies (those which pay out the cash value of what you paid for your diamond or jewelry); replacement-value policies (those which agree to replace your purchase with one of equal value and quality); and agreed-value policies (those which pay out a specified, pre-agreed value for your items). Discuss the pros and cons of each of these policy types with your insurer or broker before committing to one.
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Get an Appraisal2.2.
• Most insurers will require an appraisal certificate for your loose diamonds or diamond jewelry from a reputable independent source.
• Make sure you contact your insurance company and find out about any specific guidelines they may have about appraisals.
• The last thing you want is to get into a squabble with your insurer about appraisal value when you’re trying to address a theft or loss of a treasured possession.
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Review Your Other Insurance Policies3.3.
• If you have homeowner’s or renter’s insurance, then your diamond may be covered.
• However, policies such as these usually have exemptions for coverage, such as theft or loss while your diamond jewelry is worn outside the home. • To be sure, check with your insurance company or broker to find out about your policy restrictions.
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Be Informed4.4.
• The best way to protect your investment is to know exactly what is and is not covered by any insurance policy or warranty.
• Ask lots of questions about policy exclusions; learn more about warranties offered by the retailer or website where you bought your diamond jewelry (for example, they may cover workmanship, but are unlikely to apply to loss or theft); and, most importantly, when investigating policies, be sure to use an independent broker who is unaffiliated with the retail establishment where you bought your loose diamond or jewelry, so you’re absolutely certain you’re getting an unbiased opinion about the policy that’s best for you.
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