When it comes to diamond insurance many people put it off because they feel that it is too confusing, a scam, a waste of time, or too expensive. And sadly many feel that they simply cannot be bothered.
In reality, diamond insurance is one of the easiest forms of insurance to obtain and maintain. There are only a small handful of requirements and precautions that a prospective diamond insurance purchaser should take into consideration. A small amount of effort today can save a whole lot of heartache and suffering tomorrow.
We already ensure our homes, the possessions within our homes, our very lives, our automobiles, our family pets, and for publicity stunt Jennifer Lopez even insured her bum. But face it (pun!); insurance is just as important to our physical health as it is our status symbols.
If you are already insuring items that have a lower value than one, two, or three months of a working salary in your household – then why on earth are you not ensuring your diamonds and other jewellery or precious gemstones?
Let’s take a brief look at diamond insurance and what sort of hoops one has to jump through to obtain it.
Appraisal
Insurance companies depend on you to have your diamond appraised by a reputable independent jewellery professional. And because the diamond industry operates in a seemingly unpredictable manner much like the stock market, the value of a diamond can rise and fall over its lifetime. This rise and fall of value means that a savvy diamond owner may want to get their diamond appraised every year or two to ensure the highest insurable value.
Options
An insurance policy can be purchased for diamond jewellery as an add-on to an existing insurance policy, or directly through a company which specializes in diamond or jewellery insurance.
An add-on diamond jewellery policy is called a “rider” on an existing policy.
Questions
Some key questions to ask your diamond insurer to ensure that you get the best fit for your insurance needs include:
What is the deductible on my diamond insurance?
What if I lose a single gemstone from my ring?
What about damage to jewellery, such as a chipped or broken diamond?
What if I lose my jewellery?
Additional considerations
In addition to these questions and requirements for diamond insurance, we also strongly recommend that you always ensure that your contact information is up-to-date, even if you buy diamond engagement rings online.
For example; diamond insurance policy is most frequently purchased rate before a wedding – right before a spouse is likely to switch addresses or change names. The most common complaint of diamond insurance policy owners is that they did not keep their contact information current.
At the end of the day an ounce of prevention is worth more than 4 carats of cure. Do not ignore the importance of getting proper insurance for your precious gemstones and jewellery.