If you have a diamond ring then you've probably thought about getting it insured. With the right jewelry insurance policy, you'll be able to replace your diamond ring if it gets lost or stolen, and even get it fixed if it gets damaged. Perhaps it is an engagement ring, an heirloom, or a precious gift from someone you love. Don't risk not being able to replace your ring if something happens to it. Jewelry is an investment and you need to protect that investment. Here are some of the most important things to consider when you insure diamond ring .
- Get An Accurate and Regular Jewelry Appraisal
The value of precious gems like diamonds, and precious metals like gold, silver, and platinum fluctuate. That means that the value of your diamond ring could go up or down over the years. If you had your diamond ring appraised at $5,000 and insured for that value 10 years ago, then the value of the ring has probably changed since then. If you leave your insurance policy as it was 10yrs ago, the settlement following a claim would not give you enough money to replace the ring with one of similar quality. For this reason, you must get your diamond ring reappraised every 3-5 years and ask your insurance provider to adjust your policy to cover the ring's present value. Some jewelry insurance companies make this valuation adjustment for you automatically.
If your diamond falls out of your ring setting you'll have to make an insurance claim. This is why most insurance companies insist that ring settings are checked every 2-3 years by a qualified jeweler. Some insurance providers make this a condition of the policy when the gem is particularly valuable. Check if your diamond ring insurance policy requires any kind of regular check-up or appraisal. If it is required and you have neglected to get your ring checked, then you might not be eligible for a settlement in the event of a claim. Once you have had your ring setting checked, get the jeweler's report as proof that you have complied with the insurance company's terms.
- Get Household Security and Reduce Your Insurance Premium
Did you know that you may be able to get a lower premium on your diamond ring insurance (and other jewelry insurance) if you have a household security system installed? The same goes for a home safe and for a security deposit box if you have chosen to keep your diamond ring under lock and key. Ask your insurance consultant about the perks of getting a home security system, burglar alarm, or home safe.
- On the Hand, In the Home, or In The Safe Coverage
Check that your insurance covers loss, theft, damage, and mysterious disappearance from your home, from your safe, and in the event that something happens when you are wearing your jewelry. Because, you know, Murphy's Law, it will happen in a time and place that your insurance doesn't cover! And if you're considering including your diamond ring in your homeowner's insurance policy. It's not a good idea. Usually, homeowners insurance does not cover the full cost of replacing jewelry, and it may only cover loss or theft that takes place in the home. Get an All Risk Worldwide Clause. Make sure your diamond ring insurance covers accidental damage, loss, and theft wherever you are in the world. Not all policies include this automatically so make sure you check that it is covered.
Don't be tempted to take a cheap insurance policy. Low-cost policies often leave out important clauses concerning where and when the ring is covered, or the type of compensation you will receive. In the event that you need to make a claim, you want to get enough compensation so that you can replace your diamond ring with one of comparable value, appearance, and quality. Check that all types of damage are covered by your policy. Ask a lot of questions and see the answers in writing. Check whether your jewelry insurance policy requires a deductible or repairs contribution (the amount you will have to contribute to the claim). Most importantly, ask what is NOT covered by your diamond ring insurance policy.
