Insurance is meant to give buyers peace of mind. This covers everything from one’s home to one’s life. No one ever wants to deal with financial loss on top of dealing with the disaster at hand. Often overlooked, this applies to your diamond jewelry as well. Diamonds are a beautiful, precious – and expensive stone. They’re meant to wear a lifetime. They’re tied to wonderful memories. It’s no surprise that you should insure them against disasters big and small. Homeowner’s and renter’s insurance usually don’t give full coverage for your fine jewelry. Many policies do cover theft, but what if your ring goes down the garbage disposal? That wouldn’t be covered.

Wedding rings by Print North East

Diamonds are a true investment. They are very sentimental. What of that diamond ring your fiancé so lovingly searched for, wanting a perfect symbol to recognize your future together? What of your mother’s wedding ring that was her mother’s and her mother’s before that? The last thing you want is to lose or damage those beautiful pieces of jewelry. If the unthinkable happens, however, you don’t want to be dealing with the financial cost of replacement and loss of financial investment at the same time. This is why diamond jewelry insurance is so very important.

Check your current policies. Find out what they cover in terms of your jewelry. Does your policy include fine jewelry? Does it include engagement rings and diamonds? Does it include accidents and loss, not just theft? What are the limitations of coverage in comparison to the estimated value appraisals of the jewelry? These are questions to ask your insurance provider and yourself before you can make a decision as to the need for additional jewelry insurance.

There are two main types of policies; floater and standalone. A floater policy contends that if something happens to your jewelry, you get the value of your ring in cash, or are given a new ring. A standalone policy contends that a jewelry appraiser appraises the value of the jewelry, and you’ll receive the appraised value, as opposed to what you paid for the jewelry. A general estimation for cost of your insurance would be $10 for each $1,000 of jewelry value (be it purchase cost or appraisal value.) Obviously that varies state to state and company to company, but it’s a good rule of thumb to estimate what you’re looking at in terms of cost.

Insuring against the financial loss when disaster strikes does not make the loss less painful, but it does lessen the financial burden you face when losing or damaging something that has a financial investment. If you have a car accident, you don’t want to deal with all that while having to pony up money for damages. When a house burns down, you don’t want to have to deal with replacing everything and wonder where the money’s coming from. You don’t want to lose or damage your beautiful, sentimental diamond jewelry without being able to replace it. Get your jewelry insured today, and make it part of your overall safety net. Peace of mind is always a good thing.

Sarah Harris is the Marketing Manager at Adiamor Engagement Rings. Adiamor offers a large selection of engagement ring settings, loose diamonds, and other fine diamond jewelry at affordable prices.

One of the most important things you as a homeowner can do to protect your investment is to insure your home and property. Contents insurance is a vital component of your insurance protection, yet it is one of the least understood parts of a comprehensive home insurance plan. Your insurance agent can help you in determining which contents insurance coverage is right for your family’s needs, but some general guidelines can also be helpful in your decision-making process.

General home insurance policies cover the cost of rebuilding your home in case of a fire, flood, or other destructive event. Contents insurance, as the name suggests, covers the expense of replacing the contents of your home in these same events. These policies usually cover items lost to theft as well, allowing you to replace your destroyed or stolen property without serious financial repercussions. Contents insurance policies can be divided into two general types: actual cash value and replacement value.

Actual cash value policies offer you the current value of your lost items at the time of the claim. Since property usually depreciates, or decreases in value, over time, this type of contents insurance is often less expensive, but offers a lower payment for your lost items. For instance, if you lose a recently purchased stereo system, it’s likely your insurance company will give you a payment equivalent to its used value, rather than the amount you paid for it new. In some cases this can represent a significant financial burden, especially if your property will be difficult to replace with equivalently used items.

Replacement value policies pay you the amount it would cost to purchase your items at the time of loss, allowing you to immediately buy replacements. This can save you time and worry during a stressful situation. However, replacement value coverage is more expensive and requires that you keep your insurance agent up to date on major purchases.

Some types of items have limits on coverage; any losses over this limit will not be covered. Such items include jewelry, cash, rugs, computers, firearms, rugs, and silverware, among others. These items can be covered at full value by adding an endorsement to your policy or by purchasing optional supplemental coverage. However, most insurance companies also limit contents insurance coverage to a certain percentage of the structure limit, the amount the insurance company is required to pay to rebuild your home in the case of a total loss. Your insurance agent can give you more details on exactly how much and what kinds of things are covered under your contents insurance policy, and how best to protect your home and belongings.

Many home owners likely do not understand content insurance or its significance. Some policy owners believe that the contents of the home are covered by the home owner’s insurance policy. In this budget-conscience time, more and more policies are being written with fewer and fewer frills. Often times these frills are riders on home owner’s policies which reference personal property. Today, probably more than any other era, people own costly portable devices. What happens if an iphone costing hundreds of dollars is crushed in a door or perhaps a high end laptop drops in a sink full of water? The truth may be surprising. Some home owner’s policies only include items which are permanently attached to the insured home or structure, leaving many items uncovered or covered with a high deductible.

Content Insurance on Home Owner’s Policy

Content insurance is available in a number of varieties, from specific coverage of jewelry or heirlooms to general coverage of belongings. Often specifics will appear as a rider on a home owner’s policy. It’s a good idea to read the latest copy of your home owner’s policy. Some policies cover the home contents with a $1,000 deductible, which is not too useful if the cost of a deductible for a loss resembles a mortgage payment or outweighs the cost of the loss.

Tailored Content Insurance

In contrast, content insurance is likely to have a wide variation of deductibles as low as $50 to the $500 range. Often it can include items which can be transported in and out of the home. Always check the fine print. Some examples of these items can include: portable electronics such as mobile phones, laptops and cameras; surfboards, kayaks, skate boards, bicycles, camping gear and even garage items like pressure washers, snow removal equipment, chain saws and more. Specific items should be discussed with the agent when a tailored policy is necessary.

Inventory Your Possessions

It’s also important when selecting a content insurance policy (or a rider on an existing policy) to thoroughly inventory all valuable possessions in the insured home and/or structures. This should be updated yearly before existing coverage is renewed. Costly possessions may be too expensive to replace, but a call to an agent is free.

If you’re renting your home, then you may need to look into getting your own contents insurance. Even if your landlord has homeowner’s insurance on the property that you reside in, that’s not enough. You need contents insurance because your landlord’s homeowner’s insurance only covers the property.

Anything that you own within the home that gets damaged or lost won’t be covered. It would be a total loss for you. Why risk losing everything you own that you’ve worked so hard for? If you get contents insurance for tenants then your items that get ruined or lost will be replaced or given a monetary value for.

Many unpredictable things can happen to renters just as much as they happen to homeowners. Protect your items from loss by theft, fire, or flooding. There are also other features that you can add onto your contents insurance. You can pay an extra monthly fee to add additional coverage for legal fees, and also for items that you take out of the home regularly like cell phones, laptop computers, and GPS devices.

If the residence that you rent is fully furnished, your landlord probably has the items covered by homeowner’s insurance. If you were to damage any of these furnished items out of no fault of your own, you would still probably be charged for these items by your landlord deducting the fee out of your security deposit. If you have contents insurance then these items would be covered and the fees wouldn’t come out of your security deposit. Having the insurance will not only cover the value of your possessions, but it will also cover the value of your security deposit.

If you share a rental property with a roommate, you may want to look into taking on a special type of cover. Specialized insurance agents for these types of situations sometimes cover all the tenants shared belongings, or they may cover one individual tenant and their own belongings.

Make sure that when you’re assessing the value of your contents you place an accurate value on your belongings. Be careful not to underestimate the value of your items, and also it wouldn’t be any good to overestimate the total value of your belongings. This will help to insure that you have the right amount of insurance to cover your items and the right kind of insurance also.