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.
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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.
