Diamond insurance is a subject that is very often overlooked in the excitement of looking for and buying a diamond or diamond jewelry.
The fact is, it is just as important to shop around for a good insurance quote for your diamond as it is to shop around for the diamond itself.
How do you find the right insurer for your diamond?
Here are some questions you can ask when assessing for the right diamond insurer.
Get some names of some insurers that will provide home insurance. You may already have one insurer for this purpose. Sometimes they will offer a deal if you are already insured with them.
It is a good idea to check out the following:
Will they insure jewelry and diamonds?
How much is the insurance per year for each $1,000 dollars value?
Will they require an appraisal? They certainly should otherwise how do they know they are insuring the diamond for the right value?
Does the insurance company want a photograph of the jewelry or diamond?
Does their policy cover theft, loss and damage (Yes diamonds can be damaged)
Will the policy cover a replacement value at the time of the loss?
And will the insurance company pay out the value of the insured amount or just give a replacement?
In the last you really want the amount so that you can find your own replacement, not something that the insurance company can get cheaply from a jeweler they have a deal with and which may be of a lesser value thereby.
Insurance companies are there to make money and so will not simply pay out on insured goods willy nilly. You need to check very thoroughly that, in an unforseen event, you can get the insured value and that there are no ’special; exclusions which will prevent you getting just what you insured for.
Read up on the policy terms and get in writing, if required, what the insured value of the diamonds are.
Diamond insurance can be a great safety net but only if it is properly done.