If you are lucky enough to have received a diamond ring for engagement or just a gift or are considering purchasing one for someone then it is worth looking into insuring such a precious stone.
Many people forget the importance of insuring a diamond ring, what can be worse than falling in love with a ring and something happening to it, whether it is lost or damaged if the ring is not insured then the costs will have to be forfeited by the owner, if the diamond ring was expensive then you may find your self in a situation where you simply can not afford to replace or repair the ring.
Insurance is not as simple as you may think, most insurance companies will not just cover the item on your normal policy, some may cover jewelry for theft but not for other circumstances where by the diamond band has become lost or damaged.
Most insurance companies will allow you to purchase additional insurance for fine jewelry and your diamond band however there are a few questions you should ask before taking out this addition to your existing policy.
1st and most importantly you will want to know how much the insurance will cost. It is also wise to ask how this will affect your policy should you need to make a claim for your diamond ring.
2nd ask if an appraisal needed to cover your diamond ring and if so would these need to be provided by yourself by specific appraiser or will your insurance company take care of this for you.
3rd ask if the diamond ring be covered for its full value or replacement cost and will this be in the form of a cash sum where by you would purchase the replacement ring yourself or will the insurance company replace the diamond ring themselves and send to you.
4th check if the diamond ring be covered wherever the damage or loss takes place, some insurance companies will only cover loss or damage within your own company so additional travel insurance may be needed if you were to go abroad.
5th will the insurance cover all repairs on the diamond ring and who will make any repair to the ring, some insurance companies have their own tradesmen who would make any repairs needed other insurance companies will ask for several estimates provided by yourself before you can go ahead and get it repaired.
6th always ask about excess, this is a sum of money you will pay before anything is repaired or replaced, this is normally ascertained by the value of the ring, it is a very important aspect of insurance, you may find small repairs can be done without going through your insurance, some cases will show that it simply is not worth paying the excess to replace or repair your diamond ring depending on the excess figure.
insurance may sound daunting but it need not be, knowing what to ask and knowing the facts always helps.
