Rules for Insuring Precious Jewelry

Where engagement diamond rings are concerned, you would find people spending an exorbitant amount of money on very lavish pieces of jewelry. When asked about their decision, they say they would be doing this kind of a thing only once in their lifetime. That is why they would like to go out of their way to make their significant other feel loved and cherished.

Upon hearing all this, you might be feeling the same way. After all, you are only about to get married once in this life and would like to prove your undying love to your significant other. What better way to do that than going out of your way and spending on one of a kind engagement ring?

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diamond engagement ringsThat being said, a lot of people would be taken aback to find out that insurance for these kinds of valuable items tends to exist. And they do so with very good reason. You would be spending so much of your hard-earned money behind it. The least that you would be able to do is make sure that you protect it in some way. It would be because of this reason that it would be a good idea to educate yourself about insurance for precious or valuable jewels. In this way, you would then be able to take all the necessary steps to move forward with this thing.

Diamond ring insurance policy

Even though a lot of people might wonder why this would be required, you would thank your lucky stars that you got it done. However, before you take such a big step, you would like to know what all of it is about.

The good thing about getting cover for engagement diamond rings is that it would be covered with most of the policies for homeowners. On the other hand, for avid collectors or people who would not like to take any sort of chances, they would find a separate kind of insurance. This has been designed specifically for this purpose. Another reason why this has managed to become so popular is that people believe it makes more sense to go for this kind of coverage. This might be due to the wider range of facilities and benefits that they would be able to get over the traditional homeowners’ policy.

Benefits of getting diamond ring insurance policy

If you would still find yourself to be unconvinced regarding the whole thing, then you could take a look at some of the benefits which have been mentioned below.

  1. Greater coverage

In the case of your standard homeowners’ policy, you would find only a small portion being reserved for precious items. While a lot of people consider it to be sufficient to get the job done, you might want something more out of it. That is why you might opt for jewelry protection as it would be able to offer you more comprehensive coverage. This is because they would outline all the possible scenarios in which diamond engagement rings could be stolen or damaged. While some of them might make you laugh outright, you would also be surprised to find out how common those have actually become. In addition, they also tend to include “mysterious disappearance” in their policy. This is because they seem to understand that you might not always be able to give accurate accounts of your precious item’s whereabouts.

  1. Better replacement options

Where homeowners’ policies are concerned, they might only consider replacing your stolen engagement ring. However, this would also only be done on the basis of criteria which has been pre-selected and also amongst a specific list of jewelers. On the other hand, jewelry cover would be able to offer you with far more flexibility. As a result, this would allow you to visit a jeweler who would be the best choice for getting the job done. In addition, they would also be easier and more knowledgeable to deal with.

  1. There is an option for no deductible

One of the biggest challenges that you might face under the homeowners’ policy is the deductible. In some coverage policies, the amount might be so high that people would automatically be discouraged from making a claim for the stolen item. Thankfully, an insurance company for precious items would not offer deductible of such sort. This would allow you to receive coverage on all your precious jewelry.

  1. Automatic coverage being granted

When buying a new piece of jewelry, a lot of the policyholders might be worried about the piece being stolen or damaged. It would be for this reason that they might have concerns offering coverage in the homeowners’ policy. But in the case of jewelry, they tend to have an automatic coverage which would be activated for 30 days once the new piece has been purchased. As a result, you would be able to attain a greater peace of mind. In addition, it would also allow you more time to get everything in order where insuring your diamond ring is concerned.


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Therefore, if you are thinking about getting insurance for diamond engagement rings, one of the most important things that you would have to do is get an appraisal. Even though the terms might vary from one company to another, there would be some basic points which would remain the same. In its simplest sense, the appraisal would consist of the value of your engagement ring. In addition to taking into account the current cost in the market, it would also consider the 4Cs.

So, in terms of getting an appraisal, the best time would be to get it when you would be purchasing the ring.

Thus, all things being said, purchasing expensive and one of a kind jewelry would indeed seem like a stressful and tedious thing to do. So, if you would really like to protect your money and your heart, the best thing that you would be able to do is get it insured. Simply put, this would be an effective and simple way of preserving a cherished possession.