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Questions to Ask Before Getting Insurance on Your New Diamond

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Questions to Ask Before Getting Insurance on Your New Diamond

Buying a diamond or precious gem is a big investment for anyone. Nobody wants to spend a lot of money on something, only for it to become damaged or lost and be out of that money forever. Many diamond companies offer insurance or warranties for the diamonds that you purchase. In some cases, the insurance company for your home or car may also have an additional plan you can get for valuables, like diamonds and other jewelry.

Do I really need diamond insurance?
Your homeowner’s insurance has limitations to it that may not cover your diamond or other small valuables. If you have purchased or are about to purchase a diamond, contact your homeowner’s insurance company to see if diamonds are already covered. There may be specific limitations to what valuables are covered. For example, a diamond may only be covered if it was stolen while inside the home. There may also be a cap on how much the insurance will cover, for example, up to $5,000 or less.

If your diamond is worth more than that or you want to have the peace of mind that your diamond is covered at all times and under all circumstances, getting insurance specifically for your diamond is recommended.

Is an appraiser required for insurance?
In some cases, in order to obtain insurance for your diamond, you’ll need an appraiser to evaluate your diamond to determine its worth or liability. Liability may be dependent on how the diamond is set into its jewelry.

Do I need a certification for my diamond to insure it?
In other cases, you may only need a diamond certification from purchase in order to get insurance or a warranty for your diamond. Ask your jeweler what type of documentation is required in order to insure a diamond.

Will the policy cover a full replacement cost?
If the diamond is completely lost or destroyed, ask if the insurance policy will allow you to get a full replacement or even offer an option for cash settlements. Make sure that you know exactly how you will be reimbursed for the loss of your diamond.

How much does insurance cost for diamonds?
There are many different factors that will play into the cost of insurance. Whether or not your current homeowner’s insurance covers your jewelry will be one of the biggest factors of cost. Cost for diamond insurance will also be dependent on the quality of the gem itself. The amount you’re able to put down as a deductible will also impact your monthly premiums. It’s always best to ask your jeweler for opinions, advice, or even quotes about diamond insurance if they offer it.

If you have any other questions about diamonds and the insurance or warranties surrounding them, give us a call today. We’ll be happy to answer any of your questions, help you make informed decisions about diamonds, and can help you get comfortable with investing in diamond insurance. The last thing you want to do is to lose out on a sizable investment like a diamond, whether it’s for yourself or a loved one.