Diamond Ring Insurance is a Must
The first type of diamond ring insurance policy is an Actual Cash Value policy. If the diamond is lost or damaged beyond repair, the insurance company will substitute the diamond at today's market value, no matter how much you paid for the diamond to start with. This kind of insurance policy for diamonds really is not that common.
The most common type of diamond ring insurance is Replacement Value insurance.
The insurance company will only pay up to a fixed amount to put back the diamond that was lost or broken beyond repair. This does not imply that they will pay that amount; it suggests that they will pay up to that amount. In most cases, the diamond can be replaced at a lower cost.
The third kind of diamond ring insurance coverage is Agreed Value. This is occasionally called 'Valued At.' This kind of coverage is very atypical. In the occasion that the diamond is lost or damaged beyond repair, the insurance company just pays you the amount that you and the company agreed upon. This is the best kind of insurance to have, but it is hardly ever offered. If you can't get Agreed Value coverage, Actual Cash Value coverage should be your next preference.
Your rates will be decided by the value of the diamond, the sort of coverage that you select, and the spot that you live in. If you live in a neighborhood with a high crime rate, you can be expecting to pay more for your diamond ring insurance coverage. It is key to remember that insurance agents are not qualified jewelers, and jewelers are not qualified insurance agents. It is best to get a certificate for your diamond, and to supply the insurance company with a copy of that certificate. This leaves the insurance company less room for arguments over the real value of the diamond.
Don't rely on separate diamond ring insurance coverage to cover your diamond. For example, if you diamond is stolen from your residence, it is in all probability covered on your home owner's insurance policy, but the diamond most likely won't at all times be in your house, and as soon as it leaves your dwelling, there is no coverage.
