Insuring your Diamond Properly
An engagement ring is one of the most valuable objects you will purchase in your lifetime. It represents the union with your life partner and hence it is given utmost importance. It deserves to be protected in the right way from incidents like theft, damage, or loss. It is a great thing to have an engagement ring, however, it is also easy to damage or lose it. Therefore, it is essential to insure it with the right company. Below are a few tips on the ways to insure diamonds you might have purchased from the best online diamond dealers.
Appraise It
One of the first things you have to do is to get your diamond assessed for its value. For this, take the diamond to a reputed jeweler and request an assessment. It might take a little while, but you will eventually have an official document which you can present to an insurance company. If possible, visit other places and get it assessed.
Check if your Home Insurance Can Cover it
Most people are subscribed to homeowner or renter insurance. In some cases, they include your valuables too. See if you can add your diamond engagement ring to the insurance.
Click a Picture
You should keep a picture of your ring along with your appraisal and insurance documents. The jewelry insurance company should also keep a copy of the picture.
Finding a Jewelry Insurance Company
In case it is not possible to cover your ring in your ongoing insurance policy, search for an alternative company that can cover it.
Select a Deductible
You have to select an amount as a deductible. You agree to pay this before you receive money from the insurer. The higher the value of deductible, the lesser the annual insurance costs.
Relay All the Information to Insurer
After having everything in place, ensure that you send all the essential documents to the insurer. They will have everything including a picture of forms, and appraisal in the event of damage, loss, or theft.
Get the Diamond Appraised Regularly
Certain companies will hand you the initial value of a diamond. Hence, it is sensible to get the diamond appraised regularly so that you receive the amount in case of a change in the value of diamonds.
Make sure you take the above measures to protect your diamond. This will avoid any unpleasant situation for you.