Getting Insurance on Diamond Jewellery

It is always sensible to get insurance on expensive owning of yours like diamond jewelry as they are always prone to threat of being stolen, lost or any other kind of damage you never know until it takes place.

New York City, NY (prHWY.com) January 15, 2013 - It is always advisable to get insurance on valuable owning of yours such as diamond jewelry as they are always prone to risk of being stolen, lost or any other kind of damage you never know until it happens.

As of diamond jewelry like diamond rings, insurance must be obtained to protect your new and valuable buying from unexpected risks or damages. You can either obtain it at the time of purchase of jewellery or after purchasing it and then consulting with an insurance agent about the kind of insurance that will hep in protecting it from the risks.

Following are the main points of consideration that you should consider for obtaining an insurance policy on it:

* Firstly, you should consider all the available insurance policy options. Generally, three types of policies are made available on diamond jewellery namely:

o Cash Value Policy: It ensures the payment of cash value of the jewellery in case of theft, loss or any kind of damage that may be irreparable.
o Replacement Value Policy: It ensures the replacement of lost/stolen/damaged ornaments with the one of same kind.
o Agreed Value Policy: It ensures the payment of specific/agreed amount of money in case of theft, loss or damage.

Before deciding upon any of the above three policies, you need to consult an insurance agent and consider your budget as higher the value of your jewellery, higher will be the risk and more will be the premium, you will be required to pay.

* Obtain a certificate of value of your jewels from an independent appraiser and be sure that insurance company has approved the obtained certificate as a proof of your value of your ornaments.

* There is another policy named homeowner's policy that covers the risk of loss of diamond jewellery from home. However, it will not cover the cases of theft or lost ornaments which took place outside your home or cases in which you were unable to proof that the damage/theft/loos to jewellery took place in the house.

* Read the terms and conditions of insurance policy very carefully as some insurance companies or policies require jewels' owners to bring the jewels to insurance company for regular examination or they may require you to wear diamond rings or other ornaments in certain areas.

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Tag Words: diamond jewelry

Categories: Jewelry

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