Diamond jewelry is very valuable and is considered an investment. If you have purchased a piece of diamond jewelry recently, consider having it insured because it could get lost or stolen.
Insurance companies will charge you based on your jewelry piece’s appraised value. A higher appraised value will make it easier for your diamond jewelry to be replaced of it got lost or stolen. However, you will also have to pay a higher premium for it.
To get the right insurance for your diamond jewelry, you’d want enough insurance for your ring to be replaced but not so much that premiums are way too expensive.
Here is how to look for the right insurance for your diamond jewelry:
First, take your jewelry piece to a certified gemologist to get an insurance appraisal. Select one that has a GIA or AGS certification. More often than not, the store you bought your jewelry piece from will be able to give you an appraisal. However, you must make sure that the store appraiser does not over inflate the value of your diamond jewelry piece.
Call your homeowner’s or renter’s insurance company. Let them know that you would like to add a jewelry piece to your policy. Once you furnish a copy of the appraisal, they will give you a quote.
If you are unhappy with the quote you received from our homeowner’s or renter’s insurance company, search for other companies online or call different insurance companies and compare their quotes. It is important to shop around and compare rates before you commit to a policy.
Ask for a copy of your insurance to verify that your diamond jewelry is covered. Do not forget to read the fine print to know exactly what your policy covers.