Insuring Your Diamonds – Some Important Advice
Diamonds have been a target for both petty thieves and organised criminals since the year dot. Protecting them is a necessity form both a sentimental and monetary point of view. All of your high end diamond jewellery like wedding rings, engagement rings and pendants are likely to carry of a fairly high price tag as well as some sentimental value -it is worth checking that they are going to be insured correctly in the event of loss, damage or theft.
Step 1. Has your diamond jewellery been valued recently?
You would be alarmed how many people have never has their diamond jewellery valued ever – never mind recently. Current economic climates around the globe mean that prices and values for all type of jewellery – diamond included – has been going up and down on a regular basis. Get in contact with a reputable valuer for an up to the minute valuation. You may be surprised what some of your jewellery may be worth.
Step 2. Insuring your diamond jewellery
After you have got an up to date valuation you need to be taking out insurance that reflects this., Many people believe their home contents insurance will be enough but you will probably find that your diamonds are worth more than the policy allows you to claim for a single item (hence a thorough valuation beforehand). It is always wise to pot for a specialist diamond insurance jeweller to ensure that you get a good deal. Make sure that you don’t cut corners – remember the sentimental value that will be attached to these pieces, especially if they are wedding or engagement rings.
Step 3. Thorough investigation
Make sure you are familiar with the nuances of a particular policy before taking out the insurance for your diamonds. You may find that some policies only cover items that are kept in a safe – which is of no value to you if are wearing a diamond wedding ring or engagement ring. Make sure that the policy covers you for the full amount and check the excess that is connected with the policy. Something else that you may want to keep an eye out for is jeweller specific replacements. Some companies will work closely with specific jewellers and will only let you replace the diamond jewellery with a piece form their chosen jewellers. This, of course, is no good for a piece that came from a specific jeweller.
Essentially you need to make sure all your bases are covered and that you spend sufficient time investigating both the jewellery itself and the policies you have. When you are satisfied with these you can seek out the most appropriate insurance for you and your diamonds.
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