Insurance For Your Diamond Ring

by

Johnn Smith

If you are lucky enough to have expected a diamond ring for engagement or just a gift or are in view of purchasing one for someone then it is worth looking into insuring such a valuable stone.

Many people forget the significance of insuring a diamond ring, what can be bad than falling in love with a ring and something happening to it, whether it is lost or spoiled if the ring is not insured then the costs will have to be forfeited by the holder, If the diamond ring was costly then you may find yourself in a position where you simply cannot have enough money to replace or repair the ring.

Diamond ring insurance is not as easy as you may think, most insurance companies will not just cover the thing on your normal policy, and some may cover jewelry for theft but not for other conditions where by the diamond ring has become vanished or spoiled.

Most insurance companies will allow you to purchase additional insurance for fine jewelry and your diamond ring however there are a few questions you should ask before taking out this addition to your existing policy.

First and most significantly you will want to know how much the insurance will cost. It is also clever to ask how this will have an effect on your policy should you need to make a claim for your diamond ring.

Second ask if an appraisal needed to cover your diamond ring and if so would these need to be provided by yourself by specific appraiser or will your insurance company take care of this for you.

Third ask if the diamond ring be covered for its full value or alternate cost and will this be in the form of a cash sum whereby you would buy the replacement ring yourself or will the insurance company return the diamond ring themselves and send to you.

Fourth check if the diamond ring be covered wherever the damage or loss takes place, some insurance companies will only cover loss or damage within your own company so extra travel insurance may be needed if you were to go abroad.

Fifth will the insurance cover all maintenance on the diamond ring and who will make any repair to the ring, some insurance companies have their own tradesmen who would make any repairs needed other insurance companies will ask for quite a few estimates provided by yourself before you can go ahead and get the diamond ring repaired.

Sixth always ask about excess, this is a sum of money you will pay before everything is repaired or replaced, this is normally ascertained by the value of the ring, it is a very important feature of insurance, you may find small repairs can be done without going through your insurance, some cases will show that it simply is not worth paying the excess to replace or repair your diamond ring depending on the excess figure.

Diamond ring insurance may sound scary but it need not, know what to ask and knowing the facts at all times helps.

Johnn Smith is an Expert author for

Engagement Rings

. He has written many articles like “Diamond Engagement Ring”. For information visit our site

Wedding Rings

.

Article Source:

ArticleRich.com