Insuring a diamond ring might be not be strange to the ears but many know little about what it entails. Insuring a diamond ring may seem like doing too much but it is better to be safe than feel sorry later, most especially when this ring signifies a very important moment in your life. Here is a detailed explanation of all you need to know about insuring your diamond ring and the cost of insuring it.
Diamond ring insurance is very similar to other insurance policies. Diamond ring protects your diamond ring in cases of damage, loss, or theft and can provide the money to repair or replace your ring.
Questions to ask an insuring agent before insuring your ring.
Before we go to the cost of insuring your diamond ring, there are some questions you should ask if you are looking to strike a deal with an insurance company. These questions would make you know if you are in safe hands. These questions include;
1. Will the policy cover theft, damage or loss due to fire or other disaster?
2. How will you be required to prove the loss of ring?
3. Will the value of the ring be covered fully or partially?
4. What happens when you file a claim?
Major Things needed when to Insure Your Diamond ring
Whenever you buy scheduled jewelry insurance, you will need four things:
1. Original receipt: You will need an original receipt of the diamond ring. Not everybody can present a receipt but an appraisal can be used to cover the need for the receipt.
2. Appraisal: Appraisals are very important as they tell the insurance company the real value of the diamond. It is better to do your own appraisal as most insurance companies won’t accept an appraisal from the jewelry seller.
3. Pictures: Take lots of pictures. You will need pictures attached to the appraisal and also some for your own records.
4. Certificates: This is a document that contains the diamond’s grade. This is always received when you buy a diamond.
How to File a Claim for Lost or Damaged Jewelry
If you have a case of a stolen diamond, the first thing you should do is to contact the police.
Give as much information as you can about the stolen jewelry. Request for a police report in case your insurer asks for it.
The next thing to do is to call the insurer of the jewelry insurance policy. When you contact your insurer, give the precise details of the event that happened. Depending on the type of coverage you have, you may have to pay a deductible before beginning the replacement or repair process.
With a jewelry protection insurance policy, your insurer would permit you to have repair or replacement work done at a jeweler of your choice and would provide you with the same kind and quality of jewelry as the missing or damaged piece. The covered amount of your jewelry with jewelry protection insurance is the appraised value of the piece after you pay your deductible, if your policy has one.
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