Insuring Your Diamonds the True Approach

Diamonds are the most expensive and brilliant gemstones in the world. They seem more beautiful when affixed in pendants or engagement ring. There are even people who love to go with loose diamonds instead of readily available in the market. With the purchase of such a bulk of gemstones altogether they opt to set in different jewelry set of pieces such as a bridal jewelry. Although, purchase of such a loose stone will make your jewelry look more beautiful but chances of theft or misplacement can cause such valuable jewelry piece unsafe for a lifetime. Insurance of such diamond jewelry will help to make this diamond jewelry protect from theft, loss or damage. Generally, insurance companies provide coverage to fully created jewelry pieces. There are some of the insurance companies that offer additional coverage only to specific items no matter if it is lost, damaged or stolen. Other than everything, what if your precious and expensive loose diamond is affected by any situation as chances of getting misplaced or stolen is always a concern to it. Such stones are kept safely in a particular container which could be utilized in jewelry pieces like earrings, necklaces, diamond rings and several others.

The main purpose to get loose diamonds insured is because it involves lot of charges for its replacement. Loose diamonds set into a piece of jewelry have a higher tendency to get misplaced or stolen instead of readily purchased diamond jewelry which involves huge sum of money to be shelled out by insurance companies. Therefore, due to this reason insurance companies find it unsuitable to insure loose diamonds. Experts, therefore, advice to get the loose diamond studded within the set and then gets the jewelry piece insured. Carefully read and go through the insurance policy that provides additional coverage to jewelry items. In case, if you lose your diamond jewelry in theft or misplacement, insurance company will pay the full expense on your jewelry item. Following are different kinds of coverage: There are three different kinds of diamond insurance which are actual cash value, agreed value or replacement value. Actual cash value involves where the diamonds are insured at present market rates other than considering the actual rate of the stone when paid for. Replacement value refers to the replacement of the diamond that is lost by insurance company with a limited amount. This is a kind of general preference to majority of insurance companies. With this kind of a policy, the insurance firms will misplace the lost diamond as per their choice. In this case, the insurance firm has to approach the jeweler for replacement of the stone where the item is matched according its grading and value.

Selecting the Right Policy When choosing insurance policy, it is advised to clients to ask questions as many as possible in order to get the basic idea and overview of the policy to make the right decision. The majority of questions asked will help you to choose the best and correct policy. Once you have insured your diamonds, it is advised to keep your policy in safe and secured place as well as check it on regular basis for evaluate its value. Remember, diamonds are insured for their current value so keep on checking the policy on regular basis.