Diamond engagement rings will be one of the most important as well as expensive pieces of jewelry that most people own. Hence, it will be really heart breaking if your expensive diamond rings get damaged, misplaced, or stolen. In order to tackle such unfortunate incidents, it is recommended to insure your expensive rings as soon as you purchase it. Obviously, it cannot cover your emotional loss, but it can surely address your financial loss.
Depending on the insurance type you choose, you can claim the money for your expensive diamond rings or just the center diamond. Some insurance plans offer to replace or recreate the damaged or lost piece as well. However, most consumers will not be familiar with diamond ring insurance plans. In order to help you out with this, below are some of the important things that you must keep in mind when you plan to insure your expensive diamond rings.
Get your Diamond Ring Insurance as Soon as Possible
Usually, no one will think about any instances or incidents that negatively affect their sentimental token and mar their happiness. Sadly, no one can predict what is there for you in the future. Hence, it is better to insure your expensive rings as soon as you purchase it. Note that the sooner you insure your sparklers, the sooner you will be covered. Hence, start searching for the best diamond ring insurance providers around you the instant you buy it.
Choose the Right Diamond Ring Insurance Provider
There are mainly two options when it comes to insuring your diamond engagement rings or any other valuable pieces of jewelry. One of them is the homeowners’ or renters’ insurance. In this insurance plan, you can avail specific coverage for your diamond rings. However, this type of insurance is usually recommended for inexpensive jewelry pieces. For insuring expensive diamond rings, it is better to rely on independent insurance companies.
Note that different insurance companies will have different policies, so make sure to go through the details and choose the one that will offer maximum coverage for your expensive rings.
Know about Diamond Ring Insurance Pricing
The price for insuring your diamond ring is determined on the basis of various factors such as the expense of your ring, the place you live in, theft rates in your area, your lifestyle, whether or not your insurance policy include a deductible, etc. Note that if you choose an insurance policy without a deductible, you will have to pay premium charges every month.
Ideally, you will have to pay an average of $1-2 for every $100 of your overall diamond ring cost. That is, the cost for insuring a $1,000 ring will be in between $10 and $20.
Talk to your Insurer
Before choosing an insurance plan, talk to your insurer and clarify all your doubts. By asking the right questions, you will get a clear picture regarding the type of diamond ring insurance you need. For starters, ask the insurer these.
- Who repairs your ring?
- Where can you buy your new ring from if you opt for a ring replacement policy rather than the cash payout?
- What type of repairs adds to your deductible?
- What if you could not find the perfect replacement for your ring?
- How can you prove that you lost your ring in order to claim the insurance money?
- Will you be still covered even if you are out of the country?
- Are there any instances when you will not be covered?
- Will the insurance rate change according to monetary inflation?
- Is the insurance coverage is just for loss or theft or if it covers damages as well?
Get a Diamond Ring Appraisal Certificate
You cannot choose the right insurance plan unless you know the actual worth of your diamond ring. For this, the best option is to appraise your expensive diamond rings. In this process, an appraises will thoroughly evaluate the quality of your gemstone, diamond ring setting, finesse and purity of the metal, the age of the ring, etc., in order to assign a monetary value to it.
Usually, they will consider the current market value while determining the worth of a ring. Hence, you cannot expect the same cost for your ring that you spend years ago. Note that most diamond insurance companies demand a credible appraisal certificate, especially for insuring expensive diamond rings. In the case of less expensive options, receipts or invoice will be enough.
Get a Grading Report
Even though all the details regarding your diamond ring will be documented in an appraisal certificate, it will not cover a detailed assessment of the diamonds. In a grading report, every single detail of your diamond including its cut, clarity, carat weight, and color will be documented. Note that no two diamonds will have the same type of inclusion. Hence, this information can be used to track your stolen diamond rings. Similarly, an appraisal certificate is indispensable in order to determine the actual worth of your ring if it is misplaced.