There is a good chance that you have home insurance if you own your home. You also have car insurance – not only because it’s required by law, but also because you want to protect your car. Indeed, anything of value, you want to insure – to make sure it is protected and that you are compensated if the item of value gets lost or stolen. So, why wouldn’t you want to insure your diamond as well? It is sitting on your finger, or your spouse’s finger, for all to see. Here is how to insure your diamond.
Get an appraisal before you insure your diamond
Before you actually insure your diamond, you want to get it appraised. If you aren’t sure how much your diamond is worth, you won’t really know how much to get it insured for. What happens if your diamond gets lost or stolen? If you don’t have any way of proving exactly how much your diamond and/or engagement ring is worth, you won’t be able to find an insurer who will allow you to make a claim.
Make sure the appraiser is certified with the GIA
When you do get your diamond appraised, you want to be sure that the appraiser is certified. If the appraiser is not certified, your appraisal may not mean anything. In fact, North American Diamond Brokers has a network of excellent appraisers, so that you get the best value for your diamond. Usually, you want to make sure that the appraiser is GIA certified, which means that the appraiser has certification from the Gemological Institute of America. When you do get an appraisal, you will typically get a report that says exactly how much your diamond is worth and why. You can then take that report to your insurance provider to have your policy set up.
Attach your engagement ring to your homeowner’s or renter’s insurance
If you have homeowner’s insurance or renter’s insurance, you are in a good starting place to have your diamond insured. What you want to do is apply for an extension of your policy, called a “rider,” to have your diamond or diamond engagement ring specifically covered.
Take out a policy with a specific jewelry insurance coverage provider
Another option is to take out a policy with a specific jewelry insurance coverage provider. You can do a simple Google search to find a provider. Of course, your policy may be slightly more expensive – mainly because you are taking out a brand new policy, but if your diamond engagement ring is over a certain value and you want the best protection, this may be the best route to take.
Don’t forget to keep getting your diamond appraised every two to three years
Diamonds don’t usually stay a certain value for long. In most cases, they rise in value, which is one of the reasons why they make such good investments. This is also why you want to get your diamond appraised every few years or so to refinance your policy. In the end, you want to stay up to do with the value of your diamond and to get the best coverage protection possible.