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FAQAdditional Articles #1
Additional Articles #2
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Engagement
Ring Guru > Additional Articles - Series 2
Why Diamond Insurance?
Everyone has, at some time in their lives, lost a piece of jewelry, or
even worse, had a piece of jewelry stolen. If you own valuable pieces of
diamond jewelry, such as your diamond engagement ring, you may want to
consider insuring them for added protection.
To understand how to insure your diamond, talk to your insurance agent to
discuss your options for adding jewelry to your existing homeowner’s or
renter’s insurance. Many insurance companies allow you to itemize your
jewelry within your policy, making the process quite a bit easier for you.
Be quite certain to read the fine print, as some policies limit the value
for jewelry line items. Even though your engagement ring will be a
priceless possession, cash to replace it might help you get over the loss!
Many insurers will cover substantial items of jewelry without valuation.
This may not, however, be satisfactory. It may place you in a difficult
position in the event of a loss. Your best protection is a good valuation
with comprehensive descriptions. It may cost a bit of money now, but a
good
valuation will not only accurately identify the article, but will do so in
terms which enable a value to be deduced from the description.
As another option, you may want to consider contacting a company who
specializes in separate insurance policies for your jewelry.
To find the best place, there are some questions you may wish to ask your
insurance agent. Jewelry insurance is a specialized field. If you don't
like the answers go elsewhere, shop around until you get the answers you
want; but be prepared to pay for service.
Is an appraisal necessary for full coverage?
What is the difference between scheduled and unscheduled coverage?
Is there a deductible? If so, how much? Do I have the option to increase
the deductible and thus lower the premium?
Is my policy all-risk (partial loss, damage, mysterious disappearance,
etc.)?
Am I still covered if there is negligence or carelessness involved?
Is the item covered if lost, stolen or damaged while in the possession of
someone else?
What if only a part is lost, stolen or damaged while in the
possession of someone else?
If there is a loss, do I have a choice of a full cash-out or will I have
to accept less?
Can I go to whomever I wish for the full replacement?
If a loss has been replaced through an insurance company source, will I be
allowed to verify proper replacement by an independent firm or accredited
appraiser?
How much will it cost per thousand for full coverage? Partial?
What do I sacrifice for the limitations?
Is depreciation ever imposed? To what and how is it computed?
How often should I have an appraisal update?
Am I limited to the appraised replacement cost should there be a sizable
increase in the value?
If there is damage to a piece, can I replace it or will I be limited to
repair?
What if the lost item is irreplaceable, like an antique?
Are there any security precautions required? If not, would there be a
premium savings if special precautions were taken, e.g., the items were
kept
in a home safe or in a safety deposit box when not being worn?
What proof is needed to justify a claim?
Are there different kinds of jewelry insurance available?
Are there any exclusions?
What is the pair and set clause? Will the insurance cover an additional
amount for matching a missing item in a set if it hasn't been computed and
stated?
What types of property are not covered?
Will you show me the actual language in the policy which addresses each
concern I've expressed?
These are just some of the questions to ask when finding out if you should
insure your diamond engagement ring.
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