For any couple looking to get engaged, diamond insurance is something to consider—but is it really worth it? Insuring a diamond is often viewed as important with as big a purchase as an engagement ring. The experts at Dondero Jewelry shed some light on what to consider when looking into diamond insurance, the questions you should ask, and whether or not it may be worth it for you and your lifestyle.
Before even speaking with an agent about a diamond insurance policy, you’ll need the piece appraised. A qualified jeweler will assess the estimated replacement value of the ring and issue an official document to present to an agent. Insurers will use the appraisal to determine a payout amount in the event of a claim.
What to Talk About With Your Agent
- What’s covered? Ask your agent if there are different plans available for diamond insurance. You’ll want to know exactly what is covered and what is not covered if the ring is lost, stolen, or damaged. It’s important to know exactly what you’re getting with your coverage.
- Current insurance. Be sure to check your homeowner’s or renter’s insurance policy for specific coverage of items priced at certain values. Most policies cover items in the home up to a certain dollar amount. Policy extensions may only cover more expensive items. Also, be mindful of your current coverage, Dondero Jewelry warns. If you lose the ring on vacation or swimming in the ocean, you may not be covered. Ask your agent about the specifics of your current plan.
- What are the rates? How much will diamond insurance cost you? Prices vary for policies from carrier to carrier. Things like security systems and even your zip code may affect the rates for your policy. Know what you’re getting into before you sign the line.
Diamond Insurance vs. Jeweler Protection
So, the engagement ring you purchased is “protected” by your jeweler–does this take the place of diamond insurance? The answer is no, according to Dondero Jewelry. Many jewelers offer protection in the case a diamond falls out of the ring. However, they typically require six-month checkups to inspect the prongs. Missing a checkup could mean your protection is voided. It also doesn’t cover loss or theft, but the right diamond insurance policy could.
So, is it worth it? That’s something only you can decide. Are you prepared to pay a little more for peace of mind? If the ring gets lost or stolen without coverage, are you ready to shell out X amount of dollars to replace it? Consider your options before you make a sweeping decision either way and if you do go the route of diamond insurance, ask the questions and be informed.
Looking for more information on diamond insurance and appraisals? The experts at Dondero Jewelry are always available to share their insight on insuring diamonds and the appraisal process. Stop in-store at 2439 North Delsea Drive in Vineland, NJ, to talk to an expert or call 856.691.1164 to learn more.