Diamonds are a wonderful possession. They can hold many memories of special occasions and memories of the people who gave them, but they also hold a high monetary value. If your diamond is lost, damaged, or stolen, how can you get it replaced? There is no way to replace the memories attached to a diamond but you can get another one of equal value with the right insurance policy.
There are many reasons diamonds are lost, usually it is because of carelessness on the owner's part. Insurance agents agree on the top reasons for the loss of diamonds. Leaving a ring on the bathroom sink or the back of the toilet can result in the ring going down the drain. There are also poorly fitted rings that can slip off at any time and any place. Some necklaces can have damaged or bad clasps that can break easily. There is also opportunity for someone to steal your diamonds if you leave them lying out in the open or don't keep them locked up when you are using them. You should be careful where you hide them so someone else doesn't come along and throw away the object you are hiding them in.
Usually in the case of loss or theft in the home, a home owner's insurance policy will cover the loss. But you are not always at home when bad things happen. If you have diamonds that have a high value the best thing to do is to insure them separately. The first thing you want to do is to have them appraised by a reputable appraiser. The appraiser will give you a certificate of value to take to the insurance agency. Then the agent can determine what the best policy is for your circumstance.
There are a few different types of policies to get. One is for the market value of the piece. This is to replace your piece for what it is worth at the time it is lost, not for the cost when it was purchased. Conversely, you can get a policy that will cover the diamond for a predetermined value. This is when you and the agent can put a single value on the diamond, no matter what the purchase price or market value is when lost. Then there is the policy that will cover the diamond for the amount it is valued at the time the policy was purchased, this amount does not change even if the value of the diamond increases.
It is best to find an insurance agent who understands the value of precious gems when you decide to buy insurance. It might take some research to find the right one but when you do you can feel secure that your investment is safe.
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