Monday, July 1, 2013

Get your expensive diamond piece insured!

What would you do, if your gifted diamond ring gets stolen or damaged? Think of getting it a new one or get it fixed!

Definitely this is the most obvious solution that most of us think but surely makes our budget imbalance. But what if we take right steps at right time that would help save our money. Here I am talking about getting diamond jewelry insurance.

If, you too were finding a solution for it then this is a perfect alternative of getting diamond ring fixed.

There are several ways via which you can get your jewelry insured from New York insurance company, but it would solely depend on you as per which type of policy you would want that cover the loses (theft, damage, or accidental loss), if occurred to your diamond jewelry.

Following are few steps to attain jewelry insurance:

Appraisal of diamond: First and foremost thing to do is get appraisal of your diamond piece from a gemologist. However, there are two factors to consider while doing this, first is that gemologist should be certified that provides authentic and accurate judgment of the jewelry, and second is that appraisal should not be more than 18 months old. After appraiser has checked your jewelry, he would provide you documents of the diamond that you need to bring it along to the insurance company because without seeing the certificate, company won’t give you insurance for your diamond piece.

Review insurance rates: As there are so many insurance companies in the market, all would have different rates for the same policy. However, this would also vary from state to state. In regard to this you must have a discussion with your agent or look for jewelry insurance quotes, so that you are clear about your current policy, its premium and overall cost covered in the coverage of diamond.

Rates would also vary on the policy, as well. For example, if you are taking home insurance, it would cover all the assets present at your home i.e. your jewelry also. But if in case you are wearing your diamond ring and you have lost that in market then it won’t be counted in the home insurance policy.

Another way to lessen the rate of premiums is that you can tell your agent regarding your home’s security system that would help you avail discounts on your policy.

Fix appointment with insurance company: After reviewing the rates, your next initial step should be to fix appointment with the insurance company. During your meeting you need to bring appraisals, receipts of your jewelry, warranty or guarantee and jewelry along with you.

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