Do I Need Diamond Ring Insurance
Diamond ring insurance is usually found as a rider to most homeowners or renters insurance policies, at least in the US. Many insurance companies won't bother, but most of the larger ones will. There are basically three types of diamond ring insurance: Actual Cash Value, Replacement Value, and Agreed Value. Actual cash value replaces the ring at current market rates, either higher or lower than you paid for it. This coverage is rather rare. Another rare form of coverage but the most desirable, is Agreed Value. This is where you and the insurance company agree on the value, and that is the amount you are compensated in the event of a loss. The most common type, and the policy that most people are sold is Replacement Value. This is where the insurance company replaces your ring at the lowest cost they can negotiate. This is sometimes much less than the amount the ring is insured for. This is an area to be careful. Always insist on an independent appraisal, as you don't want to be paying premiums for a ring appraised at $15,000, and then have it replaced for $3000.
Make sure your diamond ring insurance covers you when you travel, and for most normal occasions. I've seen policies that only covered the ring in the house, causing problems when it was lost or stolen outside the home. All is all, diamond ring insurance isn't difficult to obtain, just keep these guidelines handy and you'll be able to buy some piece of mind!
Related Tags: insurance, diamonds, diamond, diamond ring insurance, rider
Keith Thompson is a diamond devotee and the owner of www.diamondstoday.info, where you can find loads of useful information on Diamond JewelryYour Article Search Directory : Find in Articles
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