Buying diamond earrings usually goes hand in hand with a significant spend – after all, diamonds don’t come cheap. If you’re on the cusp of buying a new pair, then it’s worth knowing what your options are regarding insurance cover. Unfortunately one size does not fit all and it’s always advisable to make sure that you’re fully covered in the event of an unfortunate loss.
Why Insure Your Jewelry?
Many people either don’t think it’s worth the hassle or don’t realize that certain possessions are not covered under a standard renters or home owners policy. As a typical piece of jewelry can run in to the many hundred, if not thousands of dollars, it’s the wise man (or woman) that takes care of their investment.
Accidents happen, losses do occur, and if there’s one thing that’s worse than the actual loss itself, it’s that moment of realization when you remember that your beautiful diamond drop earrings weren’t covered – and you can’t afford to replace them. Insuring them as soon as you’ve bought them (as with any precious item or possession) is the sensible and right thing to do.
Maybe crying over spilled milk is a trite and silly figure of speech but crying over a pair of lost marquise cut diamonds is something else entirely.
How To Insure Your Earrings
First things first – check with your current insurers as to whether they will extend the existing policy to cover your earrings. In the event that they don’t, speak to the jewelers to find out who they use for commercial insurance, or ask if they can recommend a specialist insurance company.
In the event that your existing plan can be adapted, great. Now you need to find out what it will cover, how much and what the claims procedure entails. If you find out that your jewelry is covered for its full amount, in all eventualities, fantastic – close the deal, sign along the dotted line and take the cover.
In case that they don’t, check with the specialist insurers, as you need to make sure that the full value is covered, otherwise there’s no point. Imagine you get a 40% coverage, and only then if the earrings are accidentally damaged beyond repair, or stolen from your ears whilst you’re sleeping (not likely but we’re throwing silly scenarios out there anyway), then what?
Bottom line is this: make sure of what it is you need, and what the insurance company are willing to cover.
Remember – Ask The Right Questions
So now you’ve decided who you’re going to take out the insurance with, let’s make sure that you ask all the right questions before you sign up:
because you’ll need an appraisal of your jewelry, ask if there’s a specific company that they use
how much will the cover cost, annually/monthly?
in the event that the earrings are damage-repairable, is that a go, or does the policy just do new-for-old?
is the lost/damaged item replaced or paid out on?
what’s the deductible? What will you need to pay out before the insurers pay up?
is accidental loss covered the same as stolen items are?
Of course the above list isn’t all that you can ask, and some of the questions that you’ll need to ask will be personal to your particular requirements. However the questions listed are the ones most people need to ask, so make sure that you do. Hopefully, once you’re covered, you won’t need it but, in the event that you do, you’ll suffer the loss but soon recoup and recover from the effects.