Dotting the i’s and Crossing the T’s
I was recently asked by a customer about insuring their new diamond engagement ring … I won’t bore you with too many details but I thought it worth sharing that there are a few key questions I recommend asking your insurance agent …- Is an appraisal necessary in order to secure full coverage? (Most jewelry stores will be able to supply you with an appraisal – fees can range from $75 to $175. A certificate on the diamond from the GIA, AGS, EGL etc. is not the same as an appraisal).
- If there is a loss, can I choose between a cash payout or do I have to get a replacement piece?
- With the ever increasing cost in metals how does that affect my insured jewelry?
- What are my options in coverage for my jewelry?
- Are there any exclusions?
In general you may wish to shop around for the right coverage as insurance rates can differ from company to company. Also, if you travel quite a bit, especially to off the beaten path areas you may want to double check with your insurance company regarding the specifics of coverage while traveling.