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 …

  1. 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).

  2. If there is a loss, can I choose between a cash payout or do I have to get a replacement piece?

  3. With the ever increasing cost in metals how does that affect my insured jewelry?

  4. What are my options in coverage for my jewelry?

  5. 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.