Blue Colour Diamond

The first kind of policy for diamonds is know as Actual Cash Value policy. If the diamond is misplaced or damaged beyond fixing, the insurance company should reissue the stone at the current marketplace value, regardless of how much you paid for your stone initially but this sort of insurance policy is actually not very common.

The more popular type of insurance for these gemstones is Replacement Value insurance where your insurer will only pay a pre-determined amount to compensate for the diamond that ended up misplaced or damaged beyond repair. However, this doesn’t indicate that they will pay that price – it simply implies that they will pay up to that price and in many instances, your diamond can be compensated for at a much lower amount.

A third type of insurance available for diamonds is known as Agreed Value and it’s occasionally dubbed ‘Valued At’ though that kind of insurance is very rare. If your gem is lost or destroyed, your insurance company simply covers the price which you and the company decided on. This is by far the best type of coverage to posses, though it’s rarely offered therefore if you cannot obtain Agreed Value coverage, Actual Cash Value insurance would be the next alternative.

The prices will be decided by the value of the stone, the sort of package that you select, and the region in which you reside. If you live in a place that has a heavy crime percentage, you can plan to spend a larger amount for the diamond insurance coverage. It is important to note that insurance brokers aren’t certified jewelers, and jewelers are not qualified insurance agents therefore it’s a good idea to obtain a certificate for your diamond, and to provide your insurance company along with a xerox of the certificate. This leaves the insurance company less room for disagreements regarding the true [value] of your rock though do not depend upon a separate policy to protect your beloved gem! For instance, if your diamond is stolen from your home, then it’s probably covered by your home insurance policy – however, your stone may not be in your house all the time, and as soon as it goes out of the house, there’s no insurance coverage.