We hear sad and tragic stories every week from our clients about a broken, lost or stolen diamond and come to find that they have not been insured. Proper insurance is the only way to protect yourself from not being able to replace your special diamond with the same quality and size you have.
Many consumers are under the impression that diamonds can not break and therefore do not need to be insured. Or that they are automatically covered under renters or homeowners insurance if lost or stolen. Both of these statements are false. A diamond can break and unless the diamond is specifically listed on your insurance policy or you have separate coverage in the form of a rider on your renters or homeowner’s policy the ring would not be covered in the event of breakage, loss or theft.
Making sure that you purchase a certified diamond and having the proper description and photos on the appraisal are also key elements when having your diamond insured. Without the proper carat weight, color, clarity, depth and table percentages and millimeter measurements as well as a report on the fluorescence of the diamond the type of diamond that your insurance company will agree to replace could be vastly different from your original stone.
At Diamond Source of Virginia we always encourage our clients to price compare their homeowner’s coverage with and independent insurance company. Two such companies that we have recommended to our clients in the past for exceptional coverage and honest business practices are Jewelers Mutual and Chubb Group of Insurance Companies.
The biggest mistake that consumers make is either having too much insurance or not having any at all. The more you know about insurance the more informed you will be in making the right insurance decision for the future.