Is your Diamond Ring Correctly Insured?
Whether you own a diamond engagement ring, wedding ring or eternity ring, it’s a good idea to have it insured against loss or theft. Even if you intend to wear your rings all the time, you should have adequate insurance, just in case you have to take them off for any reason.
If you haven’t got any insurance, or are worried that you’re not adequately covered, a local jeweller can help you with the documents you’ll require for insurance purposes. Are your diamond rings correctly insured?
Have your Diamond Ring Valued
The value of diamonds and precious metals fluctuates over time, so even if you’ve had your diamond ring valued previously, it’s a good idea to have it valued again after a few years to make sure that you’ve got enough cover.
Similarly, if you’ve been gifted a diamond ring or have inherited a piece of diamond jewellery, have it valued by a jeweller, as you may not know how much it’s worth otherwise. Without knowing its value, it will be very difficult to insure.
Once you know how much your jewellery is worth, you can speak to your insurance company or broker.
Insurance in the Home
Many home insurance policies will cover high value items up to a certain limit. If you’ve taken your diamond ring to a jeweller for valuation, and it’s of a particularly high value, you should declare this item separately as part of your home insurance policy. That way, your insurer can provide you with a quote to cover your diamond ring, or they may ask you to insure it separately.
If you are lucky enough to have an extensive high-value jewellery collection, it might be worth taking out a specialist jewellery insurance policy to cover all of your items.
Insurance Outside of the Home
Many a good insurance policy will cover your diamond ring outside of the home as well as within it. This is good for those times when you do take your rings off, such as when going swimming or if you need to remove your jewellery when at work.
However, check the wording and terms of your policy, as some have a time limit on insurance outside of the home. For example, many will insure you for loss of your diamond ring outside of the home for up to 60 days’ cover. This may not be any use to you if you have to remove your rings regularly for work purposes. You may therefore need to ask your insurer for a specialist quote.
Remember that if you’re on holiday, many good travel insurance policies will cover you for loss or theft of your diamond rings whilst away from home.
Matching Diamond Ring Sets
If you have a wedding, engagement and eternity ring set that matches or was made bespoke to be worn together, check with your insurer as to whether both or all three rings would be covered in the event of loss or theft. It may be that the insurer will only pay for one ring if it becomes lost, for example.
Hopefully you will never be in the position where you’re having to claim for the loss or theft of your diamond rings, but if you do need to, it’s important to have the correct paperwork. For an up-to-date valuation from a jeweller in Ilford, visit EK Jewellers. We’ll make sure that your diamond rings are ready to be insured correctly.