Diamond wedding sets are probably one of the most expensive pieces of jewelry you will ever own. It would then be fool hardy to not insure your diamond sets.
Different states have different laws for insuring diamonds. Generally, if you have homeowner's insurance it does cover your diamond jewelry under 'personal property'. However, the coverage is generally limited to about $500.00, which is very low for diamonds.
The premiums on diamond sets insurance vary depending on how expensive your jewelry is, whether you travel a lot with it, whether it is stored in a bank vault, the rate of incidence of thefts in your neighborhood and several other factors. Generally, it is best to request the same company that insures your home and car, to offer rates for insuring your diamonds. They are likely to give you a good rate.
When you insure your diamond sets, be prepared for the different kinds of settlement on offer. Some policies will not give you cash back if your diamonds are stolen. They will only pay for replacement of like kind and quality diamonds. Some policies include the repair of diamond jewelry if needed. Also, some policies will pay you only what the jewelry is worth at the time of loss after depreciation. So you don't really know what you stand to get if your diamonds go missing in the future.
Thus, insuring your diamonds is a must and it is imperative to choose an agent who will give you the best options.
