Diamond & Jewelry News, Advice and Prices for Consumers
Diamond & Jewelry News, Advice and Prices for Consumers
September 2, 2010
I recently bought my wife a stunning (and very expensive) set of diamond jewelry which includes a necklace and earring. Naturally, you would understand why I am on the look for an insurance policy. I've done some online research and come across a term I am not really familiar with - "floater policy". I would really appreciate it if someone could sum it up for me in a nutshell. Thanks!
September 4, 2010
The basic meaning of a floater policy is that it allows you to get either the value of your ring or a brand new ring back, in case of loss. In a standalone policy the value of your ring must be appraised by a jewelry appraiser, this should be done when the ring is purchased, and you will get back the appraisal value of the ring if it must be replaced. As to insurance costs, it varies form company to company, but in general, it should be at an approximate cost of $10 for every $1000 of value. Choosing an insurance coverage, you should also ask in what situation exactly you would be able to make a claim. Theft? Loss? Some will even cover damage that was done to the ring. All of these factors must be taken under consideration before purchasing insurance for your precious piece of Jewelry. Keep up with your online research in order to understand more about the different insurance policies available in today's market. This will definitely help you reach an educated decision which best suits your new and valuable diamond jewelry purchase.
