Diamond & Jewelry News, Advice and Prices for Consumers
Diamond & Jewelry News, Advice and Prices for Consumers
September 26, 2010
I have a girlfriend who had her diamond engagement ring stolen the swimming pool and her insurance policy did not cover her. If this is the case, why bother paying to ensure your ring? Is there any way to ensure a diamond ring so that the insurance company actually covers the cost if the ring is stolen or lost?
October 1, 2010
Sadly, it usually does not. It all depends on the policy. Most policies will insure a diamond to some extent if it is stolen from the owner's house, but in these cases the company will usually need some type of documented proof of burglary. If the ring is stolen anywhere else, or lost, unfortunately most policies won't cover it. Most policies are helpful in case of fire or clear burglary or lightening. But there is a way to make sure your policy does cover plain and simple loss. That's to have the ring "scheduled" or "floated". That insures it in case of "all perils" rather than "named perils." This may cost more, but a regular policy is often useless, as most cases of diamond loss don't fall precisely under the categories listed in the standard policy.
September 29, 2010
Regrettably, usually no. I made the mistake of not looking into the terms when I insured my gold bracelet. I guess the buckle snapped open sometime during my 10 hour trip across the Atlantic. and then the company I had insured my jewelry with said they can't cover is if it wasn't lost due to a "named peril, as mentioned above. It was very unfortunate. I had gotten that bracelet from my first serious boyfriend in high school. I have since insured all my jewelry in a scheduled policy. So yes, I cannot stress this point enough. If you do go to the trouble of insuring your diamond jewelry, make sure you do it the safer way, i.e. insure it within a "scheduled" policy.
