Insuring your diamond requires a bit of thought, preparation, and a lot of looking around since it isn’t similar to purchasing car insurance - it is in fact, very different. Depending on the state that you live in, there exist essentially three variations of policy which can cover diamonds, and all insurance policies that covers the gems, are called Marine type policies.
The first kind of insurance designed for gemstones is know as Actual Cash Value policy. In the event the diamond is misplaced or damaged beyond fixing, then your insurer should reissue your stone at today’s market price, regardless of how much you paid for the stone to begin with but this sort of policy is really not that common.
The more popular type of indemnity for gemstones is called Replacement Value insurance ion which the insurance company will only pay up to a fixed amount in order to compensate for the diamond that was lost or destroyed. Nonetheless, this does not mean that they will cover that price – it simply implies that they’ll pay up to that amount though in many cases, the diamond can be replaced at a much lower price.

The third type of insurance offered for diamonds is called Agreed Value and is occasionally called ‘Valued At’ however this kind of insurance is extremely rare. In the event that the stone is misplaces or damaged beyond repair, your insurance company just pays you the cost that you and the company agreed upon. This is the greatest type of coverage to have, though it is not usually available therefore if you can’t get Agreed Value coverage, then Actual Cash Value insurance would be the next best option.
Your prices will be decided through the monetary worth of the diamond, the type of package which you pick, and the area that you live in. If you living in a place that has a heavy crime percentage, then you should plan to spend more for your diamond insurance policy. It’s critical to note that insurance agents aren’t qualified jewelers, and jewelers are not qualified insurance agents so it is best to get a certificate for your gemstone, and to bring it to your insurance agent along with a xerox of that certification. Such a thing leaves the insurance firm less room for arguments over the actual [value] of the rock but don’t rely on a separate policy to protect the beloved stone! For instance, if your stone is stolen from your home, it is probably covered on your home owner’s insurance policy – but, your diamond probably won’t always be in your home, and once it leaves your home, there is no cover.