Diamonds: to Insure or Not to Insure – That’s an Easy Queston

Marilyn Monroe wasn’t lying when she sang at the top of her lungs that “diamonds are a girl’s best friend!”  I would argue that diamonds aren’t only our friend, but our feel good on a Saturday night jewelry item, and the only thing that beats a piece of dark chocolate on a bad day.

But are you taking care of your friend the way you should be?  According to Rough Notes, a leading insurance industry publication, it is estimated that fewer than 25% of women’s diamond rings in the United States are insured.  This is a surprising number given the fact that many women take great pride in their jewelry, and if asked, would most likely say that they are concerned about protecting this investment.  And an investment it is!  The average diamond engagement ring in the United States is worth over $4500.

You might say, “Whew! That doesn’t apply to me” or “I don’t have to worry since my jewelry isn’t worth near that!”  But it’s all relative.  Ask yourself these questions:

• Would it put a financial burden on me if I had to replace this out of pocket? Or
• Would I suffer emotionally if I were to lose or have this item stolen and not be able to properly replace it?

If you answered yes to either of these questions, then insuring your jewelry as an additional item (or a rider) on a homeowner’s policy is the right avenue for you to take.

The other surprising fact is how cost effective this option is.  Many people feel like they may not be able to afford this additional coverage when in fact most homeowners companies make it very affordable.  Insuring your jewelry as a rider gives you broadened coverage.  For instance, you would be covered for losing the item, having a gem fall out, theft, and a myriad of other things.

If you’re looking for a solution to provide the most complete coverage for your jewelry this is the best and most comprehensive way to go.

In the words of Mae West, “I never worry about diets.  The only carrots that interest me are the number of carats in a diamond.”

To insure your diamonds, contact Heather Mosher | 906.315.7235 | heatherm@vastsolution.com.