Your Diamond Traces purchase is insured from the minute it leaves our facility and until the moment you receive it. As for continuing insurance we gathered information from the leading insurance companies in order to save you time and money.
For your added protection, you may want to consider insuring your diamond jewelry, especially pieces like your diamond engagement ring which has high sentimental and financial value. Please contact your insurance agent to discuss your options for adding diamonds to your existing homeowner's or renter's insurance. Many insurance companies allow you to itemize your jewelry within your policy. If your existing policy doesn't cover jewelry or you don't currently have a policy, you can purchase protection from a specialized jewelry insurer. Diamond Traces recommends Chubb's or Jewelers Mutual, two highly reputable providers of diamond and jewelry insurance.
Alternatively, you can contact a company that specializes in separate insurance policies for jewelry. There are essentially three types of jewelry insurance: Actual Cash Value, Replacement Value, and Agreed Value. With an Actual Cash Value policy, your jewelry would be replaced at current market rates, which may be higher or lower than what you paid for the item(s). Under an Agreed Value Policy, you and the insurance company agree on the value, and that is the amount you are compensated in the event of a loss. The most common policy type, however, is Replacement Value. Under such a policy, the insurance company replaces your jewelry at the lowest cost it can negotiate. This is sometimes much less than the amount the jewelry was insured for. Therefore, it’s important to be careful as you don't want to risk paying premiums for a ring appraised at $15,000, and then have it replaced for $3000 -- always insist on an independent appraisal.