We spend a lot on our diamond engagement ring and other diamond jewellery. It would be really difficult and upsetting for us to deal with the loss or damage of such expensive jewellery. Having insurance for your diamond jewellery is a great way to ensure that your finances do not go for a toss.

You might feel that the chance of losing your diamond engagement is very low. Or that spending extra bucks on getting the insurance is a futile exercise.

But in fact, that is one of the best ways to protect your diamond jewellery.

Insuring your diamond jewellery is not a task but there is a checklist you should have for getting suitable insurance. Let’s take your diamond engagement ring, for instance.

It is that one wedding ornament which most people plan elaborately. Naturally, the cost of such a detailed engagement ring is high.

Plan the process carefully

Protecting your diamond ring should be on your mind at the same time or even before buying it. And no, you’re not being paranoid about keeping your ring safe. It is recommended that you make a list of a few good companies that could help you.

Most good jewellery brands tie-up with reliable insurance partners to provide services for their customers’ jewellery. Find out which company is providing the insurance and also inquire about the process.

Ask whatever you want to know

What amount should I insure my engagement ring for? How does the process of insuring jewellery work? When will I be compensated if something happens to my engagement ring?

These are some basic questions that you should list before approaching an insurance agent to discuss insuring your jewellery.

Getting this service for jewellery works more or less the same way as getting one for your house or your car. Only that insurance on diamond jewellery is more affordable.

The insurance company will consider risks while providing their services. If you stay in a location which has a history of theft and robbery, your premium will be higher.

You may already know that the agents are quite clear while answering your questions so make the most of this opportunity. Ask them what all the insurance covers and also how to claim it, as and when it is needed.

Keep all the papers together

When you buy your diamond engagement ring, there are a few documents that are of utmost importance. Every reputed diamond jewellery brand will provide a diamond certificate.

Another important document is the jewellery bill, as it contains the particulars and the date of your purchase.

Before you get the insurance, get your diamond ring appraised by an evaluator. Such a person will be able to tell you how much to insure your ring for. You will also receive an appraisal certificate. It is important to maintain this document along with the other papers.

Approach only genuine and certified appraisers.

Or else you might end up paying a hefty premium. This also creates problems when you raise a claim against the lost jewellery.

Just like your home or your car, get insurance for your diamond jewellery. Talk to your appraiser as well as the insurance agent to see if there are options to cover your other precious jewellery.