Insurance Question

[diamondshopper2005]

Hello everyone...I have a quick insurance question. When we talked with an insurance company they mentioned that they insurance for loss or theft but not damage - which to me means, if the diamond is chipped, then it is not covered. Has anyone else come across this? Thanks.

 

[Tacori E-ring]

go with a different company. My e-ring is covered for loss and "mysterious" damage (that''s what they call it). We have it under our home owners as a seperate rider. I think it is more expensive that way but WORTH it if anything was ever going to happen. Check out Laney''s thread on her ring. Those pictures of her broken diamond haunted my dreams!

 

[mepearl53]

Your insurance company should be able to provide you with a separate rider that will cover you for loss, damage, theft, mysterious disappearance, and if you get mad at him and throw it in the river This generally runs between .95cents to $1.30 per hundred value which is a pretty good value considering all of the wear a engagement ring gets. You may or may not have a deductible also. Make sure you don''t get a feel good appraisal (over valued) for the insurance companies have their replacement services to sell for less than you might have it appraised for.

 

[RockDoc]

Different insurance companies may offer more than just one type of coverage. I believe Allstate has 5 different insurance products in some states.

Each company will vary, and each company''s terms and conditions, as well as exclusions based on there filings with the appropriate state''s insurance commissioner''s office.

Some of the insurance terminology is referred to as "ALL RISK" / Special Endorsements and more.

Assume the agent does not know all the in''s and out''s of how or what a policy covers. WIth this in mind, my advice is to get a blank insurance sample policy and STUDY it very intently and carefully PREVIOUS TO MAKING THE PURCHASE.

If you have difficulty in getting a copy of the relevant policy they are going to sell you, then find another agent or insurance company.

Much of the time, the consumer doesn''t get the policy until after the purchase is made, and even then most don''t read the policy until a loss happens. I would advise you not to make a purchasing decision based on less than complete information and being well informed.

Rockdoc