Emerald
insurance

How to Insure your Diamond Ring

How to Insure your Emerald ?

For as long as mankind can remember, jewellery has been an important symbol of status and relationships and one of the reasons why precious gemstones are valued so highly.

Although they are valued according to other standards in a jeweller’s eyes, to the person who owns an emerald there is a much deeper meaning that is irreplaceable. For this reason alone, learning how to insure your emerald is of prime importance and if cost is an issue, you can take the time to compare rates to find a policy you can afford.

So how much will emerald insurance cost which could replace something as timeless and precious as one of earth’s most valuable gemstones? That actually depends on the type of insurance cover you have and of course the value of your emerald.

Before setting about finding how to insure your emerald you will need today’s market value of your stone.

Throughout the UK there are jewellers licensed to appraise and value precious stones and this should be your first order of business. From there you can weigh cover against cost.

Types of Emerald Insurance on the Market

Of all the ways in which you could insure your emerald, there are two main types of policies which most people find adequate. The first is a traditional contents insurance policy that many homeowners or renters carry on their property or rental. Whilst this may not be the very best choice if the emerald is valuable enough, it can often provide the lowest premiums if the stone and setting is valued less than a few thousand pounds.

How to Insure your Art

Most content insurance policies will cover items up to that amount without them being specified, but if your emerald jewellery is more valuable than the policy limits on unspecified items, you will pay extra for the cover you need above and beyond those limits.

In a case like this, you might want to spend a few more pounds to get a standalone jewellery insurance policy simply because of the extra benefits it can afford.



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How to Insure Your Emerald with Specialist Jewellery Insurance

As mentioned above, unless you have a very expensive gem you might find adequate cover on a contents insurance policy that has a limit up to or beyond the current market value of your piece.

Unfortunately, many contents insurance policies also have an excess which must be paid out of pocket. This is something that you may be able to work around with a specialist jewellery insurance policy even though the cost may be a bit more. The extra cover will most assuredly outweigh a slightly larger premium in order to avoid paying excess.

That is not to say that you won’t find a contents insurance policy that doesn’t make you cover excess, but they are much more difficult to find than specialist jewellery insurance without excess. The point is to make sure that you have sufficient replacement cover in the event of total loss, theft or robbery to replace your emerald at today’s market value. Emeralds are one of the world’s dearest gemstones and they will not be getting cheaper any time soon.

Specialist jewellery insurance also has better damage cover in many cases should you need to have your gem or setting repaired.

It is difficult to say just how much emerald insurance will cost simply because so much is based on the value of your jewel. However, always keep in mind that you should have your pieces valued often as the prices of gems continue to rise. You will want to know that you have enough cover to at least replace the emerald even though the memories and deeper meanings can never be replaced.


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