How to Insure your Diamond Ring

How to Insure your Ruby?

Anyone who has ever lost or misplaced a valuable gemstone knows the anxiety that comes along with trying to locate it.

Usually it is simply a matter of remembering where you took it off and left it, but there are times when a jewel such as a precious ruby comes lose from its setting unawares to you and can become irretrievably lost such as in a drain field whilst washing your hands or tidying up the kitchen.

Unless your ruby is part of a wedding set, there will be times you leave it at home and open to robbery or theft. Anyone who has a beautiful red ruby should take the time to look at how to insure your ruby against loss, theft or damage. And of course, the more expensive your ruby is, the more attention you should give to the kind of cover you purchase and from which company you choose your insurance.

How to Purchase Adequate Cover for Your Ruby

One of the first things you will want to do before looking at how to insure your ruby is to get an accurate valuation of your stone. Whether it is in a pendant, ring or any other piece of jewellery, you will need adequate cover which is based on the value of the gem. There are several ways to go about doing this once you have a current market value on your ruby, but bear in mind that not all insurance policies or companies are the same.

How to Insure your Art

Most of the time if the stone is valuable enough it truly pays to have either a standalone jewellery policy or a great contents insurance policy that allows for individual items to be listed separately in order to carry extra cover.

For example, one UK contents insurance company has contents cover up to £500,000 but without items being specified will only cover up to £5,000 per item lost, stolen or damaged.

If your ruby is worth more than that, you might either want to specify it up to £250,000 or the value of the ruby, whichever is greater, or you just might want to look at a standalone policy.

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Options to Be Aware Of

There are no two ways about it, insurance can cost a bit of money that you aren’t prepared to spend, but the cover is important enough to warrant the expense. In a case like this, the first thing you might want to find out about are discounts which are offered to customers with multi-policy cover or for those who get an annual discount when no claims have been made against the policy within the previous year.

As well, you need to think about excess. Whilst there are a good number of insurance policies that only carry ruby insurance in which there is an excess you must cover out of pocket when making a claim, there are also insurance policies that cover the total replacement cost and worldwide cover for your brilliant ruby gemstone. Whether it is lost, stolen or damaged, you will want it repaired or replaced as soon as humanly possible. High excess just might cause a lengthy delay whilst you gather the excess which must be paid first.

Take the time to compare several jewellery insurance companies side by side so that you know you are getting the very best for your money. You can line them up side by side on your computer screen to see which has the most to offer for the lowest premiums, but don’t let that be your only guide. Make sure to choose a company with a history of ethical claims practices for that extra peace of mind. Learning how to insure your ruby doesn’t take long, but the benefits can last a lifetime. Insure your ruby today!

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