Diamond Insurance

The first step to get the insurance, you need to apply the appraisal to confirm the value of a diamond. So you need to find an appraisal company first because the insurer requires knowing more about the quality of the stone include the color, clarity, weight and cut quality. You can choose the appraiser from their graduate gemologist degree: it is a certificate showing that the person has completed formal training and is able to identify precious stones.
After you find a qualified appraiser, make an appointment with him/her so you can continue to legally value your stone. Appraiser commonly cost around $100 to $300 based on the depth of report they have to make. Do not worry to left your stone because you can ask to present during the process. You should make sure that the appraiser could identify the quality as accurate as possible in order to get the reality. Do not disappoint with the result if it is said your stone are not high value. This condition will give you benefits because more value means higher insurance premiums later.

After you get the appraisal letter of your stone, you can continue to look for an insurance company. You can try to look for a special rider on a homeowner's policy which need for the special coverage because it is usually only cover for jewelry up to $1500 or so. This way will give you advantage as the reason you will get cheaper cost for premium insurance of insurance company.

But you also need to be careful because this way is far away from customer satisfaction which the coverage may only available for a lost or stolen. You can ask for the policy type of the insurance company given whether it is a cash value policy or a replacement policy.

If you did not interested to purchase homeowner' policy, you can get the insurance from its specification company. By this way, you can get cash back of the value if the diamond is lost or damaged. But you have to sacrifice your diamond eternity ring that the insurance covered.

After making sure the company you are going to purchase insurance, you can send them the appraisal to decide a final quote for the annual premium. Annual premium usually costs 1.5% of the appraisal result. So you can pay it annually, quarterly or even monthly depending on the insurance policy.