Insuring your diamond is an important thing to consider if you want to safeguard your diamond. When you buy a house or car, you wouldn’t think twice about insuring it. Why should a diamond be any different? Insuring your diamond will guarantee that it is safe against theft, loss, or other misfortunes. Insurance policies today will offer policies for all of these things offering three different kinds of coverage: Actual Cash value, Replacement Value, and Agreed Value. Before deciding which policy is best for you, it is important to become familiar with these different kinds of policies and the companies that offer them to see what is best for your needs.

Replacement Value Coverage is the most common insurance policy and will replace your actual diamond with one that is equal to it. The Actual Cash Value will pay based on the actual current value of the price on your diamond. This is calculated by the current diamond market exchange rates. Finally, the Agreed Value will replace the diamond based off of a mutually agreed on value. This Agreed Value is difficult to come by as it is the most ideal but if you do find an insurance company offering it, you will want to be sure to jump right on it! Whichever insurance policy you choose, be sure to take all three into consideration to see which works best for you. More important than the policy, however, is the company. Be sure to select a company with a high customer satisfaction that is reputable and will fulfill their promises.