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Posted on November 30, 1999 by Joy Stoyle | Posted under Jewelry
Diamond Insurance - Protecting your Valuables
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You can set up your diamond insurance policy so that it will pay you what the current market value is, which might not necessarily have been what you paid for it. For instance, your diamond jewelry cost $50,000 when you bought it and then the price of diamonds goes down in the next year. If your jewelry is stolen after the overall price of diamonds has gone down, your diamond insurance policy will compensate you for the current market value, which is less than what you paid for it. You can insure your diamond jewelry for the exact amount you paid for it, but this could also work against you. If you purchase a piece of diamond jewelry for $50,000 and it is stolen the following year and the price of diamonds has gone up, your diamond insurance policy will compensate you for what you paid for it, but not for what it is currently worth. It's easy to see that it will take some thought when you are purchasing insurance, and sometimes it might depend on predicting what the diamond market is going to do. The markets for precious minerals and precious gems are hardly ever predictable, however, so it is always a gamble. Whichever type of diamond insurance policy you choose, it's still a good idea to have it. Being compensated for at least most of the price of the jewelry is better than not being compensated at all. One of the ways to ensure that you won't have to deal with this problem at all is to keep your jewelry in a safe place, and if it's something that you only wear now and then, you should even keep it in a safe deposit box at the bank. Taking care of your diamond jewelry is a good insurance policy in itself. About The Author: |
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