Insuring a diamond takes a bit of thought, planning, and shopping around. Diamond insurance isnt like purchasing car insurance. It is quite different. Depending on the state that you live in, there are basically three different types of policies that will cover diamonds, and all insurance policies that cover diamonds are considered Marine type policies.
The first type of insurance policies for diamonds is an Actual Cash Value policy. If the diamond is lost or damaged beyond repair, the insurance company will replace the diamond at todays market value, no matter how much you paid for the diamond to begin with. This type of insurance policy for diamonds actually is not that common.
The most common type of insurance for diamonds is Replacement Value insurance. The insurance company will only pay up to a fixed amount to replace the diamond that was lost or damaged beyond repair. This does not mean that they will pay that amount it means that they will pay up to that amount. In most cases, the diamond can be replaced at a lower cost.
The third type of coverage offered for diamonds is Agreed Value. This is sometimes called Valued At. This type of coverage is...
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