Whether lab grown or mined, diamonds are a costly investment. While lab grown diamonds are substantially more cost-effective, you will still spend a pretty penny. You may be wondering, with such a big purchase, can you insure lab grown diamonds?
Here is everything that you need to know.
Can You Insure Lab Grown Diamonds
It is very common for diamond shoppers to seek insurance policies on their new jewelry. At such a steep cost, it is a great way to protect your investment. If you want to purchase a lab grown diamond, rest assured you can insure lab grown diamonds!
Not only can you insure a lab grown diamond, but you will also save quite a bit of money! Lab grown diamonds cost significantly less than mined diamonds making an insurance premium less as well!
Why You Should Insure Your Lab Grown Diamonds
What To Look For In An Insurance Policy
An insurance policy is the best way to protect your investment in your new diamond. After spending a significant amount of money on the diamond of your dreams, the last thing that you want is for something to happen to it.
A good insurance policy should cover the following instances:
- Damage, whether caused by you or not.
- Loss of the diamond.
- Worldwide travel.
Do You Need Jewelry Specific Insurance
Just because you are insuring a diamond does not mean that you need to purchase a jewelry-specific plan. Sometimes these premiums may be a little more than other similar plans. Often, certain insurance policies come with renters insurance, or property insurance and the diamond can be added to the policy rather than purchasing an entirely new plan.
At the end of the day, it does not matter what type of insurance plan you have, just that you insure the diamond. Every person’s financial situation is different, so do what is right for you and your family.
Ask The Experts
If you want to purchase a lab grown diamond and insure your new precious investment, you should consult a jeweler before making your purchase. Insurance on your diamond can offer peace of mind that when life inevitably throws a curveball, that your beautiful diamond will be covered!
The right insurance policy will have you confident that your gem is protected and may make you feel more comfortable sporting it daily. While that added peace of mind may not be worth it to some, we highly recommend considering insuring your diamond.