DDS Direct Diamond Sales Co.

"Get your engagement ring insured — it's worth it!"

What you need to ask your insurance company

Your homeowner's or renter's insurance policy may OR may not offer full coverage for your engagement ring and other fine jewellery.

Typical Insurance Policies

LIMITS — insurance policies set limits for the loss of jewellery per item.

  • Homeowner's policies typically pay a maximum of $1,000 for jewellery theft.
  • Renter's insurance policy might have a lower limit for loss--$500 is common.

Does your insurance policy cover jewellery THEFT only or for LOST and DAMAGED items? Read your policy carefully. Ask your insurance agent to clarify the types of losses that are covered.

At the time of loss, call us at DDS Diamonds for a replacement quote. The insurance company will also organise a quote from their preferred supplier.

The lowest of these quotes usually can be given to you as a cash payout to use at the jeweller of your choice. The alternative is that your jeweller can match the lowest quote.

Don't let your insurer force you to go to a jeweller of their choice. This is called 3rd line forcing and is illegal under the ACCC, Australian Trade Practices Act.

Additional Jewellery Insurance

You can usually purchase additional insurance for your fine jewellery, here are the type of questions to ask:

  • Are you able to use the jeweller of your choice?
  • Is there an excess? If so, how much is it?
  • Is an appraisal required prior to obtaining insurance?
  • Are the items covered no matter where the loss takes place? Would the policy cover you for domestic or international travel?
  • Are items covered for full replacement cost? Must the item be replaced, or can you obtain cash settlement?
  • Does the policy cover repairs to damaged jewellery?

http:/www.ddsdiamonds.com.au
or call 08 8332 0707

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DDS Direct Diamond Sales Co. High Street, Burnside, SA
© 2012 DDS Diamonds
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