Our Guide to Getting Your Jewels Insured
Everything You Need To Know
You dreamed of the moment when that perfect ring would be yours forever – and now that moment has arrived! The next step is to ensure that should anything ever threaten that “forever,” you are prepared. The last thing any bride-to-be wants to think about is losing that precious ring (or any sentimental jewelry, for that matter), but sadly, it happens to the best of us. Do your due diligence and insure your cherished jewelry right away.
Here are some helpful tips to keep in mind as you prepare to protect your jewelry:
Choose an insurance provider. There are two different routes you can take for this. If you have homeowners’ or renters’ insurance, you can purchase a “rider,” which is basically an extension of your policy. Otherwise, you can take out a policy with a company that specifically provides insurance for jewelry.
Have your jewelry appraised by a trusted professional. Although you may have a receipt for your jewelry, it is still important to get an appraisal done before you insure it. Make sure that you have it appraised by a certified gemologist – it may cost a small fee. For example, if you are insuring an engagement ring, the appraiser should notate the details of the ring, including the 4 Cs. It’s important that the appraisal is accurate; the value determines how much you will pay for a monthly premium and how much the insurance will reimburse in the case of loss, theft or damage. It never hurts to take several pictures of the jewelry from all angles to keep as verification. See, now you have a legitimate excuse to snap more photos of that sparkler!
Choose the appropriate coverage. Often, standard homeowners or renters insurance already covers a significant amount of personal property in case of theft. However, you want insurance that protects your jewelry in case of loss or damage as well. Adding additional coverage to insure the full cost of a piece of jewelry is known as “scheduling property.” On average, this will run you about $1 or $2 per $100 of its value. The value of the ring is part of the determination in cost of coverage, but other factors include where you live and if you choose to have a deductible. Your insurance agent will be able to give you specific details!
Ask the right questions. It’s always recommended to read all of the fine print in the policy before you sign away. However here are some important details that you want to clarify with your agent no matter what.
o Is the jewelry covered in case it is lost, or only if it is stolen? What is the claim process for each?
o If the ring is damaged, are there policy restrictions on who can fix it?
o In case of loss or theft, will the policy provider pay for a replacement or will it be a cash payout?
o What circumstances are NOT covered by the policy?
Keep the important documents in a secure place. Make sure to keep all receipts, a copy of the appraisal, a copy of the policy, and any photos you have of the jewelry, in a secure location. That way, should the unimaginable ever happen, you won’t have to spend time looking for documentation. Policy providers (and investigators in the case of theft) will want as much detail as possible, so you will be ready. Also – appraisals should be done every 2 to 3 years, as jewelry can either appreciate or depreciate over time. Having a copy of the previous appraisal on hand will be helpful in that process.
Sleep well tonight. Ahhhh, take a deep breath. Once your jewelry is insured, you can rest easy knowing you are prepared. Now you can focus your efforts on admiring the way it looks from every angle!