Do you have jewelry that is valuable? The more important question is, are you covered in the event of a loss, theft, or disappearance of that jewelry?
Your jewelry is more than metal and stone. It’s personal! It’s a sentimental symbol!
You may have received a special gift over the holidays, or maybe for Valentine's Day. This is also the time of year many new engagements are happening.
In the excitement of receiving gifts and especially becoming newly engaged, often the last thing on your mind is insurance. When it comes to jewelry, you want to wear it, not worry about it. But with life, comes accidents. Being insured is your first line of protection. Peace of mind is priceless. But not all jewelry insurance is the same. For instance, many homeowners insurance policies offer jewelry coverage. There are also carriers that provide stand alone coverage, separate from your home and the rest of your belongings.
I see there being far more benefit in a standalone policy than attaching coverage to your homeowners policy. For one, a jewelry claim filed against your homeowners policy could affect your entire homeowners policy. And I can speak from experience to say, you do not want that! My home was broken into a few years ago and they stole several items, including some of my jewelry. I did have jewelry coverage with my homeowners policy at that time so I filed a claim. The process was fine, and I was covered up to a certain amount. However, that claim still haunts me. As if being violated and having your home invaded by strangers wasn’t enough. It may have only been a few thousand dollars, but it stands as a CLAIM against my HOMEOWNERS insurance, effecting my rating for years after the theft. I will never do that again!
With all that said, I wanted to point out a few things to look for when shopping coverage. You want protection from:
- Loss
- Theft
- Damage
- Disappearance
- Loose Stones
- Worldwide Travel
You also want to look for a company that provides coverage to Repair & Replace, and to be able to get coverage for the full value of your jewelry items. A lot of homeowners policies have a limit. Your coverage should be customized based on the value, which is why it is so important to have a recent appraisal. It is recommended to get an appraisal every couple of years, since jewelry values fluctuate. Also, since the insurance premiums are typically based on the value, you want to make sure the value is correct and that you have appropriate coverage.
Tips for Getting a Good Ring Appraisal
Not all appraisals are created equal. Here are some tips to make sure you get a good one:
1. Ask your jeweler for an appraisal, insurance evaluation or detailed receipt right away – it will save you the trouble of having to go back and ask for one later.
2. Make sure the jeweler or appraiser uses official business letterhead with their contact information in case your insurer has questions.
3. Ask your jeweler or appraiser for their credentials. Not just anyone is qualified to give appraisals. Don't know where to start? Check American Gem Society, the National Association of Jewelry Appraisers or Gemological Institute of America for a list of qualified appraisers.
I am happy to have access to reputable carriers with expertise in this area. They want to make the claims process as easy and painless as possible, and even allow you to work with the jeweler of your choice. The jewelry claim professionals will collaborate with your jeweler to make sure that your piece is repaired to your satisfaction or replaced with a piece that’s the same kind and quality. Even if you want to upgrade, the jeweler can invoice the carrier the cost to replace what you had and you can pay the difference to upgrade.
As your independent insurance agent, I look forward to helping you find the right coverage to protect your cherished possessions.
* This data references content from Jewelers Mutual and you can find more information by visiting www.jewelersmutual.com.