Knowing how to insure your jewelry
is an important step in protecting yourself against loss, theft, and damage. The first step to insuring your jewelry begins by visiting an independent appraiser and having them provide you with an accurate appraisal of your jewels and jewelry. You should receive written documentation that provides both the name of the appraiser as well as and accurate listing of your jewelry. Your jewelry should be described in detail that includes carat weight, any distinguishing features, and their current value.
Next, if you are a home owner you will want to review your home insurance policy to see if it already includes any coverage of your jewelry. If you are a renter then you can review your renter’s insurance. If your jewelry is completely covered according to the amount that it appraised for then you should be fine. If it isn’t than you will need to choose insurance that will completely the cover of the value of your jewelry.
I recommend adding this additional coverage onto your existing homeowners or renter’s insurance policy. Clearly you have already established a professional relationship with an insurance agency. Adding additional items to your existing insurance policy can be less expensive than having a separate insurance policy. You can use the same company to have an individual insurance policy of just you jewelry if you want to, but there really is no reason to do this. If you prefer you can choose to insure your jewelry with a company that exclusively insures jewelry.
When choosing a policy you will be given a number of different options. Some of these will include options for deductibles just like your other insurance policies. If you are more than willing to pay for minor damages and repairs to your jewelry you can choose to have a higher deductible, which can save in the costs of your insurance.
In addition to choosing the appropriate insurance policy you should also take further steps to ensure the safety of your jewelry. Purchase a fireproof safe to store you valuables in while you are not wearing. A fire proof safe can be bought for under $100 at any hardware store, super center, and even some office supply stores. You can also store unused jewelry in a safe deposit box at your bank.
In addition to insuring your jewelry and the safe storage you should take photos of your jewelry. This is an important step with all of the belongings in your home. You should store these photos in a safe and secure location outside of your home. The safe deposit box is very handy here as well.
Once you have taken the initial steps of determining your jewelries value and insuring it the process does not stop there. You should periodically have you jewelry inspected and reappraised. Most jewelers will recommend that you bring your pieces by for a “check up” once a year. Most reputable jewelers will take a look at the condition of the prongs and clasps for free. This is an important step for piece of mind. Jewelry often has an emotional value that is not reflected in a monetary value. Periodic check ups and appraisals are also important due to appreciation. Your ring may be worth $20,000 today, but in ten years that value may raise thousands of dollars. Do not let an old jewelry insurance policy keep you from being able to fully replace what you have lost.