This article explains why jewelry insurance is a good investment and how readers can go about insuring and appraising their valuable pieces.
What to Expect in an Appraisal: Explain that appraisals cover the materials, craftsmanship, and current market trends, and they may vary depending on the gem and metal quality, condition, and design uniqueness.
Why Insurance Matters: Jewelry insurance can cover loss, theft, and damage, providing peace of mind for valuable or sentimental pieces. Explain how regular homeowners or renters insurance may not provide sufficient coverage for high-value items, and separate jewelry insurance can help fill this gap.
Steps for Getting Jewelry Insured:
Find a Specialized Insurer: Encourage readers to look for companies that specialize in jewelry insurance, as they are more likely to offer comprehensive policies that account for specific jewelry-related risks.
Determine the Coverage Needed: Describe the typical policy types, like “replacement cost coverage” (which covers the cost to replace the item with a similar one) and “cash value coverage” (provides compensation based on the current value of the item).
Document Your Jewelry: Suggest photographing the jewelry, noting any unique characteristics, and saving receipts and certificates as proof of value.
Appraisals: Appraisals are essential for determining an item’s value, especially for insurance purposes.
How to Find a Qualified Appraiser: Recommend finding certified appraisers through organizations like the American Gem Society (AGS) or the National Association of Jewelry Appraisers (NAJA).
Updating Appraisals: Jewelry values can change over time, so it’s wise to get appraisals updated every 2-5 years.
