When it comes to expensive jewelry, getting reliable insurance cannot be undervalued. Many people assume their jewelry is covered in their homeowner’s insurance. However, that coverage only extends to situations such as burglary or fire, and is often only provided if you purchase it as an extension to your existing policy. Professional jewelry insurance services are the only real way you are guaranteed the coverage that you need. Going straight to insurance specialists means you’ll be working with people who focus in exactly what you are looking for, ensuring your heirlooms, wedding rings and other valuables are in the right hands.
Before insurance can be obtained, the jewelry must be appraised. The cost of an appraisal is determined by a number of factors, especially the amount of time spent on an evaluation. The value of the piece is calculated based on the condition the jewels are in, taking into account visible wear, quality of mounting, and the specifications of the gems themselves. While buyers will frequently offer their own appraisal services based on their personal experience in the business, their conclusions are often based in market attitudes as opposed to gemology itself. In this case, an appraisal that is not based purely on the quality of the jewelry itself is ill-advised. It is always more prudent to go straight to people specifically trained in gemology and appraisal, preferably through independent firms. This becomes especially important when it comes to the actual insurance policy, which relies heavily on the appraisal results in order to determine replacement policies.
While jewelry insurance services will offer more extensive protection than a rider on homeowner’s insurance, asking the right questions will determine which plan is best for you and your valuables. Keep in mind that every firm will vary in what they offer, and even that will vary between different insurance packages. It’s important to know up front what exactly the company needs you to provide in order to prove theft or loss and the specifics of their replacement process. Some companies will give you cash for the value of the lost items, while others prefer that you purchase a replacement through a predetermined jewelry company. Don’t be afraid to ask about hypothetical situations. If you hike often, it might be a good idea to ask about the specifics of losing your engagement ring on a trail. After all, your insurance plan must be tailored to your unique lifestyle conditions in order to really protect your fine jewelry.
