Many of us started thinking, as the New Year approached, about the things we should have done during the year. This year is a good time to take care of some of those important tasks that were neglected. One of them may be your jewelry and how you can protect your collection.
7 Things You Should Know About Insuring Your Jewelry:
- Do you wear that piece of jewelry often? I have a watch of my grandmother’s. I don’t wear it, but I wouldn’t give it up for the world. Since I don’t wear it, I’ve tucked it away in my safe deposit box. There’s no need to insure it while it’s in the safe deposit box, and I know that it’s secure.
- What is the standard coverage limit for jewelry on your homeowner’s policy? Each policy is different; and in some cases you have a choice as to what standard coverage limit you would like to have. Talk with your insurance agent about your options.
- What is your comfort level of risk? Is there jewelry in your box that you may not be absolutely broken hearted about if it were gone? Or, maybe you have a high level of risk comfort and a savings account to back it up. If you suffered a loss, you may be able to carry some of that risk by replacing your lost items with your own cash.
- If you schedule your jewelry, is there a deductible to consider? Some policies have deductibles; others have a $0 deductible. Check with your agent.
- Should you insure your jewelry under your homeowner’s policy or a separate policy? You have a choice in the matter. Talk with your insurance agent about your options. There are even some insurance companies, i.e. Jewelers Mutual, that specialize exclusively in jewelry coverage.
- Do you have a recent appraisal? Whether you have your jewelry scheduled or insured under a blanket policy, an up-to-date appraisal is critical in providing detailed information and a current replacement value to ensure comparable quality jewelry is replaced in case you experience a loss.
- Who appraised your jewelry? As important as your appraisal is, it is even more important who is appraising your jewelry. Unlike real estate appraisers, personal property appraisers are not required licensing. It’s up to you to find a credentialed jewelry appraiser who can professionally appraise your valuables. Look for an appraiser who has undertaken the accreditation requirements of a professional appraisal organization like the American Society of Appraisers or International Society of Appraisers. Expect nothing less.
