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Insuring Your Jewelry

Jewelry is an important category of personal property; it not only has intrinsic beauty and value but it often holds a significant sentimental value as well. In the event of a loss or damage, insuring your jewelry will help to ensure that there is little to no financial hurdle in finding a suitable replacement. Here are a few tips to think about if you own jewelry.

Check your homeowner’s/renter’s insurance policy

If you have homeowner’s or renter’s insurance or are considering obtaining it, make sure to confirm that your policy provides appropriate coverage for your jewelry in the event of a loss or damage. Every category of an insurance policy has financial limits that are sometimes insufficient. The average insurance policy will only cover up to $1,500-$2,000 for jewelry.

Get an appraisal

In order for your homeowner’s or renter’s insurance policy to appropriately cover your jewelry, you need to obtain an appraisal to estimate the replacement cost. The insurance appraisal will provide you with the cost to replace an item with another having similar qualities within a reasonable amount of time and in the relevant marketplace. If you always purchase your jewelry from a specific jewelry designer, you will want to be covered for the cost to purchase another piece by that same jewelry designer, not just a piece from a department store. The only way to obtain this protection through an insurance provider is to have a formal appraisal done by a qualified appraiser.

Submit to your insurance company

Once you have your appraisal, submit it to your homeowner’s or renter’s insurance company to get your jewelry scheduled. It is always easier to be proactive and have the appraisal submitted and coverage obtained before an event of loos or damage, than to have to retroactively obtain an appraisal and submit a claim.

Update your appraisal

The replacement costs for all types of personal property, jewelry included, are always changing due to a variety of factors. If the replacement cost for your jewelry has decreased, you want to make sure and update the value to avoid paying for coverage that isn’t needed. Conversely, if the replacement cost has increased, you want to make sure that you maintain sufficient coverage. Most insurance companies recommend updating appraisals every 3-5 years.

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