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Tips on Choosing Insurance for your Precious Jewelry Pieces Owning a valuable piece of jewelry is a major responsibility. There are many factors to consider, such as theft, ruin of jewelry pieces, and the chance that jewelry could be lost. Insuring precious jewelry pieces is the best way to ensure that no money will be lost. There are many jewelry insurance tips that all jewelry owners should know. Personal property insurance is the insurance that all owners should get for their jewelry pieces, although jewelry may be covered under other insurance policies when it is stolen from the home. However, having personal property insurance will ensure that the jewelry is covered even if it is lost or ruined. Many people are weary of getting insurance for their jewelry, but insuring jewelry is actually a simple process.
First, jewelry owners should
have all of their jewelry appraised and photographed by a certified appraiser. Next owners should take their appraisal to their insurance agent and have the pieces added to their insurance policy. The agent will use the certificate of value from the appraiser to determine which insurance policy will be best for a piece of jewelry.
It usually costs 1-3 percent of the jewelrys value to insure it. So, a ring that is valued at $5,000 would have a premium between $50-$150 per year, depending on the owners location. Jewelry owners should make sure that their policy provides proper compensation if their jewelry is lost, stolen, or ruined. The best insurance policies will provide their policyholders the opportunity to get replacement jewelry of equal value. If jewelry is stolen from a persons home, their homeowners insurance policy should cover the loss. However, jewelry can be stolen from almost anywhere, so they should be insured separately.
There are different polices that jewelry owners can get to insure their precious jewelry. One insurance policy replaces a piece for its market value, which means jewelry is replaced for what it is worth at the time it is lost. Under the market value policy jewelry will not be replaced for the cost it was when it was purchased. On the other hand, owners may get an insurance policy that will cover their jewelry for a predetermined value. The insurance will put a single value on the jewelry, no matter what the purchase price was, or the market value is when it is lost. Owners may also get a policy that will cover their jewelry for the amount it is worth when the insurance policy is purchased. Under this type of insurance policy, the value of the jewelry will not change even if the jewelrys value increases or decreases. Owners should do their best to find an insurance agent who understands the value of precious gems when they purchase insurance.
Jewelry owners should do some research before purchasing insurance. Owners should research the appraisers in their area and should research insurance companies, polices, and agents. The right appraiser will help owners get the most accurate estimate of the jewelrys value. An insurance agent with a background in insuring jewelry pieces will help owners find the best insurance policy for their pieces. It is also a good idea for jewelry owners to ask their insurance agent questions about their jewelry insurance policy.
Owners should first ask if there is a deductible, and if so, how much is it and how does raising or lowering the deductible affect policy costs. It is always a good idea to have jewelry appraised before visiting an insurance agent, but owners should ask if there are certain types of appraisal reports that are not accepted. Some owners may also look into international coverage, or ask if jewelry is covered no matter where it goes, domestically or internationally. Many precious jewelry pieces may be easily damaged, so owners should make sure that their insurance policy covers repairs to their jewelry. Insurance for precious pieces is easy to obtain, and its usually the best decision any jewelry owner could make for their pieces.
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