Many people amass a collection of high-quality jewellery over time, such as diamond rings, expensive gold chains, or pricey watches. Although it may never happen, burglary is a real potential threat, and your most valuable belongings can be at risk. If you own a lot of expensive jewellery, learn more about to get it insured and determine if this is the right idea for you.
Protect against theft
One of the greatest motivators behind insuring your jewellery is the potential for theft. Cash, jewellery, and expensive electronics are typically the most common items that are stolen during home burglaries, which means your jewellery is always a target. Of course, we hope that our homes are never burglarised, but these things can happen unexpectedly and it’s better to be protected.
If you rent your home and you have renter’s insurance, your belongings are often covered, but only up to a certain amount—meaning that you might not receive money back for your jewellery should it be stolen.
Maintain jewellery to be passed down
If you own very expensive items like men’s gold chains or women’s diamond rings, you often hope to pass these items down to your children or grandchildren as special mementoes. Having jewellery insurance can help guarantee that your kin will inherit these items and keep them in the family for years to come.
Cover potential damage
Not all jewellery insurance policies will cover damage, but you can look into policies that have this feature. It will likely add to your insurance cost, but it can be worth it in the long run. Review the stipulations on the types of damage that are covered by your policy and determine whether or not you think you need this extra protection. It can help keep your jewellery in top shape and maintain its value.
What You Need to Insure Your Jewelry
Official appraisal
Before you can acquire jewellery insurance, you’ll need to visit a professional jewellery appraiser to get an accurate estimate of your jewellery’s monetary worth. When looking for an appraiser, check your local jewellery store or, better yet, look at organisations online such as the International Society of Appraisers or the National Association of Jewellery Appraisers to ensure that you’re going to a reputable source with the proper certification.
When you have your jewellery appraised, you’ll receive an official document that verifies the worth and the quality of your jewellery. This certificate must be presented to the insurance company, along with other documentation to insure your pieces.
Original receipt
Many insurance companies will want to see your original receipt for the jewellery to ensure that you are the one who purchased the jewellery. Though insurance companies will sometimes request this document, the company understands that many people want to insure a family heirloom, for which the receipt was likely lost years ago. As long as you get the item appraised by a certified professional, you should be just fine.
Certificates
Depending on the type of jewellery you’re trying to get insured, your insurance company may require some additional certifications. Aside from your appraisal, which examines the overall value of the piece, you may also need to have your jewellery examined by either the GIA (Gemological Institute of America) or the AGS (American Gem Society) in the US or the National Association of Goldsmiths in the UK, to verify that your gemstone is real and determine its exact weight and value.
Photographs of jewellery
Along with your official documents, insurance companies may ask for photographs of the jewellery to verify its current condition. You should also keep a copy of these photographs for your own records to help you identify any damage that may occur over the years.
Questions to ask your insurance
Before you decide on your jewellery insurance policy, there are some important questions to consider to make sure that you are completely covered in any scenario you may be worried about, from theft to damage. Here are the three most important questions to ask your insurance company prior to buying a policy:
What exactly is covered?
Much like car insurance, jewellery insurance has different levels of coverage, from comprehensive to more basic packages. Before you sign a policy, ask your insurer to be very clear about what is covered and ask for these details in writing. Sometimes you may get a verbal promise from an insurance company, but, if it is not specifically written down in your policy, they can revoke their verbal statement and claim that it is not a part of your original policy.
Comprehensive jewellery insurance is the best way to go if you want to be covered in almost any scenario, including theft, loss, or even accidental damage. Some insurance policies will even have something called “mysterious loss” coverage, which applies to any jewellery that may go missing without explanation. In the case of damage or loss, your insurance company should provide funds to replace your item.
How will you be Compensated?
Compensation is another very important part of your jewellery insurance policy because you want to guarantee that your money will be returned in full in case something should happen to it. Ask your insurance company how you will receive the money and verify that you will receive the full, original appraisal amount. Typically, you will also receive the sales tax that was paid on the item if you were able to show a receipt and prove this amount.
How do you make a claim?
Understanding how to make a claim will make the process much easier in the event that something happens to your jewellery. Most companies will require you to call them first and explain the situation. Then, you will be notified when your claim has been processed and you can visit your jeweller to discuss replacing or fixing the item. Once the item is fixed, you need to pay your deductible, and the remaining balance will be sent to the insurance company for coverage.
Be cautious and get your jewellery insured
Although we always hope that nothing will happen to our most treasured possessions, you never know what the future may hold. If you have a piece of jewellery that is sentimental, like your grandmother’s ring or a very valuable item like a Rolex watch for men, you definitely want to consider investing in jewellery insurance. This exact level of protection can help you to feel safe and know that, should something happen to your jewellery, you will be covered.
Protect against theft
One of the greatest motivators behind insuring your jewellery is the potential for theft. Cash, jewellery, and expensive electronics are typically the most common items that are stolen during home burglaries, which means your jewellery is always a target. Of course, we hope that our homes are never burglarised, but these things can happen unexpectedly and it’s better to be protected.
If you rent your home and you have renter’s insurance, your belongings are often covered, but only up to a certain amount—meaning that you might not receive money back for your jewellery should it be stolen.
Maintain jewellery to be passed down
If you own very expensive items like men’s gold chains or women’s diamond rings, you often hope to pass these items down to your children or grandchildren as special mementoes. Having jewellery insurance can help guarantee that your kin will inherit these items and keep them in the family for years to come.
Cover potential damage
Not all jewellery insurance policies will cover damage, but you can look into policies that have this feature. It will likely add to your insurance cost, but it can be worth it in the long run. Review the stipulations on the types of damage that are covered by your policy and determine whether or not you think you need this extra protection. It can help keep your jewellery in top shape and maintain its value.
What You Need to Insure Your Jewelry
Official appraisal
Before you can acquire jewellery insurance, you’ll need to visit a professional jewellery appraiser to get an accurate estimate of your jewellery’s monetary worth. When looking for an appraiser, check your local jewellery store or, better yet, look at organisations online such as the International Society of Appraisers or the National Association of Jewellery Appraisers to ensure that you’re going to a reputable source with the proper certification.
When you have your jewellery appraised, you’ll receive an official document that verifies the worth and the quality of your jewellery. This certificate must be presented to the insurance company, along with other documentation to insure your pieces.
Original receipt
Many insurance companies will want to see your original receipt for the jewellery to ensure that you are the one who purchased the jewellery. Though insurance companies will sometimes request this document, the company understands that many people want to insure a family heirloom, for which the receipt was likely lost years ago. As long as you get the item appraised by a certified professional, you should be just fine.
Certificates
Depending on the type of jewellery you’re trying to get insured, your insurance company may require some additional certifications. Aside from your appraisal, which examines the overall value of the piece, you may also need to have your jewellery examined by either the GIA (Gemological Institute of America) or the AGS (American Gem Society) in the US or the National Association of Goldsmiths in the UK, to verify that your gemstone is real and determine its exact weight and value.
Photographs of jewellery
Along with your official documents, insurance companies may ask for photographs of the jewellery to verify its current condition. You should also keep a copy of these photographs for your own records to help you identify any damage that may occur over the years.
Questions to ask your insurance
Before you decide on your jewellery insurance policy, there are some important questions to consider to make sure that you are completely covered in any scenario you may be worried about, from theft to damage. Here are the three most important questions to ask your insurance company prior to buying a policy:
What exactly is covered?
Much like car insurance, jewellery insurance has different levels of coverage, from comprehensive to more basic packages. Before you sign a policy, ask your insurer to be very clear about what is covered and ask for these details in writing. Sometimes you may get a verbal promise from an insurance company, but, if it is not specifically written down in your policy, they can revoke their verbal statement and claim that it is not a part of your original policy.
Comprehensive jewellery insurance is the best way to go if you want to be covered in almost any scenario, including theft, loss, or even accidental damage. Some insurance policies will even have something called “mysterious loss” coverage, which applies to any jewellery that may go missing without explanation. In the case of damage or loss, your insurance company should provide funds to replace your item.
How will you be Compensated?
Compensation is another very important part of your jewellery insurance policy because you want to guarantee that your money will be returned in full in case something should happen to it. Ask your insurance company how you will receive the money and verify that you will receive the full, original appraisal amount. Typically, you will also receive the sales tax that was paid on the item if you were able to show a receipt and prove this amount.
How do you make a claim?
Understanding how to make a claim will make the process much easier in the event that something happens to your jewellery. Most companies will require you to call them first and explain the situation. Then, you will be notified when your claim has been processed and you can visit your jeweller to discuss replacing or fixing the item. Once the item is fixed, you need to pay your deductible, and the remaining balance will be sent to the insurance company for coverage.
Be cautious and get your jewellery insured
Although we always hope that nothing will happen to our most treasured possessions, you never know what the future may hold. If you have a piece of jewellery that is sentimental, like your grandmother’s ring or a very valuable item like a Rolex watch for men, you definitely want to consider investing in jewellery insurance. This exact level of protection can help you to feel safe and know that, should something happen to your jewellery, you will be covered.
*AD
I am so glad we got my engagement ring insured when I lost it!
ReplyDeleteJewellery insurance is really important.
ReplyDelete