How to Get Valuable Jewelry Insurance Coverage
Valuable jewelry may consist of diamond, engagement/wedding rings, precious metals items, collectible and vintage jewelry and watches. Valuable jewelry can be very expensive to replace if lost or damaged when they are not insured. Use these steps to help you buy valuable
jewelry insurance.
- Identify all valuable jewelry in your collection to insure. Make an inventory of jewelry made of gold, platinum, pearls, diamonds, wedding/engagement rings and collectible costume jewelry, antique jewelry and watches. These items may be hard or expensive to replace if lost or damaged and may need to have adequate insurance coverage.
- Review your policies to make sure you don't double insure jewelry items. If you have homeowners or renters insurance, review the policies and find how much coverage is available for valuable jewelry. Note the situations covered: lost valuable jewelry, stolen, destructed or damaged. If you don't have a homeowners or renters policy you may have to buy a stand alone jewelry insurance policy.
- Get the valuable jewelry appraised for insurance. Use the services of a professional appraiser or gemologist to inspect and to value your jewelry. Obtain a certificate of appraisal for the valuable jewelry.
- Choose an affordable deductible amount for the policy. Assess how much out of pocket expenses you can afford if your valuable jewelry gets stolen; lost or damaged. Use this amount as your deductible.
- Determine the type of insurance policy appropriate for the valuable jewelry. Generally, insurance providers offer a "cash value" and a "replacement value" policy. Cash value policies pay the market value of lost or damaged jewelry. Replacement value policies pay the cost to replace valuable jewelry. Contact your homeowners/renters insurance companies to obtain and evaluate coverage and premiums. Also, contact jewelry insur
- Make sure to schedule regular inspections for all insured valuable jewelry. Inspect your jewelry for maintenance and to secure stones and settings once or twice a year. During inspection find out how much your jewelry is worth. Valuable and collectible jewelry may go up in value over time and this may require an adjustment to insurance policies.
