As you should know by now, there are basically two choices you have when insuring your jewelry. You may either purchase a rider on your homeowners or renters insurance (also known as an extension, a rider is separately purchased from a basic insurance policy and for an added cost, it provides extra benefits), or you may choose to take out a policy through an insurance company. You’ll need to go this route if you do not have a homeowners’ or renters’ policy. Keep in mind that insuring jewelry is the only way to be properly compensated in the event of a loss.
Items needed to get the proper insurance coverage
- Jewelry certifications are required for diamonds and other large gems that are usually graded. In most cases, these jewelry pieces are certified by industries such as the EGL (European Gemological Laboratory) and the GIA (Geological Institute of America).
- Appraisal reports are also requested by most insurance firms, particularly for costly pieces of jewelry, and by a certified appraiser. Any and all types of jewelry can be appraised. Your jewelry should be appraised about every two years due to changing market values. However, you can usually ask for updates if use the same appraiser.
- Photos of your jewelry are also essential, and even though pictures are generally included in appraisals, it’s still a good idea to have photos of your items for your own personal records.
- Receipts should always be retained, but if you don’t have your original receipts, an appraisal provides the insurer with the current market value.
When deciding on how much jewelry insurance to purchase, you should consider factors such as the value of your jewelry, the emotions attached to your pieces, and if you’re at a high risk for theft. As for cost, the expense for insuring jewelry varies, according to jewelry value and your location. For example, those living in areas where there is a higher theft rate will likely pay more. Another cost variable is if your policy includes a deductible. If it doesn’t, you’ll pay more in monthly premiums.
Be sure to ask your provider which kinds of jewelry repairs may be contributed to your deductible. Ask where you can buy new jewelry if it has to be replaced and if you can request your own jewelry repair service. Finally, inquire what the options are if you’re unable to find a suitable replacement for any jewelry that went missing or was stolen.