Jewelry is among the most valuable items that we can have in our possession. In this case, we should have appraisals or estimates. This could help us immensely if the jewelry is damaged, stolen or lost. The insurance company could have different appraising methods and we should know how these companies properly appraise and insure our jewelry.
Creditable appraisals know how to determine the overall value of jewelry based on different factors. These jewellers are trained by various organizations, such as GIA or Gemological Institute of America; in the United States. For this reason, we should make sure that we are working with qualified and certified jewellers who can accurately determine the value of our valuables.
The appraisal professionals should be able to provide us with information related to previous metal, such as color, karat purity and weights. There are different ways to determine the quality of gemstones, such as cut grade, clarity, color, carat weight and shape. The diamond should be graded accurately by reputable labs and we should be given the copy of the certification.
There should be proper documentation related to the appraisal process of the jewelry. The document should be placed in fireproof safe or safe deposit box. After seven years, we should reassess the value of the jewelry. In many cases, the value of the jewelry has gone up significantly, due to increased prices of materials or gems. In the case of antique jewelry, the historical value of these items can be quite significant.
The next step is to choose the most reliable insurance coverage. It is a mistake to assume that our homeowner’s insurance policy will cover jewelry in the event of its loss. A typical home insurance policy covers only up to $5,000 for personal articles and that includes $1,500 deductible. If our jewelry is valuable enough, we should try to get dedicated insurance policy for it.
In this case, we are protected against the loss and damage of these valuable items. We could ask the insurance agents to properly quite the policy, especially with deductible. The usual going rate for jewelry and gemstone insurance is about $1.5 per $100 of the appraised values. It means that if the appraisal of our gemstone is high, the premium will also be quite high.
Many insurance agents are not really specialized with jewelry policies and it means that we may not get the proper assistance. In this case, we should try to get the right kind of assistance. There are insurance companies that are able to provide us with superior services. If agents don’t give us the proper assistance, we should try to give them a call.
It is preferable to choose insurance companies that focus on personal articles policies. In general, we should try to get the best coverage with the lowest rates. Insurance is one thing that we think about until we need it. In this situation, it’s often already too late. The best time to purchase an insurance policy is when everything is normal and we have enough money to pay for the monthly premium.