Antique Jewelry, Fine Jewelry, Jewelry Gifts? Did You Remember Insurance?

 

Unfortunately, many people who have antique jewelry and fine jewelry do not insure it properly, and a big segment of uninsured jewelry is jewelry gifts. It can often be an overlooked insurance until the jewelry is lost or stolen. Here are four simple steps to help you make sure your fine jewelry, antique jewelry, and jewelry gifts are protected:

1.     Gather Together all the Valuables You Would Like to Have Insurance on: Do not forget any fine jewelry that household family members have and any heirloom or antique jewelry. Once you have your jewelry gathered, take a picture of each piece. It will also be a good idea to get appraised any pieces that you feel would have a value that would be hard to determine by pictures alone. Make a list of the pieces and keep your list and pictures in a safe deposit box or other safe area along with any jewelry you will not be wearing on a regular basis.

2.     Review Your Current Insurance to See What Coverage You May Already Have: You may have some jewelry coverage currently if you have homeowners or renter's insurance. Check with your insurance agent and ask them how much coverage you have for your fine jewelry. Have specifics from your list on what types of jewelry you have and their approximate value.

3.     Get Quotes on Jewelry Insurance: If you need to purchase additional insurance above and beyond your homeowners or renter's jewelry insurance limits, get a quote from your current agent first. They may be able to give you a good deal since you are an existing customer. Before committing to your current insurance agency's jewelry quote, make sure to check out other insurance companies that sell jewelry insurance. They may have a better deal for you. Just do an online search for jewelry insurance to find specialty companies. One thing to pay attention to when comparing insurance policies is the deductible. Moreover, do not forget to ask about discounts such as keeping your jewelry in a safe deposit box.

4.     After You Have a Good Insurance Policy Do not Forget About Storage and Reassessments: Always keep your jewelry in a safe, preferably locked place, such as a safe deposit box. As mentioned above, this may make your insurance lower and of course, will reduce the risk of your jewelry being lost, stolen, or damaged. Another thing to remember is to get your jewelry coverages reassessed when you get new jewelry or on a regular annual basis, especially on pieces that you feel may go up in value.