When people buy a brand-new car, they make sure to purchase insurance that goes along with it. An insurance coverage is very important; in a nutshell, the insurance company pays for the damage rather than you shell money from your pocket. Having an expensive item covered with an insurance policy saves you a whole lot of financial problems.
So, if you make it a point to insure your automobile, home, edifice, or even yourself, why not your jewellery? If you come to think of it, these are very precious, and we’re not just talking about monetary value. That diamond engagement ring, for example, is priceless as it signifies your husband decision to devote the rest of his life to love, cherish, and take care of you. That eternity ring may hold more value than money as it represents all those years you shared together with your special someone. That cute ruby ring may be a graduation gift that your aunt has worked so hard for. Those earrings that you received from a long, lost friend may have a thousand memories encapsulated in them.
If you lose such meaningful jewellery, you can never recover its sentimental value. However, you will probably still breathe a sigh of relief since the insurance company will compensate you partially or fully for your loss.
Insuring your valuable jewellery is highly recommended. Here are a few tips on how to go about it properly and efficiently.
* Have your jewellery appraised. Most professional and licensed jewellers offer appraisal services. After a thorough check, the jeweller will tell you an estimated value for your piece. Make sure to ask for documentation about the appraisal; the insurance company will need that document to start the process.
It is also a good idea to appraise once a year so the price is adjusted for inflation. That’s because jewellery prices fluctuate. Having your jewellery re-appraised regularly ensures that the coverage is based on a correct value.
* Ask your home’s insurer if your homeowners or rental policy covers your jewellery. In many cases, they do cover jewellery as they’re part of your property. Additionally, if they do include the coverage of jewellery in your policy, you can save money; you don’t have to pay for additional coverage.
* If your existing homeowner’s policy does not cover your jewellery, then it’s time to contact an insurer that specialises in providing jewellery coverage. You can find these in the Net, in the Yellow Pages, or through word-of-mouth. Just make sure your candidate insurer is licensed and has a good track record. Always ask for detailed information about the coverage; the more details, the more data you have to make an informed decision.
* Select a deductible, an amount that you need to shell out to replace the jewellery before the insurer steps in and pays for the rest. The higher the deductible, the lower the annual premium you need to pay to maintain the coverage.
* Along with documentation, take photos of your jewellery. Send a set of photos of the jewellery you wish to ensure along with the pertinent documentation to the insurance company and keep one for yourself.
Be on the safe side and have your jewellery insured.