Lots of good points. I think if you have expensive pieces they should be insured individually. If you have pieces that are not expensive.. Lee, Thank you for your well thought out advice on what to insure separately and what to include in your blanket coverage. And photos are a brilliant idea! Thanks Lee! Calla Gold. OK, kind of a boring topic. But you know what? I read the whole thing and found it very informative. I also realized I am under-insured.
I wrote up all my valuables after reading this and had an unpleasant wake-up call. Thank you for this boring and super helpful post Calla. Hi Tracey, It makes my day to know that my boring old post helped you!! Your Personal Jeweler, Calla. Calla, this is excellent advice with the points you spell out to ask your insurance agent. A blanket policy with separate itemized insured articles is always a safe bet and really saves you in the long run.
Thank you for this chock full of information jewelry insurance post. Jackie, I like what you said about making friends with your insurance agent. I myself like to blur the lines and I socialize with clients and providers. I see that Calla Gold Jewelry does more than sell jewelry and custom design rings. This article is so important! Thank you so much for this important information about insuring your jewelry.
I would not have known all of these questions to ask an insurance agent without you! Seriously this should be more out there, like in a magazine! Thank you for your suggestion. Calla, Thank you for getting into the jewelry industry advice mode. I guess it is a bit sideways from what you usually write about, but I found your links helpful and question to ask when insuring your jewelry to be spot on. I spent some time on that. Stretching my blogging wings, Calla.
I am an insurance agent and want to compliment you on a very good analysis of the various insurance coverages. I obviously agree that people should have insurance and that they should contact an agent to get further information.
I would like to point out that your homeowners insurance does not cover the jewelry that is in your business as a jeweler and you should have separate coverage for that.
And yes, I can provide that. I have designed an insurance program specifically for designers and have many clients in the jewelry business. Hi Michael, Thank you so much for coming by and commenting on this post as an insurance agent.
No big deal, right? That baby could be worth a couple grand by the time you complete it. So, while it may be obvious to protect your diamond earrings or your wedding band, you should consider the worth of your entire jewelry box when deciding what to protect Here are a few examples of not-so-obvious pieces to consider when deciding what jewelry to insure. Heirloom jewelry often represents precious memories — valueless in an appraisal, but priceless in your heart.
Antique jewelry is often irreplaceable, literally. And to make sure you protect it from unexpected hazards. Make sure you have print copies of these photos made, and then store them and your written list in a secure place; experts recommend an in-home safe or a safety deposit box. If you have original purchase receipts, gem certifications or design schematics, include those with the collection documentation. Knowing what your jewelry is worth is crucial before buying insurance.
These appraisals and jewelry photos will come in handy when you reach out for an insurance quote, as some companies require this kind of documentation before approving applicants. Most insurers offer calculators that deliver free, personalized quotes within seconds, and some even allow consumers to purchase a policy right away.
Having a ballpark idea of how much it costs to insure your collection will help you map out the best policy for your needs. In general, jewelry insurance can be tailored to cover the entire value of your collection in the event of loss, damage or theft. Jewelry insurance is specialized and flexible, which makes it easy for people to put together a policy that fits their lifestyle.
Keep all insurance-related documents in a safe, secure, and dry place. By this point, you should be familiar enough with the details of your policy to know exactly what documentation you need to keep on file: a written appraisal, ring receipts, photos, gem certificates, etc. All promises need written documentation. Values of precious metals and fine jewels change frequently. Bring a copy of your original or most recent appraisal so that your appraiser can work from that rather than start from scratch, helping to save time and your costs.
Given the high average cost of wedding rings, acquiring insurance is a prudent move. But if not, then how and where you decide to insure your wedding rings will depend largely on your specific needs and assessments of value. The Knot. Insurance Information Institute. American Gem Society. Jewelers Mutual. Home Insurance. Car Insurance. Your Privacy Rights. To change or withdraw your consent choices for Investopedia.
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