Jewelry is all about romance and emotion. Your collection may consist of heirloom pieces passed down for generations, gifts from family and loved ones, or even a lovely engagement ring. And there is nothing more heartbreaking than realizing your prized piece has gone missing.
Insuring your jewelry is an important step to take as soon as possible after acquiring a new piece. While most homeowner’s insurance policies will cover your jewelry to some extent, most only cover $1,000 to $15,000 – and that also needs to cover other items not specifically insured, like your TV or musical instruments! Additionally, many of these policies cover loss, but not misplacement or damage. For this reason, it’s ideal to find an insurance company with special jewelry policies to properly cover your valuables.
The first step toward insuring your jewelry is to have it appraised. That’s where we come in! At Cal Coast Jewelry Appraisers, your items are carefully inspected and all the details and measurements are recorded in an appraisal. This information is then used to arrive at a replacement value for your piece. This value may be for a brand-new replacement, a comparable item, or a reproduction, depending on the particular piece of jewelry. For example, if the item you wish to insure is a meaningful heirloom piece with a unique design, you may choose to have the reproduction value on your appraisal. That way, you’ll have peace of mind in knowing that the recreation of your precious item down to the finest detail will be covered by your insurance.
Once your appraisal is completed, bring it to your insurance company to have your jewelry added to your policy. The cost of your insurance will be based on the replacement value of your piece – meaning an overinflated appraisal may cost you more without any additional benefits! But with a good appraisal and a good insurance company, you’ll be confident in knowing your jewelry is covered, no matter what may happen to it.