Your homeowners or renters insurance policy may or may not include contents coverage. If your policy does include this protection, it is often very limited and may even put caps on valuable items such as jewelry.
The last thing you want is to lose your deceased grandmother’s engagement ring in a robbery only to discover that your insurance won’t cover the cost of replacement. If you own an exquisite jewelry collection, you should consider adding a rider to your homeowners or renters insurance to expand the coverage that protects these precious pieces.
In order to purchase a jewelry rider, many insurers will require you to have your jewelry appraised in order to determine the value of each piece. An appraisal is simply a written record of the worth of a piece of jewelry drafted by a professional gemologist in accordance with the standard insurance industry practices. Selecting an appraiser is not something you should take lightly. You want to hire an appraiser who:
- Is accredited by a nationally recognized appraisal organization, such as the Gemological Institute of American or the American Society of Appraisers
- Has positive reviews from assorted references
- Is local (rather than finding one online) so he or she can use hands-on techniques
- Charges an hourly or per piece rate, never a percentage of the value of appraised pieces
Appraisers who meet these credentials should be well-versed in properly identifying and grading diamonds and precious stones. To help the process, compile any documentation you have on your jewelry, including original receipts and previous appraisals.
It should also be noted that the price of gold and silver are in constant flux, so your grandmother’s ring may very well be worth more now than it was when it was given to her. Your insurer may require that you have your jewelry routinely appraised because of this. In such cases, it is your responsibility to schedule the appraisals when necessary and file the results with your insurer to maintain coverage.
Protect your home and everything inside of it. Call Best Insurance at 979-297-2655 for more information on homeowners, auto or commercial insurance.