4 questions you must ask your insurer—and 1 they’ll ask you!

You wouldn’t think of not insuring your car or home…your jewelry should be protected against loss, theft, or damage, too. Here are some questions you need to ask your insurance agent a.s.a.p.

Tip: Make sure your precious pieces are secure—keep jewels in a safe deposit box, in a home safe, or at the very least, hidden securely in different places around your home.

1. If my jewelry is lost, what coverage do I have?

There are different options, so make sure you’re covered for the result you want.

• Are you covered for the full value if there’s damage, theft, accidental loss, or mysterious disappearance? Accidental loss is when you lose jewelry by mistake; mysterious disappearance is when you’re not sure whether it’s been misplaced or stolen.

2. Does my policy offer replacement or reimbursement?

Replacement cost gives you the amount of money you’ll need to actually replace the piece. Reimbursement gives replacement cost minus depreciation.

• Will you get a check for the reimbursement amount? Or will they pay for an identical piece? Is there a deductible?
• If you’re insured for replacement (instead of a cash payout), who decides on the jeweler, you or the insurance company?

3. Do I need special jewelry insurance?

Your regular homeowners insurance might give you only a portion of your jewelry’s value. According to Forbes, the average policy has a cap of only about $1,500. Why so low? Because jewelry is so easy to steal. Another option is to purchase a special jewelry rider (also called a “floater”) to cover the appraised value of your jewelry.

• Each piece is covered individually.
• There’s generally not a deductible.
• It will generally cover you anywhere in the world, and for accidental loss or theft.
• They’ll often cover more—like a chipped stone or a broken clasp.

4. What else should I ask my insurer?

According to Brides Magazine, here are some other questions to ask:

• How will I need to prove a piece has vanished if I make a claim?
• Are there any circumstances that aren’t covered?
• Will the policy adjust according to inflation?
• What types of repairs contribute to the deductible?

And 1 question your insurance agent will ask you…

Do you have an updated appraisal? This is important because they’ll need to insure the value of your jewels; if they don’t have documentation, there’s no way to know it. With fluctuating prices for gemstones, gold, and platinum, experts recommend updating your appraisal every 2 – 4 years. And don’t forget—if you upgrade a piece of jewelry, get a new appraisal that incorporates the added value.

I’m happy to help you get a reliable, updated appraisal for all of your valuables, including jewelry, watches, and silver items. To schedule an appointment, contact me at 617-304-0174 or at aimee@ambappraisal.com.

Brilliantly yours, Aimee