Planning on surprising a (very lucky!) loved one with jewelry for Christmas this year? If so, be sure to also “gift” yourself the peace of mind that it’s protected.
A good jewelry insurance policy can be a lifesaver in the event that it’s damaged, lost or stolen. But, there are a few important things to keep in mind when you are shopping for coverage. Here are four tips to help you get started!
(1) Be sure to ask for an appraisal from the jeweler and keep it in a safety deposit box.
An appraisal is a written report that documents the key features of the item and an estimate of its replacement cost. This gives the insurance provider the information they need to design your policy.
(2) Consider getting a new appraisal every 3-5 years.
Like any asset, the market value of gold, gemstones and pearls fluctuates with the economy. What is valued at $5,000 today may be worth much more down the road. That’s why it’s important to get a new appraisal from time to time and share that documentation with your insurance company so they can have it on file. (And, if you have your jewelry examined where you originally bought it, they will usually appraise it for free.)
(2) If you’re popping the question on Christmas, get it insured before you get engaged.
This is an exciting and busy chapter of your life. If you wait to get your ring insured after the fact, you run the risk of forgetting to get coverage.
(4) Work with your insurance company to get the policy that’s right for you.
You might be surprised to learn that you can customize the scope of your coverage to fit your budget. Talk to your agent to understand your options. Also, be sure to ask your provider if it makes sense to add a rider to an existing policy to cover the item or purchase jewelry insurance separately.
Giving the gift of jewelry is a special event and one that both of you will likely remember and cherish for a long time. Get comprehensive jewelry insurance to protect it – and those memories.
Consult Our Insurance Specialists
John Bailey Company is an independent insurance agency; we solve problems, provide protection, and generate opportunities for our clients by creating insurance solutions. Call 865.524.0785 or email brandon@johnbaileyco.com for a free policy quote. Contact us today!