Getting insurance for your jewelry can be a tricky process, especially if you are unaware of the things involved, but narrowing down your options would make it easier to determine which type of policy works best for you.
For instance, ask yourself if a cash settlement would be a better option instead of a replacement in case of theft or loss. Owners of antique jewelry or family heirlooms should think twice before considering this option. Likewise, the place where you live will be a factor. If your insurance provider covers the expenses from most jewelers in your area, then this is a plus side when you look for a possible replacement.
Renowned jewelers in Utah share some insights on the process.
Determining the Insurance Process
An inventory and appraisal allow you to learn about each item in your possession, as well as their corresponding value. In case of stolen jewelry, you may need to secure a police report when filing for a claim in the future. A written record of all items and photos of every piece serves as proof of ownership. You should also keep receipts, certificates of stone quality, professional assessment, and other documents that validate your ownership.
A professional appraisal for antique items may cost between $50 and $250 each, depending on where you live. For instance, some jewelers in Utah may provide a discounted rate on appraisal fees if you buy several items from them. Loyal customers may not even pay for this service. If you’re thinking about just taking out a claim against your home insurance, you should be aware that the coverage is capped or limited.
The estimated coverage may range between $1,000 and $1,500 for each item, so it would not be a significant help if an earring or necklace costs more than this price coverage. Your home insurance may not also reimburse your expenses when you plan to reset a diamond ring.
The Right Time to Reset a Diamond Ring
Resetting a diamond ring is sometimes necessary when owners want to remove the emotional attachment to the item or to simply fix some damages that are beyond repair. Resetting also becomes necessary if the stone has already faded and lost its sparkle. Whichever reason you may have, note that resetting a diamond ring will have a significant negative impact on its value. Some of the questions you should ask a jeweler include their insurance for cases of theft or loss while the item is in their possession.
You should also inquire if the stone will need to be transported to a different location for the actual resetting. This could be unsettling since you are already leaving a precious item to a third party. Another thing to consider involves the person’s level of expertise for the required job, along with applicable certification. A jeweler should provide you with samples of their previous work to help in making a decision.
Home insurance for precious items is, unfortunately, a less attractive option for items that are too expensive in terms of monetary or sentimental value. What is your preferred coverage for your jewelry collection?