For many, jewelry can be an emotional investment. Pearls from your great-grandmother or an engagement ring that survived World War II, these types of jewelry have significant meaning to us. But it’s important to consider a few things when we insure our jewelry.
Jewelry Appreciates With Time and History While five years ago, you may have had your great-aunt’s diamond necklace appraised at $15,000, today, that value has likely increased. You should also remember that history plays a role in the value of jewelry: previous owners can make a gem more valuable than usual. It’s best to get regular appraisals at an interval of every 3 years.
Consider Your Security Measures With the increase in high profile jewelry thefts, it’s important to keep security in mind to protect your valuables. You may need to hire security to escort you when taking jewelry to and from safe deposit boxes and when wearing valuable pieces to events.
Put Pieces Away You may not think much about leaving your necklace on a nightstand in your hotel room when you go down to dinner, but should a theft take place your policy may not cover your loss. Make sure you’re always securing your valuables in a safe when you don’t have them on your person.
Know Your Policies and Coverage Many assume their homeowner’s policy will cover their jewelry but there are many exceptions. Homeowner’s policies typically do not cover jewelry worth very large amounts and you will likely need a policy that lists the specific items and their value. Conducting regular, documented appraisals ensures that the value of your items is always covered by your policy.