Use jewelry appraisals to insure your jewelry for loss. Then you are covered if someone steals your valuable engagement ring, diamond necklace or other jewelry. Here are some things you need to know about insuring your jewelry, so that if you do have a loss then you will be reimbursed.
Photograph Your Jewelry
A picture speaks a thousand words and you need all those words to get that insurance company to pay. Have high resolution photos taken of all of your jewelry, one at a time. If you know someone with a really nice camera, invite them over. Ply them with wine until they are have every piece of jewelry photographed. If you have a loss then it is difficult for the insurance company to argue with a photograph of the jewelry along with the appraisal. Keep those photos in a safe deposit box at the bank or a relative’s home. Don’t keep them on a computer inside your home or your smart phone. If your home burns down or is robbed, your computer will disappear along with the jewelry.
Get Jewelry Appraisals
Have a Graduate Gemologist G.I.A. give you an insurance appraisal for your jewelry. Jewelry appraisals can cost upwards of $175 per hour. Ben David Jewelers, however, will hold an appraisal workshop once a month for their customers. The appraiser will give you a written jewelry appraisal that you will need to give to your insurance company in the unfortunate circumstance of lost or stolen jewelry. Keep this appraisal in your safe deposit box at the bank or at a relative’s home in another zip code.
Market Value of Your Jewelry
Your jewelry is worth a certain amount today and twenty years from now it will be worth an entirely different amount. The reason is that the value of money will change from year to year due to inflation, but also the metals market will fluctuate wildly from time to time. If the price on gold was low when you had your custom engagement ring made, right now your ring is worth a fortune in comparison. There has been huge increases in gold and gemstone values. Gemstones can also fluctuate in value quite a bit depending on what is going on in that market. So, it is important to have your jewelry appraisals updated every two to three years or whenever you feel the market has taken a huge swing in value.
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