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Whether you recently got engaged and now exhibit a sparkling diamond on your ring finger or you’ve just inherited Grandma’s jewelry collection, getting your items insured should be at the top of your to-do list. And even though you may think your jewelry is covered under your existing insurance, most policies are inadequate and won’t cover the full cost of replacing a lost or damaged item. Instead, you may want to look into taking out specific jewelry insurance for unique pieces. It’s actually a straightforward and effortless process that can save money and heartache. Ahead, everything to know about getting an appraisal, choosing coverage, comparing quotes, and more.

How to Get a Jewelry Appraisal

Some jewelry insurance companies don’t require a professional appraisal before providing coverage. However, knowing your jewelry’s value and how much it would cost to replace it is useful for getting the correct insurance coverage. A detailed jewelry report is also helpful if you ever need to make a claim. 

You can quickly obtain a jewelry appraisal for insurance from a professional and experienced jeweler for insurance purposes. They can provide a detailed report of your items, including a comprehensive description of metals, materials, and gemstones used; the current market value; and the replacement cost. Be sure to take any documents relating to your pieces to the appraisal. As the market value of jewelry changes often, you should have your jewelry appraised every three to five years.

Why Scheduling Jewelry Is Better Than Blanket Coverage

Blanket, or standard, coverage with your homeowners insurance may cover only some of the cost, rather than the full amount, should you need to repair or replace lost or damaged jewelry. This type of insurance for jewelry often has other limitations, too, such as covering only specified losses. 

You can also get insurance on jewelry for a wide range of losses. You can schedule your jewelry with your homeowners insurance, which requires adding a rider to your policy. This type of coverage means you state your items on your policy, individually, so you can insure jewelry for the full value it would take to replace the item. 

How Jewelry Insurance Works

Jewelry insurance is an agreement between you and your insurance provider for specified pieces. You pay a yearly amount for the policy, and your insurer agrees to pay for any claims when you experience a loss, theft, or significant damage. The best jewelry insurance is from a stand-alone company that focuses on insuring these items. It can offer comprehensive coverage, and you can insure your jewelry for its full value. 

You can also get insurance for jewelry that covers preventive maintenance, such as yearly cleans or setting checks. These companies will also cover a wider range of events that may affect your jewelry, such as traveling, theft, or damage, which is not the case with blanket home insurance. Stand-alone jewelry insurance also means that if you make a claim, it won’t impact your homeowners premiums.

How to Price-Check Insurance Quotes for Jewelry

Jewelry insurance cost usually runs between 1% and 2% of the item’s value. The policy price can vary depending on the number of items insured, deductibles, your location, and the value of each piece. You can readily get insurance quotes via phone or online and find the best jewelry insurance by comparing rates online. Use jeweler code: 4401

JPratt Offers Jewelry Appraisal Services

With more than 30 years of experience in the jewelry industry, JPratt Designs offers the best insight for jewelry maintenance, appraisal and insurance coverage. We use our knowledge to provide a comprehensive and confidential report with descriptions, measurements, style, and gemstone details. Several insurers accept our reports, as we partner with Jewelers Mutual to ensure our clients get exceptional appraisal services that suit their requirements

Contact us today for a professional jewelry appraisal service and assistance obtaining insurance for your precious gems and fine jewelry.

Stay tuned, more blog items coming soon!

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