Are you popping the big question this Valentine’s Day? Or just showing the one you love how much you care with a nice piece of jewelry? Perhaps you’re even buying something special for yourself for some self-love. If you’re in the 21% of the U.S. population spending money on jewelry this holiday, you’ll want to ensure you’re protecting your bling.

Do I Need Jewelry Insurance?

Jewelry insurance is a policy designed to cover your jewelry, whether it’s an engagement ring, Rolex watch or your grandmother’s brooch. In exchange for the premiums you pay, your insurance carrier will reimburse your financial losses – or even replace the item – in the event of theft, loss or damage up to its specified value. If the item has an appraisal value

Your homeowners policy is limited to only a small number of causes, like theft, and has a cap of $1,500. If the item has an appraisal value of more than $1,500 or holds sentimental value, it’s worth obtaining coverage in the instance of a loss.

Getting Your Jewelry Appraised

When you purchase or receive a piece of jewelry, you’ll want to have it appraised as this is necessary to obtain insurance coverage. When selecting an appraiser:

• Obtain a recommendation from a dependable source such as your independent insurance agent, a museum professional, fine art dealer, auction house or another collector. You can also contact one of the three professional appraisal organizations: Appraisers Association of America, American Society of Appraisers or International Society of Appraisers.

• Ask for the appraiser's curriculum vitae to review their level of experience.

• Evaluate your specific needs. Depending on the jewelry or other valuable pieces, you may require an appraiser with different specialties and expertise.

• Ask if the appraisal you will receive meets the Uniform Standards of Professional Appraisal Practice.

• Ask for a sample appraisal if it is the first time you are employing an appraiser.

• Request an explanation of the fee structure. Fees should never be based on commission or tied to the value of the appraised items.

Obtaining Insurance Coverage for Your Jewelry

You should be prepared to provide your insurance agent with the following:

• A copy of your receipt, which will provide the jewelry’s retail value.

• A copy of the appraised value of the jewelry.

Be sure to add your newly acquired jewelry to your home inventory.

Contact Your Insurance Agent

Whether you’ll need to increase the limit on your existing homeowners policy, add schedules, or purchase a separate jewelry insurance policy, your independent insurance agent will be able to help you determine the best coverage.

Questions about insuring your jewelry? Contact Wallace & Turner at (937) 324-8492 or info@wtins.com.

Sources:

https://www.westfieldinsurance.com/resources/podcasts/the-insurance-policy-of-love

https://www.trustedchoice.com/homeowners-insurance/contents-personal-property/jewelry/