Valued at $46.2 million, the Graff
Pink diamond is one of the most expensive pieces of jewelry in the world. Your
jewelry box might not hold anything that priceless, but you certainly want to
insure your valuable or sentimental pieces, including the diamond cufflinks you
wore at your wedding or your grandmother's ruby brooch. November is Real
Jewelry Month and the perfect time to make sure your necklaces, bracelets,
rings and other real jewelry are insured.
1. Hire an Independent Appraiser
An independent appraiser will carefully and thoroughly inspect each piece of
jewelry you own, and he or she will then determine the exact value of your
works of art. Be sure to obtain a signed document that includes a detailed
description and appraiser's value for each piece.
2. Check Your Current Insurance Policy
Most homeowner or renter insurance policies include cash value or replacement
coverage for personal belongings. As long as that figure is high enough to
cover everything you own, including your real jewelry, you're set.
3. Purchase a Rider
If your current policy does not cover your valuable gems, purchase a rider. It
offers additional coverage for your precious collection.
4. Take Pictures of all Your Pieces
The police need detailed descriptions of your jewelry if a piece is lost or
stolen. Take detailed pictures of each piece to increase the likelihood of
recovery.
5. Update Your Inventory Regularly
Once you're sure your jewelry is adequately insured, mark your calendar for an
annual inventory review. Add new pieces you recently purchased and remove
pieces you sold or gave away to ensure your collection is completely covered.
6. Inspect Your Jewelry
As part of your annual review; take your jewelry for an inspection. The jeweler
will look for loose settings, chips or scratches. Take new pictures after any
needed repairs are made.
7. Store Your Jewelry in a Safe Place
Insurance will replace your real jewelry if it's lost, stolen or damaged, but
don't take chances. A fireproof safe hidden in your home or a safety deposit
box at the bank protects your gems, especially if you own expensive pieces that
you wear only on rare occasions.
You do not want to file a claim for stolen jewelry and find out it wasn't
insured. Follow these tips and talk to your insurance agent today as you
protect your valuable collection and celebrate Real Jewelry Month.