Protecting valuable jewelry

It goes without saying that you must take certain precautions if you own valuable jewelry. Lax security, insufficient coverage, and poor judgment may cause you to suffer a huge monetary and sentimental loss. According to the Department of Justice, nearly $1 billion worth of jewelry is stolen each year. Despite such an alarming figure, there are steps you can take to protect your investment and ensure that you are fully covered in the event of a loss.

If you own fine jewelry, it is imperative that they are properly appraised and insured. An accurate appraisal can help you determine how much insurance you will need before you purchase your policy. An appraisal will also ensure that your insurance claim is processed in a fair and prompt manner, and that you are not left with uncovered expenses. Before buying a piece of jewelry, you should ask the salesperson if your purchase comes with a written appraisal. If it doesn't, make sure you ask him or her for as much written documentation about the product as possible.

It is recommended that you get your jewelry appraised every 2-5 years. Since the costs of jewels and precious metals fluctuate often, you need to have current valuations of your items. Most insurance companies can refer you to a reputable appraiser who will be able to determine how much your jewelry is worth. You should make sure that your appraiser is a certified gemologist.

The best type of appraisal for jewelry is a replacement cost appraisal. This kind of valuation verifies the design, authenticity, and monetary value of the item. You may also want to consider buying an endorsement for the appraised value. That way, if your jewelry is lost of stolen, your policy will reimburse you for the full amount.

Once your item has been appraised, the next step is to make sure it is insured. Having adequate coverage will ensure that you will be properly compensated in the event of loss or theft. The type of coverage you need is usually dependent on the monetary value of the jewelry, where you store it, and if you travel with it. You need to make sure you get the best coverage for your situation.

Most insurance companies recommend that you purchase a valuable articles policy, also known as itemized coverage. Valuable articles policies itemize each piece of jewelry you want covered in great detail. Each itemized piece is then described and valued. This is important because in the event of loss of theft, you will not need to worry about proving ownership or the condition of the items in question. When selecting your policy, you need to know EXACTLY what items and circumstances will be covered. Make sure that your policy covers breakage, mysterious disappearance, and jewelry that is lost or stolen while traveling.

If you're a homeowner, you may be wondering why you cannot simply add your jewelry to your homeowner’s insurance policy. While it may be possible that your homeowner's insurance policy will provide coverage for your items, chances are you may have to pay an expensive deductible if your jewels are not scheduled (which costs extra). Furthermore, unlike valuable articles policies, homeowner’s insurance policies typically don’t cover breakage or mysterious disappearance.

It is also important that you keep your jewelry locked in a secure location. Your jewelry should be kept in an inconspicuous location, preferably in a lockbox or safe. Keeping your items under your bed, in your dresser drawer, or in a jewelry box is an awful idea-these are the FIRST places thieves will look when searching for things to steal. Try to keep your jewelry in areas where a thief wouldn't think to look.

If you don't wear a particular piece of jewelry often, you may want to consider storing the item in a safe deposit box for added security. There is a nominal fee for this service, but many insurance companies will offer you a discount on your policy if you do not store very expensive items at home. Installing a security system will reduce the chances of theft even further and is strongly recommended.

You should make sure you implement safe practices while you are away from home as well. When traveling, you should NEVER check your jewelry with the rest of your luggage; you should always have these items on you while en route to your destination. If you are staying in a hotel, you should store your valuables in the hotel safe deposit box instead of simply leaving it in your room. If you prefer to leave your jewelry at home when you travel, you should consider putting it in a safe deposit box, especially if you are away from home often.

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