Purchasing fine jewelry – including an engagement ring – can be fun, exciting and an investment. Chances are you’re either wearing the new piece, or giving it to someone special. The last thing you want to think about is something like insurance, but things happen and when they do, you’ll be so relieved you took the time to insure your new jewelry. Here are some tips on getting your new jewelry insured:
1. Time is of the essence. You can purchase insurance the moment you have purchased your jewelry and have it in your possession so it is protected as soon as possible.
2. Choose and insurance provider. You have two options – you can add your purchase to your home owners or renters insurance with an extension that covers your jewelry specifically. Or, you can take out a policy through a company that specializes in jewelry insurance. Be sure to ask specific questions like – Can you choose who repairs your ring? How will you need to prove the ring vanished if you make a claim? Are there any circumstances that aren’t covered?
3. Understand how jewelry insurance is priced. The cost of your insurance will depend on the value of your jewelry, where you live and whether your insurance policy has a deductible.
4. Get an appraisal & keep it updated. You’ll need to know the value of your jewelry before you can get it insured. Shah & Shah Distinctive can provide this service for you. You can learn more about our appraisals here. You will want to get the appraisal updated every few years to keep an updated record of the value.
Shah & Shah Distinctive can help you with each step of your jewelry purchase, including insuring your new piece. Make an appointment today to learn more.