Properly Insure Your Jewels

It is a good possibility that your jewelry is worth more today than it was last year and years before that.  Gold, precious metals and some gem stones are worth significantly more today than over the past several years.  For example, in 2000 gold was worth $274.50 an ounce, in 2006 it climbed to $632 an ounce and today, November 7, 2013, gold was worth $1309.10 per ounce.  Please keep in mind these prices are based on pure gold.  Eighteen or fourteen karat gold is worth a percentage of the pure gold price.  Due to the rise in value of precious metals and gem stones everyone should review their home or renter’s insurance policy in order to properly insure your jewels.  The following are some guidelines to consider in order to ensure your jewelry is properly covered.

First, it is easy to determine how much coverage you currently have under your homeowners or renter’s property coverage.  Typically, $1,000 is afforded to you under the standard homeowners or renter’s property coverage.  You may schedule your family’s most expensive or unique pieces of jewelry.  It is very likely that you and/or your family requires more than a $1,000 limit of coverage for most people’s jewelry insurance needs.  Determining how much coverage you currently have is the first step to properly insure your jewels.

The second step is to get an appraisal.  Most, if not all jewelers offer appraisals.  Etler-Kettenacker Agency suggests that you shop around to find the right person to perform the appraisal and for a fair price.  Many large jeweler chains offer appraisals by an independent appraiser about once a month.  These are very accurate and reputable appraisers however, you will pay $200-$300 for a wedding ring appraisal.  If you have a good reputation with a jeweler, they will often provide you with an appraisal for small fee.  Once a new appraisal is obtained, send a copy to Etler-Kettenacker so their representatives can determine the proper amount of coverage for your fine jewelry.  Armed with the appraisal you and your Agent will be able to determine if your jewelry should be scheduled or raise the blanket coverage for your cherished jewels. 

Finally, to make sure you receive full benefit if you should experience a loss is to keep two copies of your family’s jewelry inventory.  To properly insure your jewels, keep a photo of the item with the receipt attached to it.  Etler-Kettenacker Agency recommends that you keep copies of your jewelry inventory on your computer and in a fire proof safe.  Some smartphones have applications you can use to keep an inventory of your jewelry collection.