To truly enjoy your fine jewelry, you may want to do more than simply wear it on special occasions. Enjoyment may also come from knowing it is protected from damage or theft and that it looks its best at all time. To get the most from your jewelry, consider these tips for caring for your jewelry, getting it appraised, and finding the right insurance.
Whether you own a million-dollar ring or jewelry that is far less valuable, consider this jewelry care checklist:
It is never pleasant to have a prized piece of jewelry stolen, lost, or damaged. But the right insurance, you can turn a horrible situation into a happier one. Here are a few things to look for in a valuable articles policy:
If you lose a piece, you’ll want to know that, even if it has appreciated in value, you’re covered for the loss.
Chubb covers jewelry items for up to 150% of their insured value in most states. That means that if the market value exceeds the scheduled value at the time of loss, Chubb will provide up to a 50% coverage enhancement. The problem, according to jewelry specialists at Chubb, is that many people are shocked when they find how underinsured they are. With a sharp rise in gold prices, for instance, a gold band purchased before the price spike may not be fully protected, even with 150% coverage. That’s why getting regular appraisals is so important.
The wholesaler price of a two-carat diamond ring can vary wildly – from colorless ‘D’ at $95,400 to an ‘M’ color, highly included stone that wholesales at only $2,000. That’s why it is wise to have a professional appraisal performed for each and every piece of fine jewelry you own.
How do you make sure you’re getting a quality appraisal? First consider the credentials of the appraiser. After all, you wouldn’t want a store clerk to appraise your fine jewelry. Look for a graduate gemologist or a diamond gemologist. Then, make sure your appraisal includes the following:
While you’re there, have the appraiser do a condition check to make sure there aren’t any prongs loose or chips in the stone.
Disclaimer: This information is descriptive only. All products may not be available in all jurisdictions. Coverage is subject to the language of the policies as issued.
Speak to an independent agent about your insurance needs.