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How to Insure Your Jewelry Collection

Jan 31, 2008
If you are the proud owner of a significant jewelry collection, it may be a wise idea to insure your valuables. Like any other item within your household, it is important that your jewelry be covered in the case of theft, loss or other misfortune. Although no amount of money can replace your prized collection, it can help you to rebuild it.

First and foremost, insuring your jewelry collection involves talking to the provider of your home's insurance policy. In most cases, this would be your local insurance agent. It's important to find out whether or not jewelry is covered under your current policy and, if it isn't, how to best go about getting the proper coverage for your collection. In some cases, you may be required to purchase a rider policy especially for your jewelry.

As you already know, having an established value is important when it comes to purchasing insurance coverage. When it comes to jewelry, you may wish to consult with a professional jewelry appraiser, especially if your collection is of significant value. With a written appraisal, you will be able to prove the worth of your valuables. In addition, you may need to photograph and/or video your entire collection. If possible, make sure that the date stamp is imprinted on the photo(s) or displayed on the video. This will help to prove the authenticity of the images if necessary in the future. As a final step to documenting your collection, you can take a written inventory of each piece, including a detailed description and value.

Once you have all of the necessary paperwork and information gathered, it's important to store the appraisal, your insurance policy and any written, photographed or video documentation relating to your collection, in a safe place. Every individual family has a preference when it comes to where to store their important paperwork. Whether it be inside of your home in a lockbox or in a safety deposit box at your local bank, it's wise to keep this information in a place that you know it will be safe and easily accessible by you or your family.

In case you are wondering why this type of coverage is important, it's worth nothing that the price of precious metal is significantly on the rise and has been so for some time now. With no immediate turn in sight, experts predict that the value of precious metal will continue to grow. Many of us hear that gold is rising in price, but you may not realize that sterling silver is also increasing in value.

While this may seem like a lot of work now, it will prove to be worthwhile in the event of an unforeseen occurrence that may result in the loss of your collection. Just as you would insure anything of value, it's important to make sure that your jewelry is covered. Instead of assuming that your collection is protected under your current policy, it's important to confirm this by either reviewing a copy of your policy or by speaking with your local insurance agent. While hopefully you will never need to enforce the coverage, it will provide you with great peace of mind just in knowing that it is there.
About the Author
For more information on sterling silver rings and cubic zirconia rings, visit Almost Diamonds at http://www.almostdiamonds.com
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