I do a lot of jewelry appraisals mostly for insurance replacement. I don’t think a week goes by where I’m not appraising a new engagement ring purchased to replace one that was either lost or stolen. Many of these replacements were done at the customer’s expense because the item was not insured and they thought that their homeowner’s insurance would cover it. Sadly, that is not the case and if you don’t have an insurance rider (policy) specific to the piece of jewelry, you will only receive a small fraction of what it’s worth. Here are a few questions to ask your insurance agent:
- Do I need a separate policy for your jewelry?
- What proof do I need to make a claim?
- If a piece is damaged, can I replace it or am I limited to repair?
- Can I go to whomever I want for the replacement?
- What is the deductable?