Grandmother’s pearls; your engagement ring; the diamond tennis bracelet you received for your anniversary; over the years, you’ve amassed a gorgeous treasure chest of family heirlooms and precious gifts. Chances are many of those pieces are quite valuable. You have homeowners insurance to protect your home and belongings. However, not everything is covered under traditional policies- including your fine jewelry collection. There are multiple reasons why you need your jewelry appraised.
The price of gold and silver fluctuate constantly. Chances are your family heirlooms are worth considerably more than they were 20 years ago. We wrote a blog post a few weeks back on how to insure your valuables, including fine art, wine, and jewelry. What we didn’t discuss however, was the value of appraising your jewelry regularly to ensure it is adequately protected.
An appraisal is a written record of the worth of an item or piece of jewelry. It is drafted by a professional who follows the standard insurance industry practices. When getting your jewelry appraised, you should make sure they are accredited by a nationally recognized appraisal organization such as The American Society of Appraisers or Gemological Institute of America.
Routinely getting appraisals helps to ensure that you have adequate coverage in the event that any of your pieces are lost or stolen. But regular appraisals aren’t enough to ensure coverage. Many traditional homeowners policies don’t have the coverage to cover your jewelry collection.
A jewelry floater is an important, yet often overlooked portion of your homeowners insurance. At Sinclair Risk & Financial Management, we have knowledgeable professionals with years of experience insuring fine and heirloom jewelry. We can help you expertly evaluate your assets and recommend the right coverage and limits. We can also assess the potential exposures around your home that may put your collection at risk, such as theft, water intrusion, light and heat damage, or fire.
Insuring your house requires more than just protecting the structure- it’s the heirlooms and precious possessions within that make it a home. Contact us today for more information about our fine jewelry insurance. (877) 602-2305