What Are Some Of The Questions To Ask?
Is My Receipt Enough? Or Do I Need An Appraisal?
Most couples around the world pick Valentine’s Day, the day of love, to get engaged officially, making it a prominent day for jewelry purchase. With all the excitement of wearing a shining jewelry piece and the emotions involved in getting engaged to the love of your life.
Read on to learn about how to keep your jewelry secure.
Learn About The Insurance Coverage:
The first thing to do is to contact your insurance agent and ask about the process and the necessary steps to take to ensure the new jewelry piece and ask how much of your personal property insurance does your standard renters or homeowners policy cover. Usually, your ring’s value is covered (under these policies) up to a specific limit when stolen. However, and for example, if the ring’s value is $5000 or more, the entire value may not be covered based on the limited insurance policy.
How to Protect Your Diamond Ring?
Since the general insurance coverage may not cover the total cost of the ring, especially when coverage is not applicable to damage or lose. This is why you have to ‘itemize’ each item individually for the sake of proper coverage in order to get the full replacement price. This is generally referred to as ‘scheduling property’ in which you increase the insurance coverage amount for the particular item.
If the ring or jewelry piece happens to be brand new, you will still need a formal appraisal because a purchase receipt will not be sufficient for insurance. It will be wise of you to get a written document from a professional jewelry appraiser.
Never forget that your jewelry’s value can change with the passage of time. Update your appraisal every couple of years as value changes.
Ask At Least 10 Questions:
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How long until the coverage will take place?
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Ask for confirmation via mail, email (Confirmation number if available)
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Theft coverage
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Robbery
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Damage
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Fire, Flood or Earthquake
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Travel abroad? (Worldwide Coverage)
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Mysterious disappearance (An unexplained Loss)
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Deductible Options
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Same Kind Replacement? (This is especially important on a designer/brand name)
Jack Ghazalian
Diploma Member of the Gemological Institute of America Alumni Association (GIA)
Certified & Registered Jewelry Appraiser in Newport Beach and throughout Orange County, Los Angeles & San Diego