Family heirlooms, like fine jewelry, represent a family’s legacy. They symbolize traditions, tokens of lasted love, and cherished memories. Jewelry insurance is the best way to protect these timeless pieces.
Losing priceless family heirlooms is devastating. Insuring your jewelry will give you peace of mind knowing you won’t lose twice. The common jewelry we wear every day, like a wedding ring or even a special necklace, can be damaged from day to day wear. Insurance can help pay costly repairs or replacement in the event of misplacing or theft.
The time to purchase insurance is when you buy the keepsake. This means whether you are giving jewelry as a gift or it’s for you; it should be insured before you walk into the jewelry store to pick it up. If you are giving the gift, this will insure the time from the purchase to when the receiver instates their insurance. There isn’t any time to waste.
Before signing up for jewelry insurance, you will need to get an appraisal. A jewelry appraisal is an examination of the item to determine its worth. This will identify the amount of coverage needed to replace the item. The receipt cannot take the place of the appraisal. The appraisal is a more in detailed proof of worth versus the purchased amount.
Make sure to have your own records of the item. Take your own photos and copies of your appraisal report before submitting to the insurance company. Also, if you have a custom piece, include the value of labor, design work and materials. The value listed in the appraisal is based on current value. Getting your item reappraise every 18 months will help maintain the correct insurance on the item
Credible, established jewelers like Master Jewelers, offer appraisal services on site. Our GIA graduate Gemologists will provide you with an estate evaluation, insurance replacement appraisal, and fair market value for your heirloom jewelry. Contact us today to schedule a private appointment.