Tuesday, September 3, 2013

Read on how to insure your valuable jewelry!

Jewelry comprise of diamond ring & necklaces, engagement or wedding rings, precious metals, watches and many more. These are very expensive and thus needs to be covered under a suitable coverage to secure it against loss, wear, theft and other types of damages.

If, you own such valuable pieces then definitely you need to get an insurance coverage. Follow a few simple steps to get insurance coverage for jewelry:

First of all you need to jot down all your jewelry and see to it which specific precious pieces you want to get insured or you want all of them to be covered under insurance.

Be it gold, platinum, pearls, diamonds, wedding or engagement rings, antique jewelry and watches, you must get all of them insured as getting such pieces replaced, if lost or damaged can cause you really expensive.

After jotting down the jewelry, review your existing policies to make sure that you do not have double insured your policy. This is because many property insurance coverage plans and homeowners or renters insurances do cover most of the jewelry. However, situation in which coverage would be done would vary like lost, stolen, destroyed or damaged.

Once you are sure of that your particular set of jewelry is not insured get started off to get it insured. First of all, get the jewelry appraised by a professional gemologist. He would give you certificate for appraisal which would be required by the insurance company. On your end also you must make sure that they accept certificate before you sign a policy, because if not done so, then there are chances that they might give you exact value of your jewelry.

Your next initial step would be to ask various insurance companies regarding their jewelry policy. You can also go online and fill the required details and get jewelry insurance quotes of the company. Henceforth, according to your choices and preferences you can make a choice of which policy to choose.

But, yes, make sure that the policy is covering cash value and replacement value of the jewelry. Here cash value refers to market value and replacement value refers to mentioned cost of the piece in the policy.

Once you are satisfied with the policy of particular company have one on one conversation with them, take a fine print of policy from them, read it carefully, fill out all the details and lastly sign it.

Having looked at all these steps, getting jewelry insurance is not a daunting task, but yes one needs to be alert while making decisions of getting coverage of pricey pieces.

If you want to make a wise decision reading you jewelry insurance then make sure to get jewelry insurance quotes from all those companies you find and reliable.

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