Jewellery is a priceless possession that most people love to treasure. Some of the antiques jewellery is passed on from generations and it becomes a very pricey collection. Not many are aware of the fact that jewellery can also be insured. Whether it is your old collection or something that you have just bought, insuring every piece of the collection would be a wise idea.
In case of any unforeseen incidents, the damages which may have caused to your priceless collection can be reimbursed. Mitigation of loss on jewellery is possible if you insure the same with care and diligence. However, before you take up the insurance for your collection it is imperative to appraise the same.
Reasons why you must appraise your jewellery for insurance are as follows:
You may have a very close sentiment attachment to the priced jewellery, but it is equally important to find its actual value. Their worth has to be determined and for this the appraisal becomes essential. Unless this is done you may not know the actual price of every piece of jewellery and so insuring the same becomes an incomplete process. Insurance companies will look for the actual value of the items and then provide coverage to encompass all the items.
Similarly, all the other corresponding details of insurance are based upon the appraised value. Your premium amount is directly dependent on the total value of the jewellery. At times you may have to take the endorsement policy for which the underwriters will again look for the appraised value.
It is not possible to argue with your insurance agent regarding the price of jewellery if you do not have an appraised document. When you get the jewellery appraised, a document containing the details of every piece of the collection will be properly charted out along with its value. This becomes a valuable document which can be used to get your homeowners policy.
Sales receipt is not valid
If you have a feeling that by presenting the sales invoice of your jewellery you could get a valuable items policy then you are completely wrong. No insurance company will accept this as a valid document for passing on the policy application. All the companies will ask for an appraisal of your jewellery that too from a very reputed source. Only basedon this paper can they calculate the cover required and the premium to be paid. The terms and conditions of the policy also greatlydepend on this document.
One major reason for getting periodic appraisal of your jewellery is that you will get updated value for the same. This way you can also be assured that the current policy covers its market value. As the jewellery price in the market changes your collection also will have changes in its value. Make sure that you appraise the same and compare it with the policy coverage. If it falls short present the appraisal letter and get the extra insurance coverage. Antique collection and vintage jewellery are always in vogue and you must check for its value on a timely basis. Their changes in value will drastically affect your insurance cover. Generally speaking most insurance companies require a new appraisal every five years.
Even in case of a loss or damage, you may plan for claiming the same from your insurance company. Such claims can be easily settled when you have a proper appraisal letter stating the value of individual items. This way the insurance company will also speed up their process if all other documents are presented within time. However, get your jewellery appraised only from a reputed source.