’ve seen it time and time conservative grading analysis and
again. Customers come to a correct evaluation of the
have estimates or jewelry’s worth. Most insurance
appraisals done for their lost, companies do not require that you
stolen, or damaged jewelry. They have your jewelry appraised by
ask if the appraisal can be done GIA graduates however; it’s
without seeing the jewelry or if always better to have one done by
it can be done based on their someone with these credentials.
recollection of what it used to
look like. Unfortunately Your appraisal should include the
insurance companies will not information regarding the
accept this form of evaluation or precious metal content including
appraisal, and certainly not it’s weight, karat purity, and
after the fact. In the following color. The diamonds and gemstones
article I will explain what to do should be described in terms of
in order to properly appraise and shape, carat weight, color,
insure your jewelry. clarity, and cut grade. If the
diamonds are pre-certified by a
Creditable Appraisals grading laboratory then you
should give a copy of the
Insurance companies require that certification to the appraiser
your jewelry policy be based on and ask them to list this
official and creditable information on the appraisal. If
appraisals done by a reputable possible have the appraiser
jeweler. Jewelers that have photograph the items and attach
studied or have been train by the this photograph to the appraisal
Gemological Institute of America when submitting to the insurance
(GIA) will provide the most company. Always keep a copy in a
acceptable appraisals. Being safe deposit box or in a fire
trained by GIA ensures a proof safe.
with that is the fact that some
Jewelry appraisals should be homeowners’ insurance policies do
reassessed every 7-10 years to not allow for loss of the item,
determine if the value of the damage, or diamond loss from the
items has appreciated. Jewelry is setting.
a commodity and like all
commodities they are subject to The best way to insure your
fluctuations in value. In recent jewelry is to get a personal
years the value of certain articles policy written by your
diamonds have actually doubled in agent. This policy should include
price because of shortages in the loss of the item, theft of item,
marketplace for high demand damage, and loss of gemstones &
shapes and sizes. A loss after diamonds. Ask your insurance
such a gain in value without agent to quote the policy with no
proper reassessments will result deductible and with the above
in gaps in your jewelry coverage coverage. The going rate for
when trying to replace the item. jewelry insurance is $1.50 -
$1.85 per hundred and if you’re
Choosing the Proper Insurance quote higher then your probably
Coverage paying too much. To calculate the
annual premium take the appraised
The biggest mistake consumers’ value of the jewelry and multiply
make is assuming that their is by the rate and then divide it
homeowners insurance will cover by 100. Example (appraised value
them in the event of a loss. This $10,000 X $1.50 = $15,000 Divide
could be further from the truth. by 100 = $150 per year).
The typical home insurance only
allows $1500 - $5000 for personal Some local insurance agents
articles and with that is a aren’t familiar with jewelry
deductible of $500 - $1500. Along insurance policies and you may
feel like you’re not getting the say though that a jewelry
proper assistance. There are a insurance policy makes a lot of
couple of jewelry insurance sense. Let say you have a wedding
companies that provide superior set worth $5000 that you wear
service and if your agent fails every day. How often do walk
to give you proper assistance I around with $5000 cash in your
recommend you give them a call. pocket? Almost never right? Well
The two I like most are CHUBB is some cases you walk around
Insurance and Jewelers Mutual. with the jewelry equivalent all
These companies specialize in the time. If you have valuable
personal articles policies and jewelry that you wear everyday
generally have the lowest rates then you are certainly increasing
with the best coverage. You can your chances of having an
visit href="http://www.andrewsjewelers. at $5000 can cost as little as
com/" $75 per year to insure. It’s
title="http://www.andrewsjewelers worth every penny to give you the
.com/" target="_blank">color="#001000" pride and without worry.
size="-2">http://www.andrewsjewel
ers.com/ and you'll Andy Moquin
get more information on these President – Andrews Jewelers Inc.
companies. size="-2">http://www.andrewsjewel
Insurance is one of those things ers.com
that you have to think about
until you really need it. I will
About the Author:
Andy Moquin has spent 20 years in the jewelry business buying and selling over $20,000,000 in diamonds, engagement rings and custom designed jewelry. He as traveled to Belgium and Israel to work with international diamond dealers and works as an advisor for DBC Diamonds an international consortium of diamond dealers. His experience in the jewelry business has become invaluable to consumers and business owners. He can be contacted at 716-630-7091, andrew@andrewsjewelers.com, http://www.andrewsjewelers.com/, http://therealscooponbuyingdiamonds.blogspot.com/
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Andy Moquin
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