Insuring your precious jewels means peace of mind should they become lost or stolen. Just be sure to keep appraisals up to date. You know the saying, “diamonds are forever”? Well, if you want your sparkly sentiments to last forever, it’s better to be insured. Whether you have an antique inherited necklace or platinum engagement rings that seem priceless to you, the item’s monetary value is very much tangible and insurable. Jewellery is certainly an investment both in monetary terms and sentimental value. And this is especially true for your wedding rings. Aim to have your jewellery insured either before or right after it is purchased. The coverage will protect against any financial losses of your precious pieces and help preserve the sentiment behind the piece through reimbursement or replacement options.
Insurance Coverage for Platinum Engagement RingsThe first step is to talk to take a look at your homeowner’s insurance policy. These policies usually only cover items if they’re stolen and not if they’re damaged or lost. But you can buy an extension for the policy to cover higher value items like your engagement and wedding rings. Typically your jewellery will need an appraisal before it can be insured. You can take your jewels along to a certified appraiser for an appraisal or even a gemmologist. When you get the items appraised, you can verify the appraisal based on the value of your jewellery which includes: Agreed value – which allows the insurer and you to agree on a settlement price.
- Cash value – this is the value of the item and today’s market rate and not at the purchase price.
- Replacement value – the value the insurer will pay you, set according to the current market value at the time of losing the piece.