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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 Rings

The 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.
It’s recommended that you have your platinum engagement rings and other items appraised every couple of years to maintain an accurate appraisal. Keep an eye on the market value of precious gems and metals, too, and have your documentation updated when necessary.

Does it Cost to Get Jewellery Appraised?

Firstly, the jewellery appraisal is a report that is generated by a jewellery expert. Besides details value and costs, the appraisal will include a detailed description of your items. If your piece is newly purchased, the jewellery will very often provide an appraisal at purchase but if the jewellery is something you’ve had for a long time then you may have to pay for an appraisal. Appraisals tend to vary in cost. The most important thing is to make sure that you get an appraisal from a reputable and properly trained expert. There aren’t any federal or national regulations for jewellery appraisals so look for someone who has been professionally trained, like a GIA graduate gemologist. Remember to get your platinum engagement rings appraised every two years or so as the gemstone’s value can change over time due to factors like inflation. This could well change the amount of insurance you require for your jewellery.

How to Protect Your Jewellery

It’s important to keep an eye on your jewels. Take note of any wear and tear or other damage and be very careful with prongs that hold gemstones in place. If the fitting of your jewellery happens to change, consider having the item re-sized to protect against loss. If you go on holiday or are away from home for extended periods of time, consider keeping your jewellery in a safe. Also, avoid wearing your rings in swimming pools, the ocean or any other situation where it could potentially get lost. Finally, keep track of your appraisals, documents, photos and receipts for reference purposes should you lose the piece. Don’t wait any longer to have your prized pieces insured. Jewellery insurance will give you and your loved one piece of mind and assurance that your timeless gifts and precious heirlooms will never be completely lost.

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