Jewelry is a form of investment. It becomes more valuable as time goes by especially if it kept in excellent condition. For example, a vintage watch can cost thousands of dollars if there are no scratches and still works properly. But how can you insure your jewelry?
- You need to get an appraisal first. There are many jewelers out there that can appraise jewelry for you. What an appraiser does is provide a concrete value for your jewelry and have a formal document to verify it.
- Contact a jewelry insurance company and get information about their coverage. What happens is that the rate they will give you will be based on the jewelry’s value.
- If deductible is an option, go for it. A deductible is the amount you will pay to replace the jewelry before the insurer picks up the remaining amount. A higher deductible will lead to a lower annual insurance premium.