It’s time to amend the diamond shopper’s guide referred to as ‘The 4Cs.’ Cut, clarity, color and carat are all important, but what about coverage?
Make sure that you consider insurance for that gorgeous tennis bracelet. The ring nestled as a stocking surprise needs protecting, too. Jewelry insurance is a part of most bauble purchases, yet few consumers understand how the process works.
Here’s the truth about jewelry insurance.
- Your homeowners policy may probably does not fully cover jewelry. Most have limited coverage, if any.
- Purchased a jewelry floater? That’s a great start, but if you schedule only certain items as part of that floater, those items are all that are covered. Unscheduled coverage is also imperative for smaller items.
- The appraisal application is extremely important in securing jewelry coverage, so make sure it’s complete. You’ll be asked for a clear picture of the item as well as essential details unique to the piece. For example, up to 50% of the value of a diamond is derived from cut. If this information is missing, the insurance company cannot denote value.
- A Graduate Gemologist who is also a Certified Insurance Appraiser is the ‘gold’ standard of jewelry insurance. Not only will this professional reveal the true worth of your piece, but his word is golden when it comes to securing proper coverage limits for it.
- Appraisal forms vary widely. Some are long, some are short – most are downright confusing. Contact your W3 insurance agent to learn more about solutions for jewelry coverage.
Beautiful jewelry isn’t meant to collect dust inside a drawer. Insurance gives the owner piece to the fullest. For more information about jewelry insurance and how you can protect that which you hold dear, contact W3 Insurance at (727)522-7777.