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In this post I will answer your most popular questions about jewelry insurance. Please, note, for the details you will need to contact your insurance company.
Some jewelry has not only sentimental value. While nothing can replace the latter, you can still get some money back in case something happens to your piece. There are four main things I'd like you to know about jewelry insurance.
1) Your basic home insurance plan usually already includes some coverage for jewelry-related cases. It is around 6000$ (you need to check with your company). For additional annual fee you can always increase that amount.
2) Inform the insurance company about valuable jewelry you own now.
3) You can get the insurance in a vast variety of cases - your jewelry might be damaged in an accident, stolen or lost, etc. You can even loose just a part of it, for example, a stone.
4) You can't usually come to the insurance company and say: "I went to the beach, I lost my ring, I want 4000$ in cash, now!". While such situation is possible and can be even covered by your insurance, you will need to have an appraisal certificate for your piece. That certificate is done by an expert with a special license and includes photos, detailed description of all materials and stones and gives the estimated retail value.
With that certificate the insurance company is supposed to cover the expenses on the same or similar model. It may work in different ways - either you buy the piece and the company covers the money according to the receipt. Or they provide you with the estimated amount and then you buy it. Sometimes, when the piece was created by some known jewelry house, the insurance company might want to contact them directly and provide you with the piece, taking care of all the financial transactions.
All these details you need to check with your insurance company.
Please, feel free to contact me with any questions at info@loftbijoux.com.
Pieces 2000$+ ordered from me come with a free appraisal certificate. In case you want to get it for any other jewel, I offer such service starting from 80$ (depends on the piece).