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Jewelry Insurance - To Be Or Not To Be
Friday, March 24, 2017 7:59:02 PM America/Los_Angeles
To insure? Or not to insure? That is the question. You’re betting you’re going to get ripped off at sometime in the future. The insurance company’s betting you won’t. And you’re the one putting up all the money.Is that fair? Maybe it is…and maybe it isn’t. You have to decide. Value, sentiment, emotion, and your aversion to risk all play a part in answering that question.
What type of jewelry should be insured
Insure any fake van cleef & arpels jewelry that is valuable to you. “Valuable” can mean dollars and cents. But it can also mean emotional value. That can include anything from wedding jewelry or watches to family heirlooms or custom-made pieces. When properly insured, if something happens to your jewelry, you will be able to have it repaired or replaced.
Another way to think about what to insure is to focus on the monetary value. If you lost it, could you easily replace it with out-of-pocket money? For example, a necklace purchased for $400 at a department store is probably easier for you to replace or repair than a $40,000 custom piece bought from a jeweler.
How It Works
You'll need to provide your receipts, as well as an appraisal, which costs a small fee. (You can get an appraisal from a certified gemologist.) If you move after the wedding, make sure your "jewelry rider" follows you—some couples have the fake van cleef & arpels necklace insured at the bride's house (or her parents') before the wedding, but forget to add it to the policy for their new home when they move in together.
If you don't have a renters or homeowners policy, there's an alternative way to insure your fake van cleef & arpels ring. Certain insurance companies offer policies through jewelers on individual pieces—just ask your jeweler if they work with an insurance company to offer fake van cleef & arpels earrings jewelry insurance. These kinds of policies can vary widely company by company (usually a jeweler will offer a policy that's underwritten by smaller company), so ask specific questions about the level of coverage provided.
You should speak to an insurance agent to get an exact quote, but expect to pay an annual rate of $1 to $3 for every $100 your fake van cleef & arpels alhambra bracelet is worth. The average $166 fake van cleef & arpels bracelet for example, would cost around $4 to $13 annually to insure.Is it worth it? Before answering yes or no, consider other potential costs. How often will you need to have your rings reappraised? Is there a deductible?
You may be able to lower your insurance premiums (while providing additional protection for your rings) by installing a home security system or purchasing a safe or safe deposit box to store your rings when they’re not being worn.Be sure to keep all corresponding paperwork in a safe place as well. Anything you might need to make a claim – such as appraisals, receipts and photos – should be as protected as the rings themselves.
How do you insure your valuables and why? Do you prefer scheduling? Why or why not?