8 Tips and 15 “Must-Ask” Questions
Welcome to “Khin’s Corner - A Jewelry Appraiser’s Blog” and thanks for taking a moment to read this month’s Blog! Here is where we delve into all things related to your precious jewelry.
In today's edition, we're tackling a topic that's essential for any jewelry owner: insurance coverage. Whether you've recently inherited a family heirloom or splurged on a sparkling new piece, ensuring proper insurance coverage is paramount to safeguarding your investments. Make sure to have enough coverage to protect you in the event of an unforeseen disaster.
Welcome to the world of jewelry insurance, where peace of mind meets precious possessions. As a seasoned jewelry appraiser, I understand the importance of protecting your valuables. In this blog post, we'll delve into the essential information you need to know about jewelry insurance coverage. Additionally, I'll equip you with a comprehensive list of questions to ask your insurance provider to ensure your prized pieces are adequately protected. Here are some helpful tips and questions to use when talking with your insurance provider regarding protection for your valuables. Let's explore some vital information and questions you should consider when it comes to insuring your jewelry.
Tips:
Have your questions written out in advance
Have the most recent appraisal handy, including the value and date of the appraisal.
Choose an insurance provider with a solid reputation for reliability and customer service.
Get the name of the person you are talking to.
Understand the difference between coverage for loss (theft or mysterious disappearance) and coverage for damage (breakage, scratches, or “wear and tear”).
Understand the terms of your homeowner’s or renter’s policy which may vary from state to state.
When you get the policy or rider, read it carefully to ensure that it has everything you requested.
For the best coverage with your insurance, you need to schedule an updated appraisal with Good Khin Gems, LLC every 2 years.
Questions:
1. Does your company offer different types of jewelry insurance?
2. Does the value of my jewelry depreciate over time?
3. If I do get to replace the item, will I get an exact duplicate?
o Does the insurance company provide the replacement, or do I?
o Does your policy offers reimbursement based on actual cash value or full replacement cost in the event of a covered loss?
o If your company does the replacement, will it be appraised by someone with the same credentials as the person who provided my original appraisal?
4. Won’t this be covered by my “homeowners’ policy”, or do I need a separate jewelry rider?
o What are the coverage limits for jewelry under my existing homeowner’s policy? And what are the coverage limits for the rider?
5. What if my jewelry gets lost/damaged/stolen while I’m travelling?
o Is it limited to travel within the US or is it international?
6. Can I use my purchase receipt instead of an appraisal?
7. Does your company send me periodic reminders to have my jewelry reappraised?
8. If there is an accident at home and I’m found responsible or negligent/careless, am I still covered?
9. What are the exclusions?
o What’s NOT included in this coverage?
o Are there any circumstances or events excluded from coverage for my jewelry?
10. Do I save any money on the policy premiums if I keep the items in a safe or a safety deposit box?
o Are there any discounts available for additional security measures, such as an alarm system, central monitoring, or fire prevention?
11. Are there any sub-limits or exclusions specific to jewelry?
12. What is the pair and set clause in my jewelry insurance?
o Will the insurance cover an additional amount for matching a missing item in a set or pair if it hasn’t been computed and stated?
13. Can I add endorsements or riders to enhance coverage for high-value items?
14. In the event that I do need to make a claim:
o What documentation do I need to submit in the event of a claim?
o What is the process for filing a claim for lost or damaged jewelry?
o How quickly can I expect a resolution for a jewelry-related claim?
15. If a loss has been replaced through an insurance company source, then am I allowed to verify proper indemnification by a qualified, trained Gemologist Appraiser who, at a minimum, has the same qualifications as the appraiser who issued the report on the item your company is collecting premiums on to insure?
o If the replacement is not true indemnification, will you reimburse me for my expense of having this done, along with getting a proper replacement?
o Does the appraiser’s qualifications have a bearing upon my claim?
o Should my appraisal be made by a GIA, Graduate Gemologist that is also a graduate of the International School of Gemology, and a certified member of the National Association of Jewelry Appraisers, like an independent appraisal from Good Khin Gems, LLC? Or will any appraisal suffice, such as one from a retail store?
Conclusion:
Protecting your jewelry with adequate insurance coverage is an essential step in preserving its value and sentimental significance. By understanding the important information and asking the right questions when selecting or reviewing your insurance policy, you can ensure that your precious pieces are safeguarded against unforeseen risks. Armed with this essential information and a comprehensive list of questions, you can confidently navigate the world of jewelry insurance and ensure your precious pieces are adequately protected. There are many more important questions to ask based upon your individual insurance needs. If you need assistance in formulating specific questions, please schedule an appointment with Good Khin Gems, LLC for an appraisal consultation and we can help you to prepare for when you speak to your insurance representative. Remember, proactive communication with your insurance provider is key to securing the coverage you need for peace of mind.
Remember, your jewelry are not just adornments; they're cherished treasures deserving of proper protection. Be sure to check back for our next Blog for more valuable insights and tips to enhance your jewelry ownership experience.
Until next time, may your jewels sparkle and shine brightly!
Thank You Again for Reading the April edition of “Khin’s Corner - A Jewelry Appraiser’s Blog”
The Birthstone for April is...Diamond
(Enjoy the sparkling brilliance of your Diamond Birthstone this month)
Look for new blogs every month!
If you have ideas or questions that we can use for Blog topics, please send them to info@gkg-llc.com
[Disclaimer: The information provided in this blog is for informational purposes only and should not be construed as professional insurance advice. Consult with a qualified insurance agent for personalized guidance regarding your specific insurance needs and circumstances.]
コメント