Here Are Important Things to Think About When Insuring Your Jewelry:
1. Do you have current appraisals on your jewelry? Most insurance companies require updated appraisals every three to five years. Most sales receipts are not enough for insurance companies.
2. Can you have the work done by the jeweler of you choice up to the insured value? Many companies will make you run around paying to get estimates and then have it done by the insurance companies jeweler for a cheaper price or will discount the amount of money if you want payment. We have found that work done by the insurance companies jewelers is of far less quality then that of reputable local jeweler who's job is to please you, not the insurance company.
3. Custom Jewelry replacement. You should always try to have your custom made jewelry done by the original designer. They know the techniques and materials quality used. The designers also own the designs which makes coping it illegal. Not that your insurance company cares.
4. A major misconception about safe deposit boxes is that your jewelry in insured when in the bank. This is not true, your jewelry is not insured in a bank box.
5. Another misconception is that you jewelry is covered under your renters and homeowners. In most cases this is not true. Most companies require a separate rider for jewelry, some for each item.
6. We have done a lot of research on jewelry insurance and recommend Gem Shield Insurance and use the company personally. We do not receive any compensation for recommending Gem Shield. Other companies we found that were also good were Jewelers Mutual, Chubb, and USAA.
7. The current rate from Gem Shield in Massachusetts is 12.50 per 1000.00 insured no deductible.
8. Is your appraisal being done by a graduate gemologist not just a jeweler?
9. Most important of all if you are not happy with the replacement do you have to take it?