Custom jewelry always carries a bit more sentiment than a standard stock item. How could it not? It was made just for you to commemorate an event, memorialize a person or to represent your unique personality. Since this piece of jewelry is so important, and often rather expensive, you’re going to want to get it insured, and the coverage that your renter’s or homeowner’s insurance provides probably isn’t going to cut it – or is it? These decisions are all yours to make, but if you follow this guide, you’ll know exactly what path to take to insure your Custom Jeweler
Check your homeowner’s or renter’s insurance policy
Most people find that the coverage for physical property isn’t quite enough to cover something very expensive or precious. Review your current policy to see how much you would get for your custom jewelry if it is damaged or stolen. Even if you think the amount is suitable, consider that you may not be in your residence when something happens to your jewels, so damage may not always be covered. Then, decide whether you want to get additional coverage.
Find out the true value of your jewelry
Take all of your custom jewelry to an independent appraiser to determine the true value. And remember, just because something is worth a lot to you doesn’t mean it’s worth a lot on paper. Still, if you’re not happy with the number, feel free to get a second opinion. Be sure to tell the jeweler that the piece was made just for you. The fact that it is one-of-a-kind may increase its value.
Talk to your insurance broker
Depending on your needs, you may want to add a rider to your current homeowner’s or renter’s policy to cover your custom jewelry. This would be in addition to the basic property that you already have covered in your policy. If that option doesn’t seem to make sense, talk to your broker about taking out a separate policy on your custom jewels.
Consider outside options
If you’re still not sure whether your broker is presenting you with the best insurance options, reach out to an insurer who specializes in jewelry, such as the Jeweler’s Mutual Insurance Company. To request a quote on insuring custom jewelry, you’ll just need the appraised value of each item. If you decide to purchase insurance here, you’ll need to give specific details about your items later on. Be prepared to supply pictures as well.
Weigh all your options
Take a good hard look at each option and decide which is right for you. Is it important that you have a zero deductible policy or are you willing to agree to a deductible in order to pay less each year? Which policy provides the most flexible coverage on your custom jewelry? Which offers the easiest replacement? This decision is all about figuring out which qualities are most important to you.