kacak bahis kralbet betxbahis Do You Know the Replacement Value of Your Gold Jewelry?

Do You Know the Replacement Value of Your Gold Jewelry?

Category: Personal Insurance

From your engagement ring to family heirloom pieces, the greatest value of your jewelry may be as a reminder of a milestone, a relationship or your heritage. If those are stolen, lost or damaged, there will be no compensation for the personal loss.

Yet, you do deserve fair compensation for the monetary value. So, ask yourself, “Do I know what my jewelry is really worth?” and, “Is it insured for replacement value?”

Do You Need an Appraisal?

Many people are unsure as to whether they will require coverage for their jewelry beyond that included in a homeowners or renters insurance policy. To help you determine whether you need an appraisal and scheduled property insurance for your jewelry, consider the following:

• What are the limits of your current personal property insurance? Many people believe that their home insurance plan will cover a lost or damaged piece of jewelry. While this may be true for some pieces, the protection offered by your home insurance plan is often limited; more valuable items may not be adequately covered. If you own a valuable piece, including a wedding ring or antique family heirloom, it is important to discuss additional coverage with your agent.

• What risks are covered? Under your home insurance or a separate personal property policy, jewelry is insured against repair or replacement costs of lost, stolen or damaged pieces.

• How do you determine the value of your jewelry? Many jewelry stores will provide statements of value and updates as long as you own an engagement ring or other piece. This allows you to be sure that you purchase the right amount of coverage, and that your jewelry is adequately protected. Antique jewelry and custom pieces may require professional appraisals. Once an appraisal is complete, your personal insurance agent can offer advice on different coverage options and available policies.

• Where should you begin? Inventory your jewelry (you may be surprised at how much is in that chest). Do a quick check of prices on comparable pieces, and consider appraisals on heirlooms and older pieces, especially gold.

Have you had a piece of jewelry appraised, or lost it in a burglary, fire or other disaster? Did you feel you received a fair settlement from your insurance company?

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