THURSDAY, MARCH 30, 2023
Do you have a collection of precious jewelry? While your homeowners (or renters) insurance includes coverage for personal belongings, expensive collectible items such as jewelry are often excluded or coverage is capped for much less than what your items are worth. Luckily, you can get the coverage you need at a modest price by adding a rider to your existing policy.
However, in order to purchase this additional coverage, most insurance carriers will require you to have your jewelry collection appraised in order to determine the true value. This written record of a piece’s worth should be drafted by a professional gemologist who is accredited by a nationally recognized appraisal organization, such as the American Society of Appraisers or the Gemological Institute of America. 
Additionally, take care to hire an appraiser who works locally, so your jewelry doesn’t have to be shipped for a hands-on evaluation. A good appraiser charges either hourly or per piece, never based on a percentage of the jewelry’s value. Ask your friends for referrals and do some online research to find a trustworthy appraiser who is experienced in identifying and grading precious stones and diamonds.
Before visiting the appraiser, gather any documentation you have on your jewelry. This may include original receipts, informational cards about the materials and previous appraisals. Bear in mind, the price of silver and gold is constantly changing, so you may consider having your collection appraised each time you renew your homeowners (or renters) insurance policy. You may be pleasantly surprised to learn that your grandmother’s old wedding ring is now worth more than it was when it was purchased.
Once the appraisal is complete, file the paperwork with your independent insurance agent to ensure that you get the right amount of coverage to protect your treasured collection.
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