Valentine's Day Approaches - Time to Think About Jewelry Coverage

As Valentine’s Day approaches, we start thinking about how we can demonstrate to our loved ones how much we care with gifts ranging from thoughtful and unique to beautiful and extravagant.  Despite the setbacks we have seen in the recent economy, the luxury market has seen exponential growth, particularly in regards to jewelry. As this market continues to grow, so does the cost of creating and replacing fine jewelry as the price of precious metals, diamonds and gemstones continue to rise. 

At Siegel Insurance, we look to provide the best possible coverage for your personal needs to cover your belongings as most beneficial to you. We recommend having your fine jewelry appraised every 3-5 years to keep the insured value current.  For any piece valued at more than $100,000, we recommend having it appraised every 1-2 years. Providing detailed photos of your jewelry along with the appraisal to your insurance advisor will help with recreating a replacement piece in the event of a claim.  This process is particularly important when recreating a sentimental piece or antique item.

Another important concern when insuring your jewelry is whether to get replacement cost, agreed value or blanket coverage.  Agreed value means that you and the insurance company agree on the value of the item at the beginning of the policy using the appraisal, and that amount is used if and when there is a loss. Replacement cost takes the appraised value into consideration, but the insurance company will replace the item for less if possible. Blanket value is often used when there is a large collection of pieces, if the value of any one item does not exceed the limit set by the insurance company (typically around $5,000.)

 When it comes to jewelry, agreed value is usually the best option for unique or highly valuable pieces. We insure a wide range of items, and since we are an independent agency, we can find a plan for your pieces that will fit your needs appropriately.

Whatever your Valentine’s gift may be, remember to enjoy the day and focus on what really matters…those you love!

For more information, please visit our website at www.siegelinsurance.com or check us out on your favorite social media platform: Google + / Facebook / Pinterest