If you are one of those brides who prefer to have a simple and classic wedding dress, then you definitely need jewelry to complete your look. Wedding jewelry adds an elegant feel to a traditional gown without too much intricate designs. It also makes the bride shine amongst others on her wedding day.
Aside from making the bride glow on her wedding day, owning a jewelry is a luxury these days. You either buy it from your own pocket or own one as a gift - like engagement rings. Jewelries are considered valuable because of the sentimental value it holds as well as its monetary value.
These days, insurance companies are in demand to make sure that these kinds of things can recoup its value if negative events happen to your precious jewelry in the future such as loss or damage. If you want to consider investing in insurance for your wedding jewelry, you might want to read a few tips below that may help you.
Get it Insured as Soon as Possible
With all the events that are happening around us such as the pandemic, the natural disasters, and all other problems that are arising in our society, most of the people are thinking of ways to survive. One step that can help you is to protect your precious investments such as jewelries through purchasing insurance.
It may be least of your priorities, but it can definitely help in giving monetary value to your jewelry just in case something will happen. It is very important to act sooner than later. Insurance companies accept heirlooms, vintage jewelries, children's pieces that need to be kept and even newly purchased jewelries.
Choosing your Insurance Company
There are a lot of insurance companies available in the market that offer various jewelry insurance plans. The number and variety of plans can be quite overwhelming which makes it more difficult to decide on what to choose. You need to choose a company that offers comprehensive coverage in their plans and policies.
Policies that will safeguard your jewelry from loss, theft, damage, earthquake or flood, gifts to others or loved ones, and worldwide coverage. It would be much better to choose a company that gives you the freedom to personalize your insurance policies because every jewelry is unique. It is very important to compare companies with regards to the policies they offer, costs of plans as well as review from their customers.
Know the Costs
Purchasing insurance for your jewelry will need you to be prepared financially as most the plans differ in costs. The rate is determined by different variables and factors based on the individual risk characteristics of your jewelry.
It can be based on the value and where you live. Typically, insurance costs between one to three percent of the value of the item you are planning to insure. However, it will still be adjusted based on the risk characteristics of the item.
To lessen the stress of processing your insurance, you should also consider an insurance company that offers efficient application procedures. But it takes two to tango. To make things easier, you also need to prepare pertinent papers for the verification process such as the original receipt, appraisals, certificates, and pictures. Keep all the records of your jewelry because these are needed to assess the true value or worth of your jewelry.
Get an Appraisal and Certificates
Before getting your jewelry insured, it is very important to get an appraisal. Pieces with higher value will need to attach an appraisal when you plan to invest on a jewelry insurance plan. Through appraisal you will know the true value of your prized item. It would be much better to do this the same time you purchased your jewelry.
Your jewelry will undergo assessment on the key elements of value - the carat weight, color, clarity, quantity of diamonds, types of metal and weight of metal, carat weight and shape of other stones, stamps, model numbers, and other distinctive markings of your jewelry.
Moreover, certificates or grading reports are also needed for diamonds to know the most accurate value of your jewelry. They will examine its carat weight, shape, color, cut, and clarity which is also very helpful in tracking your jewelry if unfortunate events will happen in the future such as loss or theft.
You can also reappraise your jewelry from time to time for possible changes of value of your jewelry. Just make sure to keep your records for efficient tracking.
Ask Questions and Do Your Research
To help you in deciding which company to choose and what insurance policy you are going to purchase, you need to equip yourself with enough knowledge on how insurance plans work through asking the right questions.
You need to ask even the small details such as "how will you need to prove the ring vanished if you make a claim?", " will the policy adjust according to inflation?", " are you covered for damage or just loss and theft?". These can be very helpful in thoroughly understanding your policy and in choosing which company can offer an insurance that is best suited for your jewelry and for your needs.
It is important to prepare yourself for whatever may happen in the future. Investing in jewelry insurance plans will safeguard the prized pieces you have from possible incidents and regain the sentimental and monetary value of your jewelry. You just need to know the basics so that you can choose the perfect insurance company and plan that will protect your jewelry.