February 11, 2011

• Contact your insurance professional immediately
  Let your agent or company representative know that you are now in possession of an expensive piece of jewelry. Find out how much coverage you have and if additional insurance is needed.
  
• Have the item appraised
  Heirlooms and antique jewelry will need to be appraised for their dollar value. Ask your insurer for recommendations regarding a reputable appraiser. It is important that expensive items be appraised properly—if you purchase a floater or endorsement, you will pay a premium based on the appraised value and in the event of a claim, will be compensated for this dollar amount.
• Keep a copy of the store receipt
  Forward a copy of the receipt to your insurer so that the company knows the current retail value of the item. Keep a copy for yourself and include it with your home inventory.
• Store valuables in a secure location
  Protect your jewelry by storing it in a secure location in your home. If you do not plan to wear the item regularly or are holding it for a child, consider keeping it in a safe deposit box. You may save money on the cost of insuring it, as some companies offer ‘in vault’ coverage. If you want to wear the jewelry for a special occasion, many insurers will offer the option of purchasing additional coverage for the time it is out of the bank. You would, of course, have to notify your insurer ahead of time.
• Update the value of your jewelry
  Expensive items can go up or go down in value. Talk to your insurance professional about how to make sure the dollar amount of your floater or endorsement reflects these changes. Prices for floaters and endorsements will vary depending on the type of jewelry, the insurance company you choose, where you live and where the item will be kept.
• Take a picture of the item
  Get into the habit of keeping a visual record of all of your personal possessions. This helps to document your loss and speed up the claims process. It is also useful to document antique and unusual pieces of jewelry
• Add the item to your home inventory
  Everyone should have an up-to-date inventory of their personal possessions. An inventory can help you purchase the correct amount of insurance and speed up the claims process when there is a loss. The I.I.I. has created free, online software, Know your Stuff® – Home Inventory, to make creating a home inventory easier. You can also add a digital photograph of your new gift and save scanned receipts. Computerizing your inventory makes updating easier and more efficient.

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