Don’t Forget to Insure Your Holiday Jewelry and Gifts

Whether you are among the many couples who will “make it official” over the holidays, if it’s a last minute panic purchase, or even a make-up gift, jewelry is certainly a popular choice during the holidays.

Engagement Pieces

If you are looking to ‘update your relationship status’ in the coming months, you are probably setting the stage and planning out how you are going to propose. You probably are working out what you are going to say and have the exact place in mind. With that, you have probably already spent, or are planning on spending several thousand dollars on the engagement ring.

According to American Express, a one-carat engagement ring typically costs around $5,500, but most couples spend over $6,000—and 7 percent spend over $10,000. That is definitely something you will want to insure!

Given your extensive planning have you thought about what happens if you lose the ring or if it gets stolen or damaged.

So how do you best protect your investment

Unfortunately, a regular homeowners or renters policy does not provide coverage for accidental loss or mysterious disappearance. The good news is you can get an endorsement on your insurance policy to provide coverage for these exact situations. We can guide you through this and show you what you need to do.

One thing we strongly recommend is that you go to a certified Gemologist to obtain an appraisal of the ring. Check out the American Gem Society’s website to find a local gemologist near you.

Heirloom Pieces

Jewelry changes in value over time. If you have a family heirloom that you are proposing with, an appraisal will establish a fair market value. Also the appraisal will give a detailed description of the ring and include photos for your records. When you have an appraisal, and the correct coverage, the insurance company will give you that exact amount if you lose the ring.

If you are looking for a reputable jewelry appraiser allow us to suggest Kevin Carpenter. 904-309-9990

New Purchases

It may seem easy just to hold on to your receipt from the purchase of a new ring. But, as tempting as that is, keep in mind that each retailer has their own profit margin. You could pay $5,000 at one store and another store could charge $4,500 for the same ring. So, if you need to make a claim, the insurance company may have the option of replacing the ring at a lower cost than what you insured it for. They will not have that option if you use an appraisal for the ring. Therefore, the appraisal is the better option.

So, good luck this season. We can’t ensure your significant other will say “YES”, but you can at least get the right protection in place in case something unexpected with the ring happens.