Tips for Insuring Your Jewelry

A standard homeowner’s policy will provide a limited amount of coverage up to a specified dollar amount as stated in your homeowner’s policy. Some losses may not be covered and that is why it is advisable to purchase additional coverage, also known as a floater.

When purchasing the extra floater insurance, an updated appraisal certificate and pictures of your jewelry will be required so the insurance company has them on file. The floater would cover those pieces if they would be lost, stolen, or in some cases, if you lose a stone, they would be covered under this policy.

It is very important that your jewelry is appraised by a certified appraiser. An appraisal certificate will outline all the details of the item, i.e. size of stone, karat of gold, weight, type of metal, unique features, current market value. It is also recommended to have the appraised pieces updated every 2-3 years because of the fluctuations in the gold market.

Imagine owning piece a piece of jewelry that was appraised several years ago with a replacement value of $2,000.00. Years pass and the value has increased to $4,500.00

Now if that piece is lost or stolen, and the appraisal is not current, the replacement value will be based on the $2,000.00 value.

Insurance companies have their preferred jewelers, also know as their preferred vendors and will indemnify you to your exact state before your loss. So for example, your 1kt VS1 diamond will be replaced with a 1kt VS1 diamond.

If your ring was insured for $6,500.00, and the insurance company can have it replaced for $5,500, you have the option to have their jeweler replace your ring or you could choose to have your own jeweler replace your piece. In the latter case, the insurance company would pay you out, also known as cash-out on the actual value—in this case you would receive $5,500—less your deductible, if applicable.

With regard to antique jewelry, which would be difficult to replace, the appraisal certificate would provide all the details and it would be based on the replacement value. You would receive a cash settlement.

Please note, this is a very GENERAL OVERVIEW and may not apply to your own specific insurer. I strongly recommend that you contact your individual agent to determine your insurance company’s specific policies with regards to insuring jewelry.

SLIDE BRACELETS - A PIECE OF WEARABLE HISTORY

There are specific types of jewelry that have historical significance as well as reflecting your own personal history. As one example, a charm bracelet, with its lifetime collection of charms can reveal quite a bit about you. Another type, which dates as far as the Victorian era, is the slide bracelet.

During the 19th century, women in England wore them as a fashion accessory. Since wrist watches were not created at that time, they wore heavy watches, often referred to as heavy hunting case watches, on a necklace. They added decorative “slides” to their chains which were placed under the watch that allowed them to shorten or lengthen the necklace by moving the slides up or down as well. Also, the slides prevented the watch from twisting and turning on the chain.

Women used to collect a variety of slides to match what they wore. Many of the slides were designed from old watch fobs that were engraved; others were set with gemstones and were very ornate. Other unique slides that were collected included stick pin heads that would be mounted on plain slides. Lucky for these ladies if there were a lot of men in their family who would give them their stick pins!

During the 1930’s, after the Victorian period, the watch slide became a very popular family heirloom. The 6-9 slides that were interchanged on a necklace were now being used to create a functional piece of jewelry; firstly as a time piece, but also as a fashionable bracelet. I am sure that most ladies never forgot to put on their watches, especially such exquisite pieces of wearable art. Very successful business men would reflect their affluence with the amount of jewelry that their wives wore and some ladies also wore slide bracelets on one arm and a watch slide on the other.

A slide bracelet is comprised of a double chain or cable bangle on to which a slide is placed. Slides have four drilled holes (two at both ends) so that the chain or cable can slide through. Many vintage slides had a small piece of cork placed within to hold it in place on the chain. Today, they are held in place with spacers such as beads that are placed between each slide.

Outsmarting a Potential Home Invading Jewelry Thief - Part 2

Thre are several things you can still do at home to outsmart a jewel thief .Other “home-remedy” solutions would be to place your jewelry in Ziploc bags and hide them under sheets, towels, decorative zippered pillows, rolled into your socks. You can also store your jewels in the bottom of a bin that holds seasonal clothes, Christmas decorations and craft supplies. Tennis anyone….by cutting a slit into a tennis ball and squeezing it open you can place small items in. Your children’s stuffed animals are another less conspicuous place—simply open a seam, slide your jewelry in and re-stitch.

Be sure to keep a list of where your jewelry is hidden and in what. In the worst case scenario, if a thief is clever enough to figure out a decoy’s spot, remember, time is not in his favor, so he would grab and run perhaps with only 1 piece of jewelry rather than your entire lifetime collection.

Many people invest in actual safes—keep in mind that a small safe that can hide in a closet is portable and can easily be carried away. A larger safe is very heavy, and while it can’t be carried away, they are harder to hide and take up a lot of space.

I personally favor safes that have a drilled space in a floor—a.k.a. floor safes. They are not portable, they are hidden and you can cover them. Ideally, they are located in basements because they can be drilled through concrete. These safes are smaller than your average wall or full standing safe, but they cannot be carried away, they are out of visual sight and therefore, concealed from a potential thief.

Many people have home alarm systems and while there are no guarantees that your home would not be burglarized, it could deter from a potential home invasion since signs are posted on windows or doors. However, if a burglar broke into a home, he would only have 2-3 minutes to find the valuables before the police would show up. If they would come across a safe, they wouldn’t have the time to open it, nor the time to ransack a home to find jewelry, if they are hidden out of sight.

With these suggestions in mind, I sincerely hope that your favorite and cherished jewels are safe for your enjoyment for many years to come.

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