Antique Jewelry or old fashioned jewelry as it is often referred to is jewelry that is of a certain age usually over 70 years old. Antique jewelry is treasured as it has often been handed down through generations holding memories and meaning.
Many people buy jewelry as an investment, this is because like land its value will increase over time so the older the piece of jewelry is the more expensive it will be.
If you are lucky enough to have been handed down or have purchased a piece of antique jewelry whether it is a necklace, ring or broach it is strongly recommended that you insure your treasured piece.
You may assume that your jewelry is covered by your home insurance however this is not always the case, quite often your home insurance will cover you if your piece of antique jewelry is stolen but it may not cover you is the is lost or damaged.
Although you will never be able to replace the sentimental value of a piece of antique jewelry it may easy your mind if you can at least replace the item should it be lost.
It is wise to read you insurance policy very carefully or contact your insurance company to ask if you are covered for this type of event.
If you current insurance policy does not cover you fully for your antique jewelry then you may be able take out additional cover however it important to know and understand the cover you are going to be paying for.
Make sure your policy will cover you for loss and damage and also check if you will still be covered should the loss or damage happens when you are out of the country.
Check that you will be reimburse for the items full replacement cost and will you receive a replacement piece of jewelry or could you opt for a cash settlement.
Quite often your insurance company will ask for an appraisal before they allow you to take out the insurance to cover your antique jewelry. Check if this is something you can arrange yourself or if it is something your insurance company will need to arrange.
Will you have to pay an excess, if you lose or damage you antique jewelry and need to make a claim will you have to pay a sum of money before the claim can go through, how will this effect your existing policy and most important how much is the excess.
If your insurance company does need your antique jewelry appraised then it is advisable that you receive more than one appraisal so that you can compare the estimates and know that you are insuring your item for what it is actually worth, it is quite common to purchase a piece of jewelry one day and get an appraisal the next for a much higher amount. I would recommend that you have an appraisal done regularly and advise your insurance company of any increase / decrease in value.
留言列表
