Insuring Your Family Heirlooms and Jewelry
An inherited piece of family jewelry is as important as the member who passed it along. It brings history, family connection, and the story of how it came into existence and how your family cherishes it. However, sentimental value does not affect the current market value. Life’s unexpected situations, such as theft, damage, or loss, can put your cherished piece at risk.
Can I Insure Inherited Jewelry?
Insuring jewelry that has been passed down to you is possible. Here are some key steps to getting your jewelry insured, including inherited family jewelry.
Get a Professional Appraisal
The first step is determining the price of replacing your jewelry in today’s market. This value is for insurance purposes only and is done at moderate retail levels so you can replace the piece, should theft, loss or damage occur. The certified appraisers at Preusser Jewelers will assess its current value for replacement purposes in today’s market, factors such as metal type and weight, the quality of the gemstones and diamonds, and labor to create the jewelry. Your emotional attachment to a family heirloom does not affect the value. This type of appraisal is for insurance purposes only. Not for estate, or liquidation purposes.
Choose an Insurance Provider
There are two main options for insuring your jewelry:
- Homeowner’s or Renter’s Insurance: Many standard policies cover jewelry up to a certain limit. However, coverage might be insufficient if your jewelry has appraised values above that limit. There will usually be a high deductible. Check with your agent.
- Separate Writers: These are in addition to your regular policy. Writers are designed for jewelry, art, computers etc. They provide specific coverage (through your home or renters policy) for damage, theft, or loss of higher value items. Check with your agent about scheduling these types of items under a separate writer.
Understand the Policy Details
Review the policy thoroughly to understand:
- What’s Covered: Ensure your policy covers a wide range of risks, including accidental loss, theft, and damage.
- Exclusions and Limits: Many policies won’t cover wear and tear, nor maintenance. Ask your agent, so you are clear on what is covered.
Keep Your Appraisal Updated
- How Do I File a Claim?
- Report the Loss or Damage Immediately. As soon as you realize your piece has been lost, stolen, or damaged, report it to your insurance provider immediately. If the jewelry was stolen, you’ll also need to file a police report and provide that along with your other documents.
- Gather Your Documentation. You’ll generally need to provide your appraisal, receipts, or serial #’s, a police report (if stolen), any photographs you have, and your policy number.
When a client has an inherited family piece, lost, stolen or damaged, it is especially heartbreaking. We understand we cannot hope to replace the sentiment that is gone. What we can do is re-create it as closely as possible or offer a new piece to take its place.
Insurance companies we work with include:
- Auto Owners
- Farm Bureau
- Frankenmuth
- Wolverine
- Fremont
- State Farm
- Chubb
- Pioneer
- Jewelers Mutual
- Many More
Preusser Jewelers’ Role in Insuring Your Family Heirlooms
Preusser Jewelers can assist in the process by appraising your family’s inherited jewelry to get them properly insured. We can appraise any pieces you may have, old or new. We can also make recommendations on what to insure, and what you may not need to insure. Contact us online, or call 616-458-1425 to make an appointment for more details.
