Insuring your collection

By Justin Krall, G.G.

The following information is provided to educate and inform. eBay™ is not liable or responsible for any type of damage or loss caused, or alleged to be caused, directly or indirectly, by the information below.

For most individuals, fine jewellery is a major investment and, as such, should be insured like other valuable items (for example, your car, home, or expensive electronic equipment). However, most people who purchase home and contents insurance assume that their jewellery is automatically covered under that policy. Although many contents insurance policies cover jewellery, coverage is usually limited

Many people own more than $500.00 worth of jewellery, but most people are unaware of how much their entire jewellery collection is worth. Two wedding bands alone can exceed the coverage you may have under your contents policy. So, how do you protect your fine jewellery from loss or theft? Find out how much each item is worth. Then talk to your insurance company to ensure you are adequately covered. This could save you thousands of dollars if a loss should occur.

The first step is to find a qualified jewellery appraiser to write an accurate appraisal, or use the appraisal that should have been included with your jewellery item when purchased. If your appraisal is more than five years old, it should be updated. Find a qualified jewellery appraiser (preferably one who has a gemological background). You may also want to check the educational background of the person who will be writing your appraisal.

Once you have secured an accurate and up-to-date appraisal, call your insurance company and ask whether you need to have your jewellery items added specified in your insurance policy.

Keep in mind that insurance policies differ from company to company. Consult your insurer and carefully review your jewellery policy before you buy additional insurance.

The preceding material was written by Justin Krall, G.G. These are the opinions of the author, not the opinions of eBay, and therefore eBay does not validate the accuracy of or endorse these opinions.