You’ve made the right decision to insure your jewelry. Whether it is an engagement ring, necklace, diamond earrings, or a family heirloom, you need to protect it from risk. Jewelry insurance will cover the cost of replacing your jewelry if it is lost, stolen, or damaged. First, you need to choose a good jewelry insurance company, then you need to fill in the online form to apply for an insurance policy. But to do that you will need to upload several documents. These documents are necessary to prove that you purchased and own the ring, to prove the price of the ring, and the jewelry’s origin. This quick guide takes a look at the most important documents you will need to submit when you buy a jewelry insurance policy.
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Jewelry Insurance Providers
Each insurance company will have its own rules and regulations about which documents are needed to take out a diamond ring insurance policy. Pick the most professional, and experienced company that offers the most comprehensive coverage. Go online to the jewelry insurance company’s website and look for the list of necessary documents. You’ll need to scan the documents and upload them with your application or in some cases you can supply the documents at a later date. Even after you have updated the documents make sure you keep the originals in a safe place. And when you are issued with your jewelry insurance policy (insurance certificate) add that to your important documents and keep it safe.
Documents You Will Probably Need When Buying a Jewelry Insurance Policy
Purchase Receipt
Keep the original purchase receipt that you received when you bought the engagement ring. The receipt provides information about the ring’s age, value, and origin. But most importantly the receipt will show the purchase value of the ring. It will help the insurance company underwriters assess your jewelry and assign it an appropriate value.
Appraisal Certificate
To get your engagement ring insured you will need an appraisal or valuation. This is an official document stating the value, quality, and features of the jewelry. It is issued by a professional appraiser who is authorized to make such assessments. You will need to get an evaluation of your jewelry’s worth when you first take out the insurance policy. But you will also need to hold on to the appraisal for years to come. The value of gemstones and precious metals tends to fluctuate. With each year your ring could go up or down in value. For this reason, it is recommended that you get your jewelry reappraised every 2-5 years. Some top jewelry insurance companies offer a complimentary revaluation of your jewelry each year. If the value of your jewelry has changed, the insurance policy will have to be updated.
Photos of the Engagement Ring
You might not need photos of your engagement ring but it is always a good idea to take a few pictures. The images will come in handy if your ring is lost and you need to have it replaced with a replica. Photos can also be proof of your ring’s existence, your ownership, and even its special features or value. In some circumstances, you may need proof of possession. You can do this by taking a photo with your jewelry and a paper or document bearing the current date. This is not always necessary, but why not be prepared, just in case.
Authentication Certificate
One of the other documents that you may have received from the jeweler when you purchased the ring is a certificate of authenticity. This kind of document is also called a diamond certificate or a gemstone certificate. It contains relevant information about the gemstones on your engagement ring. The document will include details about the diamond’s weight, cut, color, and clarity.
Documentation About the Location of the Jewelry
Sometimes you can get a discount on your jewelry insurance if you have installed a home security system. If this is the case you will need evidence that you actually have the security system. Ask the company that installed your home alarm system to give you official documentation about the system you have installed. The document should include specific details about the alarm system.