As the crime rate continues to climb, especially crimes involving burglary, leaving jewelry lying around the house, particularly antique and estate jewelry is becoming a risk. To adequately protect your assets you may first want to get insurance appraisals in Minnesota involved.
If you are a collector of antique jewelry, there are two problems that you may face:
You are known as an active buyer which makes you a potential target
Insurance premiums have skyrocketed
What benefits does your home insurance policy provide?
Normally, basic home and content’s insurance does not cover jewelry over a certain specified amount. Even if it does cover jewelry to some extent, by the time the deductible is applied, the insurance payout will probably not cover the value of the piece.
To get insurance appraisals in Minnesota, it will be necessary for every piece to be documented. As the jewelry may have been willed to you, it will invariably have a sentimental value. Insurance companies put no value on sentiment, only the cost of replacement, when you take them for appraisal, you need to explain to the appraiser why you are getting it done. Appraisal from a certified gemologist or appraiser can be expensive; the approximate cost is a flat fee plus a percentage of the total appraised value.
Appraisal should be done at least every two years, and in the case of rapidly rising prices of precious metals, perhaps annually. Gold, silver and gemstones rise and fall quickly, and if you are covering your collection with a separate policy, you will want to keep the insured value current.
It is not just jewelry that needs appraising:
There are many items in a normal home that should be appraised before an insured amount is declared. In the event of a catastrophic fire in the home, everything will be lost, including expensive works of art, furs and irreplaceable antiques. Even the family bible is an heirloom that needs to be appraised just for its intrinsic value, let alone the sentimental value.
When an object is being appraised, the appraiser looks only at its replacement costs, not any personal value associated with the item. Depending on the item, he will take into account the current replacement price, not the price originally paid. To keep the costs at a reasonable level, items that can be easily replaced, such as furnishings can have a higher deductable but things which are one-offs should be insured for full value.
For things such as jewelry and specific antiques, it may be worth considering a safety deposit box at your bank. When the jewelry is stored, it is not your responsibility, you are free to bring it from storage for certain occasions, and then it can be returned. These pieces will not have to be covered at all.
Insurance appraisals in Minnesota are often suggested when you own specific, high value items purchased from History Bound. Many unique antiques, watches, jewelry etc. can be found, all at reasonable prices.