Exclusively from Foa & Son
Here’s a tip that might be of value for many of our readers. Many of you own some amount of jewelry, even if only an engagement ring or some cherished family heirloom. Your personal homeowners policy normally has very limited coverage for jewelry, with typical limits for unscheduled jewelry items ranging from perhaps $500 to no more than $1,000 on most policies. If you or your spouse own any such items with significant value you’re probably already buying a separate jewelry floater which will provide a specific limit of insurance for each scheduled item. Question: when is the last time you reviewed that schedule and updated limits per item to reflect current values?
Take a look at these recent historical prices:
Year Diamonds Gold Silver
(1 carat) (per oz.) (per oz.)
2000 $15,100 $ 279 $ 6
2005 $18,000 $445 $10
2010 $25,000 $1,224 $24
2012 $29,000 $1,589 $29
If it’s been a few years since you reviewed the amounts of insurance you carry on scheduled jewelry items you could be in for a nasty surprise if you ever have reason to file a claim; these items are worth quite a bit more now than they were few years ago.
Consider reviewing and revising scheduled jewelry values if you have not done so recently. This will require up to date appraisals. Getting them will involve some cost; one local jeweler recently quoted prices of $95 for the first item and $60 for each additional item, but prices will vary so it pays to shop around. Just be sure to deal only with jewelry appraisers who are a Certified Gemologist Appraiser (CGA). You can locate one at http://www.americangemsociety.org/. Click on the Find a Certified Appraiser section.
And if you don’t have any such coverage on your personal jewelry items, you might want to rethink the idea of going uninsured.