With the New Year, it’s a good time to make sure your fine jewelry is properly covered and that jewelry appraisals are all up to date. We’ve seen many people shocked to find, that when they go to file a claim on a lost, damaged, or stolen ring, their insurance policy doesn’t provide sufficient coverage for the current replacement cost of the item, leaving them short-changed by thousands of dollars.
We recommend updating jewelry appraisals every three years or so, depending upon the item. Never had an item of jewelry appraised or need a new jewelry appraisal since you’ve changed insurance companies? At Leber Jeweler, we can do that! Need an update on an item you purchased from us? Let us know. We’ll even clean the ring so it looks all sparkly again!
Having an updated jewelry appraisal is only half the battle. The other half is having a good insurance company. In the many decades we’ve been doing this, we have seen the full spectrum. From insurance companies right there to help a client every step of the way, to others that, in one case, tried to cheat an elderly widow in order to underpay on a claim.
I wish there was an insured person’s Bill of Rights. Too often people don’t know what their legal rights are in an insurance claim and too many insurance adjustors are willing to…leave out some facts…in order to handle a claim in a manner that benefits the insurance company and underserves their client.
Want to use your own jeweler instead of the one encouraged by the insurance company? It’s your right. Unhappy with their proposed settlement amount and want to appeal? It’s your right. Simply put, the law really is on your side. Even if your insurance company doesn’t want you believing it. There’s even a state agency here in Illinois (as in most other states) to help consumers, especially if an insurance company becomes incorrigible.
There are good insurance companies and there are bad. We’ve seen both. In our opinion, simply choosing an insurance company based on who advertises the most usually is ill-advised. Jewelry is a major purchase and while the sentimental loss cannot be replaced, do your best to make sure it isn’t a monetary loss as well.