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Questions to Ask Your Insurance Agent

Generally speaking, most of us like having lots of options in life. But sometimes, too many options can be overwhelming, especially in areas where there is a lot of complexity, a lot of jargon, and a lot at stake. In such cases, it’s good to have a bit of advice from an expert who is used to dealing with these complex issues, and who knows the jargon.

Insurance is one of those categories—and as a longtime accredited jewelry appraiser, I have intimate knowledge of details that are important to understand when you’re shopping for insurance for your valuable jewelry pieces. Keep a copy of the following questions at hand whenever you begin your search. 

  1. Is the insurance policy for full coverage under all conditions, i.e., mysterious disappearance, damage, theft?
  2. What is the difference between scheduled and unscheduled coverage?
  3. Is there a deductible?  If so, how much?  Do I have the option to increase the deductible and thus lower my premium?
  4. Is my policy all-risk (par loss, damage, disappearance)?
  5. Am I still covered if there is negligence or carelessness involved?
  6. Is the item covered if lost, stolen or damaged while in the possession of others?
  7. If there is a loss, do I have a choice of a full cash-out or will I have to accept less?
  8. If a loss has been replaced through the insurance company source, will I be allowed to verify proper replacement by an independent firm or accredited appraiser?
  9. Are there geographical limitations to coverage?
  10. How much will it cost per thousand for full coverage?

  11. Is depreciation ever imposed (to what and how is it computed)?

  12. Am I limited to the appraised replacement cost should there be a sizable increase in value?

  13. If there is damage to a piece, can I replace it or will I be limited to repair?

  14. What if the lost is irreplaceable, like an antique?

  15. Are there any security precautions required, if not, would there be a premium savings if special precautions were taken, i.e., the items were kept in a home safe or in a bank vault when not worn?

  16. What proof is needed to justify a claim?

  17. Are there different kinds of jewelry insurance?

  18. Are there any exceptions?

  19. What is the pair and set clause?  Will the insurance cover an additional amount for matching a missing item in a set if it has not been computed or stated?

  20. What types of property are covered?

  21. Will you show me the actual language in the policy which addresses each concern I have addressed?

Questions?
Drop us a line or give us a call!

With 30+ years in fine jewelry, Carl Weimer offers expert knowledge and accuracy in gem appraisal. We look forward to helping you with your fine jewelry appraisal needs!

CALL

612-300-3833

EMAIL

carl@minneapolisgem.com

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