What’s small enough to put on, travels with you, and could be very valuable monetarily and sentimentally? Jewelry! In a recent article, I discussed the importance of taking photos while at the scene of an accident. Well, the same concept applies to your valuable possessions – in this case your jewelry collection.
Lost or stolen jewelry – an all too common claim
Lost or stolen jewelry is an all too common claim that I am requested to open as your Claims Advocate. And in every valuable possessions claim situation I handle, photos are, or could have been, a HUGE benefit in protecting the value of those precious items. The good news is there is a legitimate reason why photos are so important.
The reasoning behind the importance of photos
In almost every valuable possessions claim I have been involved with, I’ve found it very common for the insurance carrier to request photos of the item(s) in question along with receipts and other documentation. But it’s important to understand that the insurance carrier is not asking for the photos to be difficult. Many times the photos serve as a critical tool when assigning an appraiser to price the item(s) accordingly. The photos you provide will bring the value of your loss as close to the appropriate value of the jewelry piece as possible, especially if no other documentation is available.
Quick tip: This advice does not only apply to jewelry. Any items that you find to be valuable are great candidates for selfies!
Jewelry selfies are not just for big-ticket items
Often people will remember to add and document big-ticket, or sentimentally important, items to their insurance policies. An engagement or wedding ring is a perfect example. In addition to being valuable monetarily, your engagement ring holds sentimental value as well. So, it makes sense that you will find the time to photograph the item, document it properly and add coverage to your homeowner’s policy to ensure it is adequately protected. But through the years, additional pieces of jewelry can be added to your collection. Pieces that are valuable, but maybe don’t hold as much sentimental value as your engagement or wedding ring, are typically the forgotten pieces that never make it onto your policy.
So here’s my advice: Even if the jewelry item is not a big-ticket item, take a quick snapshot of it when you receive it or purchase it. Don’t worry about the value. Just take a picture. Better yet, take a photo of you wearing it so there is no question that you had this item in your possession. Big or small, it’s still part of your entire jewelry collection and that photo will be a great help in the claims process! It could be the difference in having the full value of your collection reimbursed if ever your valuables go missing.
Final words of advice
If you’re not sure where you stand with your valuable possessions, check with your insurance carrier or your agent to see what coverages are set on your policy. Take the time to understand your limits. Check what items you have scheduled to see if there are any additional items you feel would be important to add. Let your insurance be the safety net that it was intended to be!