It’s the start of a new year and time to get things in order. Do you have a plan for exercising, organizing, financing, and maybe getting rid of extra stuff? Do you? Well, do you also have a plan to make sure you have the proper insurance coverage if you have a loss this year? Do you have a plan for recovering your family’s investment in jewelry?
I hate to be a naysayer but, guys, I see it every year. A man enters the shop, looks at me, and says:
“We had a break- in and lost some jewelry, and now we need a replacement value on what was lost.”
My response is always, “Well, do you have a list of what was stolen and an old appraisal?”
“No,” he admits. “I don’t.”
Wow, this guy doesn’t have a chance, I think.
Don’t be that guy.
Have a plan. Start by recording by video everything in your house: everything. What if there was a fire and a total loss of your possessions? Get on record everything you have. Film the inside of all the closets and even the attic and basement (go ahead and do this even before you tackle that New Year’s resolution to “tidy up”). When it comes to jewelry, silverware, crystal and china, put it on your dining room table and get some close-up shots.
It’s even better if you can record your voice describing what you are filming. It will help a lot with an appraisal and valuation.
Make two copies of your video. Leave one at work and the other in a safe place, such as in the trunk of the car, at your parents' house, wherever you decide. Be sure it is in a place where if you have a house fire or a break-in, that video is safe.
But before you rush off to record everything in your home, I want to talk a little bit more about your jewelry. Another thing you want to do is ask a graduate gemologist with some years under his or her belt to give you a written appraisal on every item over $300.
It’s true that the prices of gemstones, gold and silver move up and down every year, but it is really more up than down. If it’s been more than three years since your big ticket items were individually appraised, go get it done now! They are probably worth more today than they were back then.
Plus, if you have more than $100,000 in value, you can usually “wheel and deal” with the insurance company. It helps to understand how much you really have. Work with your agent. I recommend using Jewelers Mutual as a separate company to deal with all of your jewelry and keep it off your homeowner’s policy. This way, if you have a claim, your homeowner’s policy will not get canceled or go way up on you.
Got more questions? Come see me at Perry’s Emporium. I will give you the full scoop on this and answer your specific concerns. We even have a very experienced graduate gemologist on staff who can help you with your jewelry and appraisal.
Don’t get caught unaware like “that guy.” This year have a plan to make sure all your assets are covered.
Alan Perry is the president of Perry’s Emporium and The Wedding Dress Shoppe, offering a range of services for couples, from engagement through their wedding day. Perry’s Emporium is one of the largest retail jewelry stores in Southeastern North Carolina and offers exclusive brands and one-of-a-kind estate jewelry. The Wedding Dress Shoppe is a full-service bridal salon featuring distinctive and stylish bridal gowns, bridesmaid dresses, and mother-of the-bride and flower girl attire. For more information, visit www.perrysemporium.com and www.theweddingdressshoppe.com.
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