Some of the most common personal possessions that people have insured are jewelry and pieces of art. Besides their high dollar value, these items also often hold sentimental value that makes them extremely important to their owners.

Taking out an insurance policy provides you with peace of mind and financial protection in case of a damaged, stolen, or misplaced item. Because these items are tied to a large market that affects their value, your art and jewelry insurance policy will depend on current trends and appraisals. Learn what trends in the industry typically cause the most fluctuation from Muller Insurance to see how it will impact your policy.

The Price of Jewelry Materials

The largest factor that determines a piece of jewelry’s worth is what it’s made from. This dollar amount can rise and fall over time, depending on how much those precious materials are valued by people around the world. Two of the most common materials used to make jewelry are gold and diamonds.

If you own jewelry that heavily incorporates these elements, then you are in luck. The price of gold and diamonds has steadily risen over the years as they continue to become even more popular among consumers. You should have your jewelry appraised by an appraiser, ensuring the value is based on today’s market so you can be properly protected financially. However, Muller Insurance’s policies do not include coverage for loose diamonds or gold buds.

Where Your Art Originates

The value of the insurance policy for your art may also depend on the piece’s country of origin. The art industry is always cycling through trends and looking for the next big thing. When a thriving art scene emerges in a country, it can cause pieces created by local artists to go for higher amounts of money at auctions and sales. If you are fortunate enough to already have a piece or two from an up-and-coming location, your collection may have increased in value and require a new insurance policy.

Age of Your Collection

Since age impacts the value of your collection, it’s important to continually update your insurance policy. An appraisal is required for the items you want to insure, and it’s recommended that you do so at least every couple of years to make sure you’re being protected for the right amount. This due diligence will make sure you are covered with the proper coverage in the event of damage or theft.

Protect Your Assets

Since standard homeowner’s insurance does not cover jewelry or art, it is important that you take out a separate insurance policy to give you peace of mind.  At Muller Insurance, our extensive jewelry and fine art insurance policies can protect your valuables and even extend to other valuables like collections of wine, books, sports memorabilia, and more. If you are the owner of these types of items or want to see if a possession of yours is eligible for coverage, contact us today.

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