Changing your jewelry insurance company can be a straightforward process if you follow the right steps. Whether you’re seeking better coverage, lower premiums, or improved customer service, this guide will help you navigate the transition smoothly.

Step 1: Review Your Current Policy

  1. Understand Your Coverage: Check what is currently covered, including the types of jewelry insured, the insured value, and any specific conditions or exclusions.
  2. Note Renewal Dates: Find out when your current policy is due for renewal to avoid lapses in coverage.
  3. Assess Premiums and Deductibles: Compare your current premiums and deductibles with potential new policies.

Step 2: Update All Your Appraisals

  1. Contact Your Appraiser: Inform them that you are planning to switch Insurance companies and need to update your appraisals.  
  2. Get New Jewelry Appraised:  Make sure your appraiser goes through any new jewelry that you have bought that has yet to be appraised. 

** It is incredibly important that you update your insurance replacement appraisal prior to chnaging insurance companies! **

 

Step 3: Research New Insurance Companies

  1. Gather Recommendations: Ask friends, family, or jewelry professionals for recommendations on reliable jewelry insurance companies.
  2. Read Reviews: Look up customer reviews and ratings online to gauge the reputation and reliability of different insurers.
  3. Compare Policies: Use comparison tools or visit insurance company websites to compare the coverage, premiums, and deductibles offered by different insurers.

Step 4: Obtain Quotes

  1. Contact Multiple Insurers: Reach out to several insurance companies for quotes. Provide them with details of your jewelry, including appraisals, receipts, and photographs.
  2. Compare Quotes: Compare the quotes you receive, paying attention to coverage limits, exclusions, premiums, and deductibles.

Step 5: Evaluate Coverage Options

  1. Understand Policy Details: Ensure that the new policy covers all your valuable jewelry items adequately.
  2. Check Additional Benefits: Look for additional benefits such as coverage for loss, theft, damage, and mysterious disappearance.
  3. Assess Customer Service: Consider the quality of customer service and ease of making claims.

Step 6: Confirm New Coverage

  1. Choose a Policy: Select the policy that best meets your needs and budget.
  2. Complete the Application: Fill out the application form for the new insurance policy. You may need to provide appraisals, receipts, and photos of your jewelry.
  3. Payment: Pay the initial premium to activate the new policy. Make sure to understand the payment schedule and methods available.

Step 7: Notify Your Current Insurer

  1. Review Cancellation Policy: Understand the cancellation terms of your current policy, including any fees or notice periods required.
  2. Send a Written Notice: Notify your current insurer in writing of your decision to cancel the policy. Include your policy number and the effective date of cancellation.
  3. Request Confirmation: Ask for written confirmation of the cancellation to ensure there are no misunderstandings.

Step 8: Transition Coverage

  1. Overlap Coverage: Ensure there is no gap between the cancellation of your old policy and the start of your new policy. Ideally, have an overlap of a few days to ensure continuous coverage.
  2. Update Records: Keep records of all correspondence, policy documents, and proof of coverage from both the old and new insurers.

Step 9: Store Your New Policy Safely

  1. Digital and Physical Copies: Store both digital and physical copies of your new policy documents in a safe place.
  2. Inform Relevant Parties: Inform family members or anyone else who might need to know about the new insurance details.

Step 10: Regularly Review Your Policy

  1. Annual Check-Up: Review your jewelry insurance policy annually to ensure it still meets your needs.
  2. Update Appraisals: Keep your jewelry appraisals up-to-date to ensure accurate coverage.

By following these steps, you can successfully transition to a new jewelry insurance company, ensuring your valuable pieces remain protected under a policy that best suits your needs.