Monday, July 13, 2015

Misc.: travel insurance for jewelry and valuables

About two years ago, in an Atlantic City casino, I lost a big, beautiful, color-changing, synthetic/manmade Alexandrite stone from a gold ring setting.  I was traveling self-insured, as I often do, so considered it just one of those things.  Fortunately, it wasn’t a diamond and was not valuable beyond sentiment (though real Alexandrite stones are usually more costly than a diamond of equal size).  But it did have sentiment aplenty, because I always wore it (it was subbed in as an engagement ring on my first wedding anniversary) and enjoyed watching the color changes as I traveled (it changed in different light and at different latitudes from a deep purple to a deep blue-green, and to a light purple or light blue-green).  A while after I returned home, it occurred to me that the ring might be covered on my homeowner’s policy and, indeed, it was.  So I was able to make a claim and discovered I was covered from dollar one up to $500.  The insurance company arranged to replace it for me.  But ultimately this process took too long and I had too many unanswered questions about how it would be done, so I opted for a cash settlement.  Unfortunately, my vintage Alexandrite from the 1930s is not an easy stone to replace, so I finally replaced it with a slightly smaller, less beautiful contemporary stone in a silver setting from England that I purchased on Amazon for $99!  I am happy with it.  So keep in mind that if an item is lost or stolen while you are traveling, check with your home insurance as soon as you return.  Always document such an incident as best you can—collect information from any witnesses, etc.  And if you travel with a precious piece of jewelry, always keep it with you (never check it in your baggage), take a picture of it, and check settings for possible damage.  If it is valuable above $500 or whatever your homeowner policy covers, secure a rider on it for full value (this is something to do even if you don’t take it on trips).  Bottom line:  love your gems while you have them and enjoy wearing them, but be aware of their value and the need for insurance. 

More information on travel insurance.

gold ring settingsynthentic alexandrite in silver setting

Travel articles to inspire and help you plan some spectacular local and foreign getaways.

images ©2015 Carole Terwilliger Meyers 

No comments:

Post a Comment