Does Your Valuables Coverage Meet the Gold Standard?
Prices for gold, silver, and platinum have risen dramatically over the past decade, outpacing many other asset classes. Increases in precious metal prices directly affect the increased value of jewelry, silverware, and other collectables. For some, this means that a jewelry collection can increase by 45 percent in only two years. Because most people haven’t realized how much their jewelry and precious metal items have appreciated, they have not adjusted their insurance coverage to reflect the higher values. “Historically, clients who do not proactively manage their valuable articles can be underinsured by up to 40 to 60 percent,” explains Gerald Escobar, principal of Asset Archives, a global appraisal firm based in Atlanta, Georgia. Affluent customers should consult with their agents about supplementing their homeowners’ policies with special valuables coverage because standard industry policies typically have a limit on jewelry that is far less then what their collections are now worth.
Consumers should take care to protect their jewelry and other precious metals by updating inventory, reviewing and adjusting existing policies, then repeating the process for an annual insurance review. Swingle Collins & Associates offers well trained agents to help educate affluent clients in different kinds of valuable coverages. This allows customers properly insure their collectable assets.