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TRANSCRIPT OF MP3 FILE
Carolyn Gorman, spokesperson for the Insurance Information Institute:
- How to protect your jewelry:
"Once you find that you are in possession of a valuable piece of jewelry the first thing that you should do is call your insurance company and alert them to that fact. Find out how much coverage you have in your policy and if it's not enough buy a floater or an endorsement so that it will be properly covered."
- Have the item appraised:
"It's very important that you have jewelry and other heirlooms appraised on a regular basis by a reputable appraiser. You should call your insurance company because they can give you a list of people in your area that they recommend and who will do a good job. Once you've done that then you might want to buy a floater or an endorsement for the appraised value. Then if the item is stolen or lost your insurance policy will reimburse you for that amount."
- Store valuables in a safe location:
"Obviously if you have an expensive piece of jewelry in your home, you want to keep it in a safe secure location. But, if you have a piece of jewelry that you don't wear very often or maybe you're saving a piece of jewelry for a child, think about keeping it in a safe deposit box at your bank. Your insurance company will probably offer you a better rate for quote "in vault" storage. Then if you want to wear that piece of jewelry you should notify your insurer ahead of time. They may ask you to buy a small policy to cover it while you're using it and then you'll return it to the fault once you're through with it."
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