It’s been news for quite some time now that precious metal prices are among the highest they’ve ever been. For some people this means their capital has seen a big increase as jewelry, flatware sets, antiques, and other items had their inherent values skyrocket.
If you do not want to refine the items for their cash value, you should know that it is possible to insure your precious metal items. As a matter of fact, they are sometimes covered under your homeowner’s insurance. However, if you have not reviewed your policy since precious metals prices started to increase, you should check with your insurance provider to see if your precious metal items are covered for their current worth. It’s possible that, when their value increased, it exceeded the value of your coverage. If that is the case, you may want to have your precious metal items insured separately.
The process for insuring your precious metal valuables will vary between insurance providers, but a common method is to add a rider or endorsement to your current homeowner’s policy. An endorsement can be a worthwhile investment because it typically has a very low annual cost and no deductible.
It is also important to look at the value of your inventory at your store. Your retail store could very well be under insured due to the increase in the price of precious metals.
If you do choose to refine your precious metal valuables, our ship and sell service let’s you do it from anywhere in the world. But if not, the next safest thing would be to consult your insurance provider and insure your valuables.