What You Should Know About Jewelry Appraisals
·
·
When you own a special piece of jewelry, it's a valuable token with invaluable worth. Whether it's a family heirloom, a gift from a spouse, or a souvenir from a memorable trip, you want to make sure your jewelry is valued for what it's worth—sentimentally and financially.
It's important to have your jewelry appraised to protect your investment and prove the worth of your special ring, necklace, earrings, or other jewelry. Here is a brief summary of what you need to know about jewelry appraisals.
Having your ring appraised and insured provides you with peace of mind. If something happens to your ring, you won’t have to worry about paying to have it replaced. You can often add your jewelry to your current homeowners’ or renters’ insurance plans. If your insurance company does not provide this option, consider getting a separate policy solely for your jewelry.
Fine jewelry is precious and priceless, which is why obtaining documents appraising its value is essential. People might get their jewelry appraised for a variety of reasons.
For example, if someone has recently inherited a family heirloom from a relative, they would need an appraisal to find out what the jewelry item is worth, what they might gain from selling it, or how its value might increase in the future. A couple might need appraisal documents to insure a wedding ring or a jewelry owner might need a value to list in their assets. Whatever the cause for appraisal, the value of jewelry will fluctuate every few years, so periodically getting new appraisals is also important.
Jewelry owners might need insurance for their wedding rings, family heirlooms, or expensive gifts. An insurance policy on the jewelry item ensures replacement or repair if the piece should be lost, stolen, or damaged.
While you may be able to purchase basic jewelry coverage without an appraisal, you will need your jewelry appraised for better policies that cover theft, fire, loss, mysterious disappearance, and more. A point-of-sale document or sales receipt from your jewelry is not usually valid for obtaining insurance. Many policies will also require a replacement appraisal every four to five years.
It's important to have your jewelry appraised to protect your investment and prove the worth of your special ring, necklace, earrings, or other jewelry. Here is a brief summary of what you need to know about jewelry appraisals.
What is a Jewelry Appraisal?
An appraisal is an estimate of an item's worth or the cost of replacing it. Jewelry appraisals are typically used for insurance purposes, although some people get them out of curiosity when unsure about a particular item's value. There are a few different types of appraisals for jewelry, with the most common type being Insurance Replacement Appraisals.Why Should You Have Your Jewelry Appraised?
You should have your engagement ring appraised because, just like anything else, it can be lost or stolen. Your insurance company will determine how much coverage your ring needs based on the appraisal.Having your ring appraised and insured provides you with peace of mind. If something happens to your ring, you won’t have to worry about paying to have it replaced. You can often add your jewelry to your current homeowners’ or renters’ insurance plans. If your insurance company does not provide this option, consider getting a separate policy solely for your jewelry.
Fine jewelry is precious and priceless, which is why obtaining documents appraising its value is essential. People might get their jewelry appraised for a variety of reasons.
For example, if someone has recently inherited a family heirloom from a relative, they would need an appraisal to find out what the jewelry item is worth, what they might gain from selling it, or how its value might increase in the future. A couple might need appraisal documents to insure a wedding ring or a jewelry owner might need a value to list in their assets. Whatever the cause for appraisal, the value of jewelry will fluctuate every few years, so periodically getting new appraisals is also important.
When Should You Have Your Jewelry Appraised?
Valuable jewelry should be appraised and insured, so you can wear it and enjoy it with peace of mind. If you aren’t sure if a piece of jewelry is worth appraising, a quick meeting with a jewelry professional can answer that question. It’s particularly important to appraise and insure jewelry you wear regularly, such as engagement rings, because these pieces are the most likely to be lost or stolen.Are There Different Types of Jewelry Appraisals?
Several types of jewelry appraisals are available, including Insurance Replacement Appraisals and Estate Jewelry Appraisals. The most common type is Insurance Replacement Appraisals, which aim to establish the average replacement value for insurance coverage.Jewelry owners might need insurance for their wedding rings, family heirlooms, or expensive gifts. An insurance policy on the jewelry item ensures replacement or repair if the piece should be lost, stolen, or damaged.
While you may be able to purchase basic jewelry coverage without an appraisal, you will need your jewelry appraised for better policies that cover theft, fire, loss, mysterious disappearance, and more. A point-of-sale document or sales receipt from your jewelry is not usually valid for obtaining insurance. Many policies will also require a replacement appraisal every four to five years.
