Jewelry Appraisal for Insurance

Most people don’t know this, but a standard homeowners or renters insurance policy doesn’t automatically cover jewelry. If you want to insure your jewelry, you need to have it appraised first. This will give you an accurate estimate of how much your jewelry is worth if it is lost, stolen, or damaged. Without an appraisal, you risk being underinsured and might not get full reimbursement if something happens to your jewelry. A professional appraiser will consider your jewelry’s quality, craftsmanship, materials and other factors to come up with its retail replacement value. The appraisal will also include a detailed description of your jewelry, which can help the insurance company verify your claim if something happens. Without an appraisal, you might not be able to get reimbursed for your lost or damaged jewelry.

Do I need an appraisal to get jewelry insurance?

Most insurance companies require a current appraisal before they will insure your jewelry. A jewelry appraisal for insurance purposes tells your insurance provider how much it would cost to replace your piece if it was lost, stolen, or damaged. This value is different than what you would receive if you wanted to sell the item on the open market or the value used to settle an estate.
The quality of materials, workmanship, design, and sometimes the designer or brand of your jewelry are all important for an insurance company when determining the retail replacement value. This is so that if something happens to your jewelry and it needs to be replaced, you can get something that is similar in quality.

Why is it important to get your jewelry appraised?

Many people do not know the importance of getting their jewelry appraised. This is especially important for insurance reasons. If something happens to your jewelry- like if it’s lost, stolen, or damaged- you will need an up-to-date appraisal to file a claim with your insurance company. Most likely, you will need a jewelry appraisal to get your jewelry insured in the first place. An insurance appraisal states the retail replacement value of your jewelry. However, if your item is not insured for this amount, you may not be reimbursed for the total value of your jewelry. One factor that determines the retail replacement value for jewelry is the current market value. You can think of this as a snapshot of what the market value was when the appraisal was completed. This value changes over time as markets fluctuate; therefore, it’s important to update your appraisals every 3-5 years .

How often should I get a piece of jewelry reappraised?

It is a good idea to have your jewelry appraised every 3-5 years. This is because the insurance appraisal shows the current retail value of your jewelry. You know it is very unlikely you will walk into a store and expect to pay the same price for something 3-5 years later. The same is true for jewelry. Your appraisal shows what you should expect to replace that piece of jewelry for that day, not five years later. That’s where updated appraisals come in. If you have upgraded a gemstone or refurbished your piece to like new condition, you will need a new appraisal to show the new replacement value. This is because the condition of the item is an important factor in determining its value.

How much does a jewelry appraisal cost?

At Mayflower Estate Buyers, jewelry appraisals for insurance start at $75 for gold jewelry with no gemstones. Our appraisal pricing is based on the time required to complete the appraisals. To see a full breakdown of our pricing, click here.

How does an appraiser determine insurance replacement value?

Jewelry appraisers use several factors to determine the insurance replacement value for jewelry. This is the amount of money it would cost to replace the jewelry if it were lost, stolen, or damaged beyond repair. The appraiser will consider the type of jewelry, its precious metal content, gemstones and their quality, craftsmanship, designer, and even the age and condition of the jewelry. The appraiser will also consider the market value for similar jewelry pieces. Based on all of this information, they will provide an accurate estimate of the piece’s retail replacement value.

Independent Jewelry Appraisal for Insurance

An independent jewelry appraiser is a jewelry appraiser who does not work for a jewelry store. This allows the appraiser to have an unbiased opinion when evaluating your jewelry, so you receive a retail replacement value based on the materials, condition, quality, and market value of your jewelry.

I have old documents. Is that important?

It is always a good idea to bring any documentation you have about your jewelry, such as lab reports, receipts, and old appraisals. This helps the appraiser evaluate your jewelry properly. Diamonds in particular can be graded differently depending on who does the grading, so it is important to provide all the information possible to get an accurate appraisal.
If you have jewelry that you would like to insure, the first step is to find a professional appraiser. A qualified appraiser will consider your jewelry’s quality, craftsmanship, materials, and current market conditions to arrive at its retail replacement value. In addition, the appraisal will include a detailed description of your jewelry, which will help the insurance company verify your claim. An up-to-date jewelry appraisal will give you peace of mind knowing that your possessions are fully insured in case of loss or damage. Contact us today to schedule a consultation with our expert appraisers.