How to Get Jewelry Appraised for Insurance Purposes
Insuring expensive jewelry may not remove the heartbreak of losing a beloved stone or heirloom, but the funding to replace it may reduce the sting. Insurance companies insure precious gems or metals such as gold, silver or diamonds to cover the expense of replacement if the gems or metals are stolen or lost. For an adequate assessment of the jewelry's value, a qualified jeweler must appraise the items to ensure the policy has covered their true worth.
Other People Are Reading
Instructions
-
-
1
Consult with your insurance provider on what information and forms you may need to have filled out for the jewelry appraisal. The insurance company may require information on the appraiser such as certification, and need him to fill out an insurance form on his accreditation as well as appraising the jewelry.
-
2
Visit an accredited jeweler certified by the American Society of Appraisers or an equally verified appraisal group. Ask to view the jeweler's certification and ensure the document is up to date. Jewelers must stay active in the organization to appraise jewelry correctly.
-
-
3
Provide the appraiser with all the pertinent documentation for the jewelry. Documents may include receipts, certificates and any laboratory reports. These documents help guide the appraiser as he estimates the worth of your precious stones and metals. Have the appraiser fill out any forms provided by the insurance company.
-
4
Supply your insurance agent with the documentation from the appraisal. Go over the insurance policy with your agent. Policies differ, and some may replace the full value of your jewelry while others only replace a percentage of the jewelry's worth, or have a high deductible.
-
1
Tips & Warnings
Go over all options of the insurance policy with your agent to ensure you have adequate coverage for your valuables.
References
- Photo Credit Zedcor Wholly Owned/PhotoObjects.net/Getty Images
