Jewelry is often considered a valuable investment, whether it is for personal adornment or as a family heirloom passed down through generations. The value of jewelry is not always apparent to the naked eye, and it can vary significantly based on factors such as the quality of the materials, the rarity of the gemstones, and historical significance. That is why jewelry appraisal is an essential process for any owner who wants to know the true value of their jewelry.
A jewelry appraisal is not just a good practice but also a requirement for insurance purposes. This article delves into the reasons why jewelry appraisal for insurance is necessary and what factors are considered during the appraisal process.
Jewelry Appraisal is Essential for The Insurance Process
Insurance is one of the main reasons why jewelry appraisal in NYC is required. When it comes to insuring your valuable jewelry, it’s essential to have an accurate and up-to-date appraisal to ensure that you are adequately covered.
An appraisal provides the insurer with a detailed report of the jewelry’s value, which can be used to determine the insurance coverage amount and the premium. Without a proper appraisal, it’s challenging for the insurer to assess the value of the jewelry accurately, which can lead to underinsurance, which can be detrimental to the owner.
A jewelry appraisal is a critical step in protecting your valuable jewelry investment. You can connect with Prestige Valuations, they provide jewelry appraisal services for insurance purposes.
Can Verify your Ownership
In the event of a loss or claim, an insurance company will not immediately pay the stated amount of coverage. Instead, they will cross-check all the information related to the claim, which may include requesting a police report in the case of theft or asking for information on how and why the jewelry was lost.
In situations where there are no witnesses, friends and family members may be contacted to corroborate the details of the loss.
Your certified jewelry appraisal will come in handy in proving an insurance claim, as the appraisal document will provide details about the worth of the jewelry, condition, metals, quality, stone design, etc., verified by the appraiser.
The certified document with timelines and dates mentioned will prove that you owned the jewelry. Thus, it is essential to contact an expert and knowledgeable appraiser to appraise your jewelry items before taking steps to insure them.
Looking for Jewelry appraisal services for insurance in NYC? Get an online appraisal on the website of Prestige Valuations.
For Proper Coverage
When it comes to insuring jewelry, a standard homeowner’s policy does not provide coverage under the personal property section. Instead, you must schedule the items or obtain a valuable articles policy to ensure proper coverage. In either case, a detailed appraisal of the jewelry is required.
Getting jewelry appraisal for insurance comes with several benefits, including broader coverage for additional risks such as accidental loss, which is not covered by a standard homeowner’s policy.
The replacement cost coverage means that the insurance company will pay for the cost of replacing your damaged things without factoring in depreciation. And there is no deductible to pay if you need to file a claim for a scheduled piece.
Payment Proof is Not Sufficient
A sales receipt as payment proof alone is not sufficient to determine the value of your jewelry for insurance purposes. Regardless of the amount you paid, insurance companies require an appraisal to establish the true value of your jewelry.
The insurance company will use the appraised value rather than the purchase price. It’s important to understand that a purchase receipt is not considered a legitimate measure of value by insurance companies, and an appraisal is necessary to ensure that you have proper coverage for your jewelry.
Prestige Valuations USA is a leading independent appraisal service provider based in the United States. Our team of experts offers a range of appraisal services for high net worth clients, including jewelry appraisal and watch appraisal.
