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Ive observed it time and time again. Buyers come to have estimates or appraisals done for their lost, stolen, or damaged jewelry. They ask if the appraisal can be carried out without having seeing the jewelry or if it can be accomplished based on their recollection of what it utilized to appear like. Unfortunately insurance coverage companies will not accept this form of evaluation or appraisal, and undoubtedly not after the reality. In the following write-up I will clarify what to do in order to appropriately appraise and insure your jewelry.

Creditable Appraisals

Insurance coverage organizations call for that your jewelry policy be based on official and creditable appraisals accomplished by a reliable jeweler. Jewelers that have studied or have been train by the Gemological Institute of America (GIA) will give the most acceptable appraisals. Getting trained by GIA guarantees a conservative grading analysis and a proper evaluation of the jewelrys worth. Most insurance coverage companies do not demand that you have your jewelry appraised by GIA graduates nevertheless its constantly much better to have one done by someone with these credentials.

Your appraisal must contain the information with regards to the valuable metal content which includes its weight, karat purity, and color. The diamonds and gemstones must be described in terms of shape, carat weight, color, clarity, and cut grade. If the diamonds are pre-licensed by a grading laboratory then you ought to give a copy of the certification to the appraiser and ask them to list this info on the appraisal. If achievable have the appraiser photograph the products and attach this photograph to the appraisal when submitting to the insurance coverage organization. Always keep a copy in a safe deposit box or in a fire proof safe.

Jewelry appraisals ought to be reassessed every 7-10 years to figure out if the worth of the items has appreciated. Jewelry is a commodity and like all commodities they are subject to fluctuations in value. In latest years the worth of specific diamonds have in fact doubled in cost since of shortages in the marketplace for high demand shapes and sizes. A loss following such a acquire in value without proper reassessments will result in gaps in your jewelry coverage when trying to replace the item.

Selecting the Proper Insurance coverage Coverage

The largest mistake buyers make is assuming that their home owners insurance coverage will cover them in the occasion of a loss. This could be further from the truth. The standard property insurance coverage only permits $1500 - $5000 for individual articles and with that is a deductible of $500 - $1500. Along with that is the truth that some home owners insurance policies do not allow for loss of the item, damage, or diamond loss from the setting.

The finest way to insure your jewelry is to get a individual articles policy written by your agent. This policy really should incorporate loss of the item, theft of item, harm, and loss of gemstones & diamonds. Ask your insurance coverage agent to quote the policy with no deductible and with the above coverage. The going rate for jewelry insurance is $1.50 - $1.85 per hundred and if youre quote larger then your probably paying also much. To calculate the annual premium take the appraised value of the jewelry and multiply is by the rate and then divide it by one hundred. Example (appraised worth $10,000 X $1.50 = $15,000 Divide by 100 = $150 per year).

Some nearby insurance coverage agents arent familiar with jewelry insurance coverage policies and you could feel like youre not finding the appropriate help. There are a couple of jewelry insurance coverage companies that supply superior service and if your agent fails to give you suitable help I recommend you give them a get in touch with. The two I like most are CHUBB Insurance and Jewelers Mutual. These businesses specialize in individual articles policies and normally have the lowest rates with the best coverage. You can check out and you'll get a lot more information on these organizations.

Insurance coverage is one of these things that you have to believe about till you really require it. I will say although that a jewelry insurance coverage policy makes a lot of sense. Let say you have a wedding set worth $5000 that you wear each day. How typically do walk around with $5000 cash in your pocket? Virtually in no way appropriate? Nicely is some circumstances you walk around with the jewelry equivalent all the time. If you have beneficial jewelry that you put on everyday then you are certainly growing your chances of possessing an unfortunate loss. Jewelry valued at $5000 can cost as small as $75 per year to insure. Its worth each and every penny to give you the peace of mind to put on it with pride and without worry.

Andy Moquin

President Andrews Jewelers Inc. jewelry appraisal sacramento