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Ive observed it time and time once more. Clients come to have estimates or appraisals completed for their lost, stolen, or damaged jewelry. They ask if the appraisal can be carried out with out seeing the jewelry or if it can be completed based on their recollection of what it employed to appear like. Unfortunately insurance firms will not accept this type of evaluation or appraisal, and certainly not after the truth. In the following write-up I will explain what to do in order to correctly appraise and insure your jewelry.

Creditable Appraisals

Insurance coverage companies require that your jewelry policy be based on official and creditable appraisals accomplished by a respected jeweler. Jewelers that have studied or have been train by the Gemological Institute of America (GIA) will supply the most acceptable appraisals. Being educated by GIA ensures a conservative grading analysis and a right evaluation of the jewelrys worth. Most insurance coverage companies do not call for that you have your jewelry appraised by GIA graduates however its constantly far better to have a single accomplished by a person with these credentials.

Your appraisal really should include the data regarding the precious metal content including its weight, karat purity, and color. The diamonds and gemstones should be described in terms of shape, carat weight, color, clarity, and reduce grade. If the diamonds are pre-certified by a grading laboratory then you really should give a copy of the certification to the appraiser and ask them to list this info on the appraisal. If possible have the appraiser photograph the items and attach this photograph to the appraisal when submitting to the insurance coverage company. Often preserve a copy in a secure deposit box or in a fire proof safe.

Jewelry appraisals ought to be reassessed each 7-ten 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 worth. In latest years the value of particular diamonds have actually doubled in price tag due to the fact of shortages in the marketplace for higher demand shapes and sizes. A loss right after such a acquire in value without having appropriate reassessments will result in gaps in your jewelry coverage when attempting to replace the item.

Deciding on the Proper Insurance Coverage

The biggest error shoppers make is assuming that their homeowners insurance will cover them in the event of a loss. This could be additional from the truth. The typical residence insurance only allows $1500 - $5000 for individual articles and with that is a deductible of $500 - $1500. Along with that is the reality that some homeowners insurance coverage policies do not permit for loss of the item, damage, or diamond loss from the setting.

The very best way to insure your jewelry is to get a individual articles policy written by your agent. This policy ought to contain loss of the item, theft of item, harm, and loss of gemstones & diamonds. Ask your insurance agent to quote the policy with no deductible and with the above coverage. The going rate for jewelry insurance coverage is $1.50 - $1.85 per hundred and if youre quote higher then your almost certainly paying as well much. To calculate the annual premium take the appraised worth 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 regional insurance coverage agents arent familiar with jewelry insurance policies and you may possibly really feel like youre not finding the suitable help. There are a couple of jewelry insurance coverage businesses that offer superior service and if your agent fails to give you proper 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 usually have the lowest prices with the greatest coverage. You can go to and you will get much more data on these companies.

Insurance coverage is one particular of those factors that you have to think about until you really require it. I will say though that a jewelry insurance policy makes a lot of sense. Let say you have a wedding set worth $5000 that you wear each day. How typically do stroll close to with $5000 money in your pocket? Virtually never right? Properly is some instances you walk about with the jewelry equivalent all the time. If you have beneficial jewelry that you put on everyday then you are surely growing your probabilities of having an unfortunate loss. Jewelry valued at $5000 can expense as tiny as $75 per year to insure. Its worth each penny to give you the peace of mind to put on it with pride and without having worry.

Andy Moquin

President Andrews Jewelers Inc. find out more