Zintro david-stern2960 Piece of Mind Is Essential to Enjoying Your Jewelry
An accurate appraisal is an essential ingredient to owning jewelry.
As a jewelry lover and a man who has devoted his life to this industry, one of my policies is to help my clients enjoy their jewelry. An accurate appraisal for insurance purposes is necessary, not only to protect your investment but also to have peace of mind. Insurance costs are normal between 1 and 2 percent of the appraised value. It becomes quite expensive, unnecessarily if the appraisal is overvalued.
I regularly see two mistakes. One, the client asks for an inflated value, and two then complains about the cost of the insurance. Today, the insurance companies have the buying power and the knowledge to replace any piece of jewelry at its exact value. Therefore, to overvalue the item of jewelry will give you a bigger insurance cost without any advantage. The insurance company bases the replacement value at the wholesale level, not the retail level.Therefore, please keep this in mind if unfortunately you have a loss.
Some insurance companies will pay the amount that is on the appraisal. And, some will only offer the wholesale value and then direct you to a jeweler that can replace your item. They generally give you the choice of the replacement or accepting the wholesale value in cash.
Finally, some insurance companies will pay replacement costs even if the item costs more than value put on the appraisal. Please remember to ask your broker so that you are well-informed on this subject, and a certified gemologist only does the appraisal you received.
Always ask for a written appraisal from the jeweler where the purchase is being made. Every jeweler will have their policies, but when making a purchase, a free evaluation should be part of that purchase. This gives you a baseline if you get a second opinion