‘Tis the Season for a Jewelry Appraisal


We insure all the valuable items in our life. But unlike a car, jewelry appreciates as time goes by. That insurance rider you received with your pearls 20 years ago can be wildly off-base. Just ask anyone who’s lost a precious heirloom and received only a fraction of its worth from an insurance repayment.

This post, we’re examining why — and when — you should get a new appraisal of your jewelry box contents and other valuables. Next time, we’ll look at what an appraisal is, and what you should expect from one.

When you should get an appraisal
With jewelry value fluctuating so much nowadays, it’s always a good idea to know what you have; here are some specific occasions to consider a re-appraisal:

– You want to make sure your insurance rider will cover replacement value
– You just inherited estate jewelry
– You need to determine fair market value for a life change (like a divorce or estate valuation)
– To determine the value of a charitable deduction
– You want to sell your jewelry for a fair price

Appraisals and insurance

website pix 028The Insurance Institute of America recommends that you update your jewelry appraisal every 2 years. (You should check your specific insurance policy to find out how often they require one.) While claims may be handled different depending on your insurance agency and your policy, some companies commit to replace your lost item. So, armed with a professional appraisal describing your item in exact and extensive detail, you might have a better chance of getting better replacement value if you do need to submit a claim.

So, before the holiday hustle and bustle start, consider scheduling an appraisal. What better way to begin the New Year than to know that your beloved jewels are protected?

As always, if I can help you with anything, let me know!

Brilliantly yours, Aimee

Next time: What to expect from your appraisal



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