Insurance Replacement Appraisal

The most important reason for having an appraisal done is for jewelry insurance replacement value in case of loss. An appraisal provides you with protection for proper reimbursement.

If you lose your jewelry, you have a document describing your item in exact and extensive detail- stone measurements, clarity, and color – quality and value of the item. With this information, you can get the original item replaced with a similar one.

Diamonds and gemstones of the same size can range drastically in value according to their specific qualities and characteristics. Therefore, you are protected and assured that the replacement is on par with the lost item.

Most jewelry insurance companies request an appraisal for items above a certain value, for their homeowner’s policy. The appraisal validates their existence and condition, and determines proper coverage and premiums for the policy.

Depending on how the policy is written, these appraisals are then consulted at the time of loss, theft or damage, to assist in replacement. The jewelry replacement value reflects the price that the client would most likely pay for one of the same or similar description on the date of the appraisal.