Appraisals are done to estimate the value of your jewelry for not only insurance purposes, but also for estate value reasons. Regularly having your appraisals updated is important, not all insurance companies will cover the current value of your jewelry if based on an old appraisal and not all appraisals are equal. Some box stores will over inflate the value of your jewelry and some may under estimate it.
Most insurance companies require a separate policy for jewelry, this means that standard home owners insurance may not cover the cost of replacing your valuables if lost or stolen. It is important to contact your Insurance Carrier to determine how they process claims, if it is based on actual market value, or by the appraisal value. It costs approximately, on average, $10 per $1,000 for coverage of a piece.
To cover the full value of your fine jewelry, you should have a professional accredited appraiser appraise each piece and then have it covered by your insurance under a separate policy or an attachment to your homeowners or renters policy. Once you have a certified appraisal done, it should be updated due to the frequent change in the market price of the materials of your piece such as gold, diamonds, gems and platinum. We suggest having your pieces re-appraised every 2 – 5 years depending on changes in the market. If your original piece was appraised during a time that the market was low, either for diamonds, gemstones or metals, it is in your best interested to have it re-appraised when the market increases to ensure that you have proper coverage in the event of a loss.
At Saxon Jewelers, we do all forms of appraisals on site, and are accredited gemologists and appraisers with years of professional experience. Our appraisals are very detailed and include photographs of your piece for insurance and estate reasons. Appraisals are based on an hourly fee by appointment and discussed with your prior to the appraisal process. We clean and inspect each piece during the appraisal process.