Upload My Appraisal

Need Help?

call Call 888-884-2424    or    Click here for more options

What is the difference between an appraisal and inspection?

An appraisal or evaluation provides a complete description of the jewelry along with the current retail replacement value. To acquire jewelry insurance, your jeweler must appraise the items you want insured. Unlike other insurance companies, we recommend periodic inspections of your insured jewelry. A jeweler will inspect your jewelry for damage and normal wear and tear such as loose stones, faulty clasps, and worn prongs. The jeweler will also update values, if necessary. Some jewelry values increase over brief periods of time. Jewelry inspections are important for maintaining current values and preventing potential losses. In addition, the inspection is a great opportunity to have your jewelry cleaned.

Importance of Jewelry Appraisals for Insurance

There are two main benefits of getting a jewelry appraisal for insurance purposes:

1. It helps determine how much coverage you need. Your insurance company will use your appraisal to set the coverage limit on your policy as well as determine your premium (the amount you pay annually to maintain your coverage). Without an accurate appraisal, your jewelry could be over-inflated, which could lead to a higher premium; or you could be underinsured and end up incurring additional out-of-pocket expenses to repair or replace your piece.
2. It helps determine the *retail replacement value or cost of replacing your piece in the event of a loss. If your jewelry ever gets lost, stolen or damaged, your insurance company will refer to the appraisal document to settle the claim. The detailed description of your piece will help a jeweler replace it with a new piece of the same kind and quality as the original.

*Keep in mind that the retail replacement value is not the same as the resale value. It’s a much higher estimate as it details how much it would cost for you to buy a replacement, not to sell the piece, which would have a lower market value.

In addition to insurance-related risks, there are a few other compelling reasons to get a jewelry appraisal:

1. It substantiates proof of ownership in case your jewelry is ever stolen and recovered by police.
2. An up-to-date appraisal keeps a record of the current value of your piece, in case you wish to sell it in the future.
3. It helps to identify any loose stones or prongs.