Do you have jewelry that was left to you or have you been adding to your collection? If so, it is important to know the value of this jewelry for many different reasons. Appraisals are one of the best ways of keeping track of the value. Why do you need an appraisal?
Insurance
Generally you will have to have a separate insurance policy from your homeowner’s for jewelry or other valuables to cover the value. Homeowner’s insurance may cover it up to a certain percentage, but this is usually far short of the value. Having your jewelry appraised will give you the best idea of the worth. This is particularly important if it was inherited. It may have been appraised many years ago, but value can change.
If your home is broken into and someone takes your jewelry, the insurance company will want a current appraisal to prove how much it was worth. It does not matter if you purchased the jewelry and have a receipt. Most insurance companies do not take a receipt as proof of the value. If they are going to pay you for the stolen jewelry, they will want the actual value determined by an appraisal.
Value Can Rise or Fall
It is a good idea to have valuable jewelry appraised at least every two years. The value can rise or fall, depending on several factors. An appraisal from more than two years ago might not reflect the true value of your jewelry if you have to file a claim. The appraisal must be written and from a reputable appraisal service. If you are wondering how do I get something appraised, Heritage Appraisers, Inc. is an example of an appraisal service.
Even if you purchase your jewelry from a reputable jewelry store or elsewhere, an appraisal is a good idea. There are many ways of simulating actual stones today, especially diamonds. If you get an appraisal, you will know for certain the value of your jewelry.
