Theft. Misplaced. Lost while swimming.
There are plenty of reasons that piece of jewelry could go missing. Given the potential price tag, that should give you extra incentive to take necessary steps to insure your valuables.
And knowing the current value of your jewelry is as an important part of this process.
When to have an appraisal
Appraising your jewelry is recommended every few years for pieces you own, as the value of gems and precious metals is always changing.
You should also consider having any valuable gems you purchase or inherit appraised as soon as you can to make sure you have an accurate replacement value in the event it is lost or stolen.
Finding the right appraiser
A jewelry appraisal can be conducted by a professional who carries a number of different titles. Jewelry appraisers do not have set laws and regulations to become an appraiser.
Make sure you screen candidates to see if they are certified or titled with a national appraisal organization. Talk to an independent insurance agent for a recommendation. In addition, seek those who are graduate gemologists of the Gemological Institute of America (GIA).
Graduates of GIA will be able to identify and grade gem materials professionally. Ask if potential appraisers have any continuing education certificates or credentials as well to see if they are well up to speed on the latest industry knowledge.
Additional knowledge about the manufacturing techniques and their impact on jewelry is a plus.
Understand what appraisal to ask for
There are different types of appraisals. Before you agree to an appraisal, make sure you talk to an independent insurance agent and your appraiser about the type you are looking for:
Fair market value: the jewelry’s current value based on its current condition reflected as a selling price
Replacement value: reflects the realistic dollar amount replacing your lost or stolen jewelry
Liquidation value: typically a lower value estimate based on conditions that are forcing the selling of a piece of jewelry (i.e. divorce settlement, estate liquidations)
Once you have your jewelry appraised, you’ll better understand the coverage you need. It will also make the claims process quicker and easier. Make sure to send the appraisal to your agent as a record of the most up-to-date information.
With Hanover Prestige coverage, you can expect white-glove-level service and special pricing to help cover your valuable jewelry. Valuable Items Plus coverage through Prestige includes up to $250,000 in coverage options (varies by state).
Talk to an independent insurance agent to help you understand how Hanover Prestige Home and Hanover Prestige Auto could be right for you.