Jewelry Appraisal Questions

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SpeedThrills

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How do you select a jewelry appraiser for insurance purposes? A friend suggested asking our insurance agent, since he would be writing the policy.

Also, is a rider on our home owners sufficient? Or do we need a separate policy?

I've been googling, can't find answers to these specific questions.
 
How do you select a jewelry appraiser for insurance purposes? A friend suggested asking our insurance agent, since he would be writing the policy.

Also, is a rider on our home owners sufficient? Or do we need a separate policy?

I've been googling, can't find answers to these specific questions.
Independent jewelry appraisers are your best bet, not ones looking to buy your good or ones who underwrite an insurance policy. You want to find one that does only appraisals. Jewelry stores often have references for some.

A rider on a policy can usually suffice as long as you have the written appraisal for reference. Sometimes you need a separate “valuable goods” policy. Your Insurance agent can give you the options, but it is best to have the independent appraisal in hand before beginning those discussions to make them the most productive.

We have inherited antiques in our home that far exceed the value of the rest of the contents of the house. We had them independently appraised for value and put them individually and specifically in a rider on our homeowners policy. This way, each piece is individually covered for loss or damage.

Hope this helps.
 
I am a professional jewelery appraiser. Nearly 50 years experience. What kind of jewelery did you need appraised? Is this new jewelery you need appraised, or not? There is a very important legal phrase which does not always appear in every policy called mysterious disappearance. Don't buy a policy without it. Also its important not to have an inflated appraisal because it will cost you more in premiums but not give you any better protection. The best appraisals give you all the information about color, cut clarity and carat weight as well as metal quality and weight and include a color picture. Your insurance company will try to pay out as little as possible in the event of a loss, and your best protection is an extremely detailed description. Here is a link for the insurance company that protects my store, and the jewelery of a lot of my better customers https://www.jewelersmutual.com/
 
Independent jewelry appraisers are your best bet, not ones looking to buy your good or ones who underwrite an insurance policy. You want to find one that does only appraisals. Jewelry stores often have references for some.

A rider on a policy can usually suffice as long as you have the written appraisal for reference. Sometimes you need a separate “valuable goods” policy. Your Insurance agent can give you the options, but it is best to have the independent appraisal in hand before beginning those discussions to make them the most productive.

We have inherited antiques in our home that far exceed the value of the rest of the contents of the house. We had them independently appraised for value and put them individually and specifically in a rider on our homeowners policy. This way, each piece is individually covered for loss or damage.

Hope this helps.
All makes good sense. Especially the independent appraiser part.

I am a professional jewelery appraiser. Nearly 50 years experience. What kind of jewelery did you need appraised? Is this new jewelery you need appraised, or not? There is a very important legal phrase which does not always appear in every policy called mysterious disappearance. Don't buy a policy without it. Also its important not to have an inflated appraisal because it will cost you more in premiums but not give you any better protection. The best appraisals give you all the information about color, cut clarity and carat weight as well as metal quality and weight and include a color picture. Your insurance company will try to pay out as little as possible in the event of a loss, and your best protection is an extremely detailed description. Here is a link for the insurance company that protects my store, and the jewelery of a lot of my better customers https://www.jewelersmutual.com/
It's a diamond ring, in a platinum setting. It is not new. I think it's rather old. I'm looking into that. It was a gift, and I'm going to ask the "gifter" (?) what she knows about it.
It came with two appraisals; one from 1983, and one from 2004. It has substantial value (five figures). There is also a jewelers name on an old folder. It appears there was an older appraisal that was removed. I say "older" because there is an old photo of the ring.

I've read about the "mysterious disappearance" phrase. I'm guessing it's about whether it was stolen or honestly lost?

The appraisals have all of the info you mention.

I'm well aware of how insurance companies operate. :rolleyes:

I'll read over Jewelers Mutual, and see what I can learn about selecting an appraiser.

Thank you for your input! I posted on FABO about this because there are all sorts of good people on here, and maybe this will help someone else.
 
An example of mysterious disappearance is: she takes off her ring to wash her hands and it goes down the drain. A crime wasn't committed but the ring is gone. The ins company doesn't have to pay if you don't have that clause. BTW if you would like to pm me with the information I'll be glad to take a look and maybe offer some insight.
 
An example of mysterious disappearance is: she takes off her ring to wash her hands and it goes down the drain. A crime wasn't committed but the ring is gone. The ins company doesn't have to pay if you don't have that clause. BTW if you would like to pm me with the information I'll be glad to take a look and maybe offer some insight.
It's probably still at the bottom of the drain trap.
 
A reputable jewelry store can appraise your jewelry for insurance. Pick a family owned store that makes and does repairs and not a big box store like Zales or the like.
 
If its a significant diamond you should know 40% of the value is in the quality of the cut. Standards have been changed with advancements in cutting precision, and many older appraisals don't cover the details such as table size, crown angle, symmetry and polish or the all important pavillion angle. Any missing information your insurance company can use to give you a less valuable replacement. You will want a certificated diamond grader to do you new appraisal.
 
If its a significant diamond you should know 40% of the value is in the quality of the cut. Standards have been changed with advancements in cutting precision, and many older appraisals don't cover the details such as table size, crown angle, symmetry and polish or the all important pavillion angle. Any missing information your insurance company can use to give you a less valuable replacement. You will want a certificated diamond grader to do you new appraisal.
I appreciate all of your help and info. I'll have to chew on this for awhile...
 
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