Appraisals are important for the insurance process, no insurance company will write a policy on your jewelry without an appraisal. An appraisal is an expert estimate of something. The document will have a photograph of the item, stone size/s, number of stones with metal type that has an appraised replacement value. A sales receipt will not do as a legitimate measure of value when it comes to filing a claim or being paid by your insurance company. The person providing the appraisal document will need to be reputable. If you have a homeowners policy check with your agent as to the particulars of jewelry limits if a claim is filed and what are the specifics shall you ever need to file a claim. What will to insurance company pay for and what will cause them to not pay on insured items.
Check with your agent to see how often your insurer requires an updated appraisal. Updated appraisals are required as things change, for instance when metal prices increase or decrease, you have the appropriate insurance amount to cover your jewelry.
If you file a claim your insurance company will verify all details about your jewelry and if stolen, you will need to provide a copy of the police report. No insurance company will ever write a check without proof of what happened. In the instance of loss, the insurance company will want to know how and if there were any witnesses. If so, they will want to speak with the witness or witnesses. They may even ask your family or friends about your jewelry and what they know of your items.
Remember to update your address on all documentation when and if moving as this is often something easily forgotten.
I hope this helps with any questions or concerns you may have about insuring your jewelry. If you need any jewelry appraised I would love to assist you with your cherished items please do not hesitate to contact me.
