JEWELRY INSURANCE APPRAISAL
What is an Insurance Appraisal?
The intent of a detailed insurance rider is to help you replace the jewelry with an almost identical piece. It takes into account that a similar piece to the one that you bought may no longer be easily available and it reflects a retail replacement value, for “like kind and quality.”
What is the difference between an Insurance Appraisal and an Estate Appraisal?
An Insurance Appraisal is for “replacement value” and represents the value that an item would cost if bought “new” from a retailer while an Estate Appraisal is valued at today’s fair-market value.
Isn’t a purchase receipt for the jewelry enough for the insurance company?
A purchase receipt is just a “proof of purchase” or a “statement of purchase price.” With fluctuations in the price of gold and gemstones over time, especially with current inflation, the purchase receipt will not be accurate after a few years. Insurance companies typically recommend that you update your appraisal every three years.
What details do insurers need for a Jewelry Appraisal?
Remember, if the insurer doesn't know exactly what your jewelry looked like before, how can they replace it with like, kind and quality? That’s why we provide detailed photographs with your appraisal.
Should an Appraisal be Overinflated?
Some appraisal documents over-inflate the value of the jewelry meaning that you may spend more than necessary to insure your piece.
I believe in giving a fair market-related insurance appraisal and use a best-in-class software (Gemguide) provided by Gemworld International. Gemworld International’s pricing guide is recognized as the industry leader for gem pricing, market conditions and is updated in real-time when the market changes. It is used for valuation and information in more than 40 countries by jewelers, appraisers and as a reference in legal cases involving valuation.
What is an Insurance Appraisal?
The intent of a detailed insurance rider is to help you replace the jewelry with an almost identical piece. It takes into account that a similar piece to the one that you bought may no longer be easily available and it reflects a retail replacement value, for “like kind and quality.”
What is the difference between an Insurance Appraisal and an Estate Appraisal?
An Insurance Appraisal is for “replacement value” and represents the value that an item would cost if bought “new” from a retailer while an Estate Appraisal is valued at today’s fair-market value.
Isn’t a purchase receipt for the jewelry enough for the insurance company?
A purchase receipt is just a “proof of purchase” or a “statement of purchase price.” With fluctuations in the price of gold and gemstones over time, especially with current inflation, the purchase receipt will not be accurate after a few years. Insurance companies typically recommend that you update your appraisal every three years.
What details do insurers need for a Jewelry Appraisal?
- Detailed description of the jewelry including measurements.
- What metal the jewelry is made from (silver, platinum, gold purity, etc.)
- Stone information: number, size, type (diamond, sapphire, ruby, emerald, etc.), quality (4 C's - cut, color, clarity and carat weight) and inclusions, clarity characteristics, etc.
- Overall condition of jewelry.
- Jewelry Valuation.
Remember, if the insurer doesn't know exactly what your jewelry looked like before, how can they replace it with like, kind and quality? That’s why we provide detailed photographs with your appraisal.
Should an Appraisal be Overinflated?
Some appraisal documents over-inflate the value of the jewelry meaning that you may spend more than necessary to insure your piece.
I believe in giving a fair market-related insurance appraisal and use a best-in-class software (Gemguide) provided by Gemworld International. Gemworld International’s pricing guide is recognized as the industry leader for gem pricing, market conditions and is updated in real-time when the market changes. It is used for valuation and information in more than 40 countries by jewelers, appraisers and as a reference in legal cases involving valuation.
Danielle Broussard Jewelry Appraisals 1898 Delvale Ave, Baltimore, MD 21222 M: (646) 732-5695 (preferred) P: (410) 929-6689
Areas served include Baltimore County, Baltimore City, Anne Arundel County, Washington DC, Prince George's County, Montgomery County, Howard County, Harford County, Carroll County and other counties in Maryland.