Jewelery appraisal information

There are different types of jewelery appraisals. Values can differ for an insurance appraisal, a probate or an estate appraisal. A probate or estate appraisal is valued at about 25% of the value of an insurance appraisal.

As an insurance answer, what we are concerned with is insurance appraisals. One of the considerations when you are appraising jewelery is who made it? It it is known high-end jeweler such as Cartier or Tiffany then you need to know the current market price of that item. It could have gone up significantly from the time that it was purchased. This would be a replacement value appraisal.

There is another way to appraise jewelery and that is determining the retail value. Retail value is the estimated cost of replacing the item of jewelery with something of comparable quality. This is not an exact duplicate but close.

When you are getting your jewelery appraised be aware of the difference in the appraisal methods. Your jewelery can be packaged under your property policy and up to certain limits (usually $5,000 - $6,000) it will be covered for all of the claims available under your policy. Once you go over that amount then you need to schedule or list your jewelery. The payout is for the appraised value.

The insurance answer is that if your $10,000 necklace is stolen and you have a limit of $5,000 on your insurance for this type of loss then your payment will be less then 1/2 the value of the necklace. Remember, the deductible applies as well in this claim.

If you have scheduled this $10,000 necklace and provided an appraisal then you will have coverage for the full value. Often this type of scheduling means that the deductible is waived or is a minimal amount.

It is your choice as to what risk you choose to take.

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