Appraising and Insuring Your Jewelry_8651

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Appraising and Insuring Your Jewelry
I’ve seen it time and time again.  Customers come to have estimates or appraisals done for their lost, stolen,You are not allowed to view links. Register or Login, or damaged jewelry.  They ask if the appraisal can be done without seeing the jewelry or if it can be done based on their recollection of what it used to look like. Unfortunately insurance companies will not accept this form of evaluation or appraisal, and certainly not after the fact.  In the following article I will explain what to do in order to properly appraise and insure your jewelry.   
  Creditable Appraisals   
  Insurance companies require that your jewelry policy be based on official and creditable appraisals done by a reputable jeweler.  Jewelers that have studied or have been train by the Gemological Institute of America (GIA) will provide the most acceptable appraisals. Being trained by GIA ensures a conservative grading analysis and a correct evaluation of the jewelry’s worth. Most insurance companies do not require that you have your jewelry appraised by GIA graduates however; it’s always better to have one done by someone with these credentials.     
  Your appraisal should include the information regarding the precious metal content including it’s weight,You are not allowed to view links. Register or Login, karat purity, and color.  The diamonds and gemstones should be described in terms of shape, carat weight, color,You are not allowed to view links. Register or Login, clarity,You are not allowed to view links. Register or Login, and cut grade.  If the diamonds are pre-certified by a grading laboratory then you should give a copy of the certification to the appraiser and ask them to list this information on the appraisal.  If possible have the appraiser photograph the items and attach this photograph to the appraisal when submitting to the insurance company.  Always keep a copy in a safe deposit box or in a fire proof safe.     
  Jewelry appraisals should be reassessed every 7-10 years to determine if the value of the items has appreciated.  Jewelry is a commodity and like all commodities they are subject to fluctuations in value.  In recent years the value of certain diamonds have actually doubled in price because of shortages in the marketplace for high demand shapes and sizes.  A loss after such a gain in value without proper reassessments will result in gaps in your jewelry coverage when trying to replace the item.   
  Choosing the Proper Insurance Coverage   
  The biggest mistake consumers’ make is assuming that their homeowners insurance will cover them in the event of a loss.  This could be further from the truth.  The typical home insurance only allows $1500 - $5000 for personal articles and with that is a deductible of $500 - $1500.  Along with that is the fact that some homeowners’ insurance policies do not allow for loss of the item, damage, or diamond loss from the setting.