Jewelry Appraisal

Jewelry Appraisal – what’s it worth today and why is that important?  What a great question.

Many owners of fine jewelry get a formal appraisal at the time of purchase and they don’t feel the need to get one again.  One of the purposes of an appraisal is for documentation regarding the replacement value of the item in your possession. Most jewelry owners will then list that item on their homeowner’s or renter’s insurance policy to pay for the replacement if something were to happen to the item.  If you feel that you would like your item replaced if something were to happen to it and its value exceeds your deductible, it would be wise to get an appraisal.

augusta-appraisalAs you can see in the sample appraisal image, the document lays out the details regarding the item and the replacement value. That’s all well and good, but in time the prices of items change, they can go up or down.  Insurance companies suggest that an appraisal be updated every 3 to 5 years.

With a non-current appraisal the owner of the jewelry loses either way; in the case of a lost or damaged item, the insurance company looks at the replacement value listed and that is the maximum amount that is allowed for the replacement.

If your item has increased in price well beyond the value listed in the appraisal, then the insurance company will obtain or allow for the most similar item they can without exceeding the replacement value. That means that the jewelry owner may not be able to have the same size, color or quality that he or she had before without having to pay the difference.

If your item has decreased in price, you will certainly get a similar item back, but the insurance company will not need to spend the allotted amount stated in the appraisal.  They’ll simply replace the item with no complaints, but it means that you have been overpaying on your premium for that item.

Jewelry Appraisals in Augusta, GA for Local Customers

At Windsor Fine Jewelers our certified appraiser will spend time examining and detailing your jewelry for the written document and issuing this to you and your insurance company upon request. As time moves on and pricing changes know that your Windsor appraisal can be updated at your request at no charge any time in the future. There are other types of appraisals so please ask about the service and fees so that you can have peace of mind that you are properly covered.

You may email them directly at [email protected] or by calling Windsor at 706-738-7777