Appraisals and Jewelry Insurance
What is a jewelry appraisal?
An appraisal is a document that describes a piece of jewelry in detail and states a retail replacement value for that specific piece. It is prepared by a certified professional. Our appraisals are prepared for insurance purposes by a GIA Graduate Gemologist for $95 per piece.
Do I need an appraisal?
If you plan to insure your jewelry most insurance companies require an appraisal to do so. The retail value of your jewelry can play a factor in deciding if you should order an appraisal on it. If you are still unsure about insuring your jewelry here are a couple of questions to ask yourself:
Would you be devastated if something happened to your jewelry? If yes, you should consider ordering an appraisal and insuring your jewelry.
If your jewelry was stolen or lost would you be in a position to replace it for its full retail value? If not, you should consider ordering an appraisal and insuring your jewelry.
What are the benefits of jewelry insurance?
Benefits of getting jewelry insurance for your piece means:
You can enjoy wearing your jewelry with peace of mind.
Your purchase would be protected against theft, loss and damage.
Your policy may cover the cost of some repairs (ie. replacement of a small accent stone).
What are my options for insuring my jewelry?
We encourage you to shop for your jewelry insurance just like you may do for any other kind of insurance and select that policy that works best for you. Here are some options:
An Individual policy is a stand alone policy that can offer more comprehensive coverage than your homeowners or renters policy.
Select a policy through a specialty jewelry insurance company, like Jewelers Mutual.
Some insurance companies offer a personal articles policy. In some cases it’s a stand alone policy, in other cases it’s an add-on or expansion to your homeowners or renters insurance (see next section about homeowners and renters insurance).
In the case of a stand alone policy, filing a claim on your jewelry would not affect the cost of your homeowners or renters insurance and vice versa.
Relying on your homeowners or renters insurance alone or adding on a rider for your jewelry.
A homeowners or renters insurance policy alone may not cover the full value of your jewelry. Additionally, you may only be covered under certain circumstances of loss.
A rider or add-on coverage for your jewelry to your homeowners or renters policy will expand on the value limit on your original policy and may include additional coverage.
How much is the insurance?
Rates for jewelry insurance can vary based on where you live. Generally, your annual premium for jewelry insurance will be between 1-2% of the value of the piece of jewelry. For example, a $10,000 ring will have an annual premium between $100-200.
What should I ask the insurance provider?
Here are some great questions to ask any potential insurance provider when shopping for jewelry insurance:
What types of loss are covered? For example, is it covered if you accidentally lose it vs. it being stolen?
What is the procedure to replace the ring? Are you required to work with a specific jeweler for replacement or would you receive a check?
Is the ring insured for the full replacement value or a fraction of it?
How will you need to prove the ring has been lost, stolen, or vanished in the event you need to file a claim?
Are there any circumstances of loss or damage that are not covered?
Great. I want an appraisal, what should I do?
In order to perform an appraisal we need the piece of jewelry physically in store. We strongly recommend that if you have any existing paperwork, like a sales receipt, diamond report or previous appraisal on your piece of jewelry to have it accompany your item when you drop it off to us. If you’re placing a new order with us, we can add an appraisal so that it will be ready along with your new piece of jewelry. Contact us for more details!