Owning a piece of jewelry, no matter the price range, is a meaningful keepsake for many people. Many celebrate a special occasion with a piece of jewelry or receive a special item as an inheritance.
Most people own at least one piece of jewelry. This may include necklaces, earrings, engagement and wedding rings, antique jewelry, custom jewelry, as well as estate jewelry. However, what most people don’t realize is the importance of protecting these valuables. As a result, getting an appraisal often gets shoved down the list of priorities. Whenever you purchase or receive a new piece of jewelry it is essential that you insure it in a timely fashion. This will cover your precious jewelry if something is to happen after getting it in your possession. It doesn’t matter if you have only one piece of jewelry or a whole collection; having an appraisal done for insurance purposes is a life saver when the unthinkable happens. Don’t believe us? Here are some reasons why you should have your jewelry appraised:
- While it matters, your voice alone is not good enough in the event of theft, damage, or loss. Documentation from a certified source is required, and an appraisal can attest to the design, quality and condition of your jewelry.
- The market is constantly fluctuating, so it is important to realize that value and cost are not the same. The value of gemstones, diamonds, and metal fluctuates daily. Even if your receipt states that you paid a certain amount, the market is never static so the value can change.
- Knowing the value is essential to the insurance process. The value of your jewelry can affect your premium, and due to the fluctuating market values, your insurance policies should change accordingly.
Insurance companies will typically cover your jewelry if it is stolen to a limit. Damage or loss may have to be added to your policy, so it is vital that you check to see what is covered with your insurance agent. However, not all of the insurance policies you have may cover the full appraised value of your jewelry, so it’s important to update your policies regularly to ensure adequate coverage. If you’ve ever wondered why it’s recommended to update your appraisal every 2 to 3 years, the answer is simple, for protection and peace of mind! Because of the fluctuating market values of silver, gold, diamonds, and jewelry, it is important to stay on top of the changing market so you are current with inflation prices. The value of that wedding ring may change few cents from day to day, but the value can change dramatically over the course of a few years. This is why it is vital that you have a current, updated appraisal so your insurance agent can ensure that you are protected accordingly from the unexpected.
Here at Geolat we specialize in providing our customers with comprehensive appraisal services. Remember, paying for an appraisal is a cheap investment for a big value, so if you are looking to have an item appraised, give us a call or send an email today.
Contact: email@example.com or (972) 239-9314