Going On Vacation: 3 Tips For Getting Insurance Appraisals For Jewelry Pieces
Anything can happen when you're on vacation, so you should always make sure that you're fully prepared. If you own expensive pieces of jewelry, get an insurance appraisal of each piece and purchase insurance for the trip. Insurance usually costs about $1 to $2 for every $100 of the full market value. An insurance appraisal will confirm what the full market value for replacing each jewelry piece is and is an important document needed when making claims. Here are 3 tips you should consider when getting your jewelry appraised.
Verify Validity of the Appraiser
Just because you already have an appraisal for a jewelry piece, it does not necessarily mean that the insurance company will honor the appraisal. Most insurance companies have specific requirements on who the appraiser can be. The appraiser needs to be an independent professional who can remain impartial. This means that the jewelers that sold you the jewelry piece cannot be your appraiser. When purchasing insurance for jewelry you'll be taking with you on your vacation, confirm that the insurance appraisal you have is considered valid by the insurance company first.
Determine Whether an Updated Appraisal Is Needed
Even if the insurance appraisal is from a valid appraiser, it still might not be accurate if the appraisal was done years ago. The value of your jewelry might have increased significantly based on rising global market values for gold and precious stones. If your jewelry is from a famous designer, the piece may also be more expensive to replace now if the jewelry has now become a collector's piece. Check to see when you got the insurance appraisal to determine if an updated appraisal is necessary.
Opt for More Detailed Appraisals
Depending on the type of insurance that you bought, your insurance might cover the full market value of the piece or might only cover the replacement cost of a precious stone if it is missing. With that said, if you purchase insurance coverage that will only cover the replacement value of a single missing stone, you'll want to get your appraisal updated with a more detailed version. The new appraisal should clearly appraise not only the value of the jewelry piece as a whole, but also the value of each individual precious stone.
Conclusion
So many things can happen to you when you're on vacation, so it's best not to take any chances. Get an insurance appraisal for any expensive jewelry you hope to bring with you so that you'll be properly and fully covered in the face of any type of loss.
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