Estimated Retail Replacement Value for Insurance Purposes
The object of an insurance evaluation is to establish an accurate insurance position and to provide sufficient support in the event a proof of loss or damage becomes necessary. The valuation will give the approximate cost of replacing or recreating the gem or jewelry article as closely as possible. In order to accomplish this the evaluator/gemologist will use due diligence in reflecting the highest and best use in their analysis of today's market prices as well as current costs for labor, materials, creative design, certification, the precious stone and metal markets, comparable sales data, and offers from reputable firms.
Your homeowners or renters insurance rarely will cover the full value of your fine jewelry in the event of theft or loss. Depending on your deductible, you may not get anything at all. You should have a professional appraise each piece and then have it covered by your insurance under a separate policy or an attachment to your homeowners or renters policy. Our professionals will help you determine which of your jewelry items warrant a written evaluation.
Make sure your appraisals are up to date.
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