WHO…
Who should you consult for jewelry appraisal services? While real estate appraisers are required to be licensed, personal property (including jewelry) appraisers do not. That means anyone, regardless of education, experience and credentials, can represent themselves as a “jewelry appraiser.” Consequently, this puts you at risk. Look for a MINIMUM of a GIA Graduate Gemologist. Above all, your appraiser should also be associated and credentialed through an industry organization like the International Society of Appraisers or the American Society of Appraisers.
WHAT…
Any jewelry that exceeds your standard jewelry coverage on your homeowner’s policy should be appraised. The appraisal can be submitted and used to schedule your higher value items. If you carry blanket coverage, it is still wise to have your collection appraised. Your appraisal will serve as an accurate inventory in case of a loss.
WHERE…
While you can find appraisal services at a jewelry store, jewelers are often compromised by their own self-interest. Seek out an independent appraiser who operates with your best interest in mind. An independent appraiser has no bias or motivation and can offer the most accurate and concise appraisal report.
WHEN…
In order to stay up to date with the market, update your appraisals every 3-5 years. If you purchase a new home and therefore, a new insurance policy, you may need an appraisal that is less than 2 years old. Consult with your insurance agent or broker and appraiser for advice on updates.
WHY…
Your appraisal protects you. It helps define your insurance policy coverage and assures a comparable replacement in the event of a loss. Your appraisal assists in dividing the family owned jewels in a fair process. Your appraisal defines “fair market value” in the event of a divorce. Financial planners, trusts and estates all rely on a professional appraisal to support your financial goals.
Your appraisal is an essential document with information to help protect you, specific to your situation.
Your appraisal is your peace of mind.
