Owning aesthetic jewelry pieces is great but safeguarding them is essential. Precious jewelry is not just beautiful but is also valuable. This makes it important to get a jewelry appraisal for insurance. And if you already got a jewelry appraisal, then you need to keep updating it every two to three years. This will save you from being underinsured and will also maintain the value of your jewelry.
There are various reasons why you need to keep updating your jewelry appraisal.
To Get Adequate Insurance Coverage
First of all, you should know that it is crucial to get insurance coverage for your coveted jewelry. This will give you peace of mind. This will safeguard your valuable jewelry which is an important asset. One cannot avoid unfortunate circumstances, you may get your jewelry damaged or it can get lost. Burglary too can’t be ruled out.
To buy an insurance coverage, you will require a jewelry appraisal for insurance. But remember, you need an updated appraisal as an outdated appraisal might result in inadequate insurance coverage. The updated appraisal will mean that your insurance policy will have the accurate market value mentioned. In case of an untoward incident, you will get the complete value for your jewelry which it is worth.
Prestige Valuations is a reliable appraisal company. They offer various services such as jewelry appraisal, luxury handbag appraisal and watch appraisal for insurance. You can connect with them for a professional appraisal.
For Accurate Assessment
Are you aware of the fact that the value of jewelry fluctuates with market trends? One day the value of your jewelry may rise high and the next day it may fall. The diamond and gold jewelry is considered an investment as it can maintain its worth and even increase in value over time.
Yes, the condition of your pieces also impacts their value so if you have kept them well maintained, then it can make a big difference. Scratches and dents decrease the value. Loose settings can be taken care of by getting your pieces checked and repaired when necessary. Routine cleaning is crucial to prevent them from looking old, discolored and tarnished.
To know the true current market value, an updated appraisal is essential.
To Safeguard Your Investment
Fine diamond and gold jewelry pieces are precious and are more of an investment than just accessories. This valuable investment needs to be safeguarded as in future one may want to sell it. Your coveted items can also be passed down to your inheritors as heirloom jewelry.
Appraisal every two to three years will help you know the current value of your jewelry portfolio. With updated appraisals, you will know about the differences in value. And you can take relevant steps to keep your investment safe.
Evidence of Ownership
When you get your appraisal updated, you also get all the details mentioned about your jewelry in the document, including the ownership. The valuation document is a proper proof of ownership. In case of theft or loss of your jewelry, a document to prove your ownership will be required by the insurance company.
The appraisal certificate will include a description of the jewelry, along with photographs. This will be the evidence that you are the owner whenever you will need it for insurance claims. This will be useful even if you have received the jewelry as an inheritance or gift to prove that now you are the owner. To save yourself from any dispute regarding the ownership claims, it is recommended that you keep updating your records frequently.
Tips To Know Before Getting Jewelry Appraisal for Insurance
- Find out an experienced and trustworthy appraiser. You can go for online jewelry appraisal as well.
- Ensure you have all the relevant certificates and documents related to your jewelry.
- Clean your precious pieces and get them repaired if necessary.
- If you have any queries ask your appraiser.
- Ensure you get a written appraisal document with all the details mentioned.
- Keep your appraisal document safe and organized.
- Do not forget to update your appraisal regularly.
Whether you have a jewelry or luxury watch collection, you must get your coveted pieces appraised. Jewelry or watch appraisal for insurance are useful as they are required for insurance claims in case of any untoward incident. To make sure that you are not underinsured, you must keep updating your appraisal every two to three years.
