Most people do not realize just how important it is to have their jewelry appraised until it is too late. If you have more than $1500 worth of jewelry, or have no idea what the jewelry you own is worth, you should probably go ahead and have it appraised. The moment something happens and you have to know, it will be too late. There are numerous reasons to have your jewelry appraised. The process is quick, painless, and can save you a ton of money in the long run. Here are a few reasons you should have your jewelry appraised today.
- Acts of God
- Death in the Family
- Insurance Purposes
- Have your jewelry appraised by an appraisal service outside of the insurance company and compare those figures against their appraisers. Insurance companies have a habit of doing things that benefit them, not you. They may appraise high or low depending upon how much jewelry you have and what gives them the best options.
- Do not take offense when your appraiser asks why you are having your jewelry appraised. Believe it or not, the appraiser is always on your side unless they work for the insurance company. If you are insuring your jewelry because of an audit by the IRS, the appraiser will value it much lower than it is actually worth. If you are appraising your jewelry to sell, they will appraise it high for you.
- Have your jewelry appraised every three to five years and submit that information to the insurance company. They will try to pay you what the jewelry was worth when you insured it, not what it is worth, which could be a lot considering the value of most jewelry increases by almost 10% every few years.