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A piece of jewelry’s insurance and appraised value can differ, mainly because the two are an apples-to-oranges comparison. In addition, the primary use of an appraisal is not the value stated by the appraiser but the technical details of the jewelry since it documents the nature of the jewelry that may need to be replaced if a covered loss occurs. If you live in the Chester, NJ, area and are considering jewelry or other insurance, let our team at The Insurance Outfit review your options with you.
Jewelry Appraisals
The primary purpose of a jewelry appraisal is to document the quality and quantity of the metals and jewels comprising a piece of jewelry, as well as the designer, age, and other relevant information. The appraiser sets a price for the item based on the current value of such items at the appraiser’s location on the day of the appraisal. However, the price is subject to change due to fluctuations in the value of precious metals, stones, and styles.
Insurance Value
The insurance value can depend on the type of jewelry insurance and the details of the specific policy, and in some cases, it has a limited meaning. The insurance value has the most meaning when the insurance guarantees the policyholder a set value. However, most policies promise to replace the item with a comparable piece. Since insurance companies can buy replacement jewelry at a lower cost than consumers, the stated insurance value is less meaningful.
Working with The Insurance Outfit
The Insurance Outfit proudly serves the Chester, NJ, area and will help you obtain a jewelry insurance policy to protect your valuables. Call our team at (908) 955-7561 or stop by today to discuss all your insurance options.
908-955-7561
Fax 908-955-7567