We’ve had several calls and emails this past week asking about our appraisal services. This is the time of year for policy renewals, and it’s a good time for all of us to review our insurance schedules.
Last year, we blogged about appraisals – you can find that article here. Here’s some additional information to help you think through your insurance and appraisal needs:
- Our appraiser is a Graduate Gemologist, Gemological Institute of America and an ISA AM, International Society of Appraisers Accredited Member. These credentials are required by many insurance companies for high value pieces, and the ISA AM status requires over 700 hours of appraisal work experience. Because we have an independent appraiser, we’re able to provide a truly independent valuation of your jewelry with no inside or outside influences.
- All appraisals are completed in our gem lab in a secured vault area in our downtown store. Because our customers’ jewelry never leaves our secured premises, we can offer the highest level of safety for your jewels as well as peace of mind while they’re in our possession.
- Different people have different insurance needs. Some want each and every piece fully valued on their insurance schedule while others choose to only pay premiums on a few of their frequently worn and higher value pieces. We can help counsel you on approximate values before we take in your appraisal, and suggest thinking about value versus your policy’s deductible.
- January is also a good time to really understand what type of insurance policy you have. We talk to customers every year after a loss that did not know the details of their policy until it was too late. Talk to your agent and find out all the requirements and fees for scheduling your jewelry and timepieces. Do you have a “cash out” policy or a “replace with like kind and quality” policy? How often does your insurance company require appraisal updates? Do they have an automatic percentage value increase? Will they pay any amount over the scheduled value and if so, what percentage? Is there any periodic inspection of your pieces required to maintain coverage? What is your policy’s pay out limit for unscheduled losses?
- Our appraisals include digital photos and all testing and measurements required for each piece’s valuation in a printed and bound document. We charge $150.00 for the first piece, and $100.00 for every piece thereafter. There is no percent of value charge or hours of work charge. What a bargain!
It is so important to protect yourself and your jewelry. If you have any questions about obtaining an appraisal, please give us a call.
