Posted by learntobead on July 28, 2011
Homeowners insurance rarely covers the full value of jewelry, in the event of loss or theft.
To cover the full value of your fine jewelry or collectible art jewelry, you should have a professional appraiser evaluate each piece, and then have it covered by your insurance as a separate policy or attachment to your current policy.
Choosing A Qualified Appraiser
Check out the following:
1. Educational Background. Certified gemologist? Certified jewelry appraiser? Training by American Society of Appraisers?
2. Does the jewelry appraiser follow the Uniform Standard of Professional Appraisal Practice (USPAP)? Not a requirement, but a good indicator of quality.
3. Works full time as an appraiser.
4. Associated with a jewelry store or manufacturer
5. Ask for references. Especially from other professionals, such as banks, lawyers, or trust companies.
6. How does the appraiser charge? The fee for a professional appraisal should only be on an hourly rate or a piece rate based on time and complexity, and never a percentage of the value of the item appraised.
Be prepared to give the appraiser any documentation you have, such as receipts.
Be prepared to be charged a flat fee up front, typically $50.00 or more.
Verify with your insurance company how often they require appraisals, for the insurance to remain valid.
Valuing Costume Jewelry
Most costume jewelry has little inherent value because it is not made from precious metals or with precious stones.
So, the value of costume jewelry has to do with such things as: