Anything you would want to replace or couldn’t re-purchase. You have to keep in mind if you suffered a fire or robbery and all of your jewelry was damaged or gone your insurance company would most likely only cover the items you put on the insurance jewelry rider. Again be sure to check with your agent for their policies.
Even if an item is a one of a kind or can’t be replaced it is still a good idea to have it insured because it will at least protect your asset. Be aware that there are several types of appraisals. Be sure to discuss the purpose of the appraisal, because this will affect the stated value.
This article pertains to jewelry insurance appraisals only, but it is important to understand that the same philosophies apply to all types of jewelry appraisals. There are many types of appraisals, including estate, charitable contribution, equitable distribution and comparison for purchase, just to name a few. It is important the appraiser has the training, knowledge of markets and value definitions to handle these. While I have only addressed jewelry insurance appraisals, you may have antiques and collectibles, fine art, or machinery and equipment that you need appraised for insurance. The appraisal training levels pertain to these fields as well. The qualifications for a jewelry appraisal, is a skilled professional with expertise in the subject and pricing.
Have your agent be specific on what your coverage covers and how often you need to have your appraisals updated. Some insurance companies add a percentage each year to pad for inflation. That can be good but sometimes it can just add to your premium, so to be safe check with your jeweler to verify the need for increasing the values.
*Courtesy of Images Jewelry
A good rule of thumb in choosing a diamond jewelry appraiser is if you don’t know where to go to get jewelry appraised…read your local jewelry appraiser reviews. If you only choose one item, a diamond ring appraisal would probably be your best choice. Also, if your purpose is to sell diamond jewelry, a current jewelry appraisal will help you decide a better selling price.