- A sales receipt won’t do
Insurance companies won’t accept a receipt of purchase as a legitimate measure of value. It doesn’t matter how much you paid for your jewelry. When writing a policy or paying a claim, the insurance company relies on the actual appraised value, not the cost.
- The insurance company might require updated appraisals
Even if your insurance company doesn’t require regular appraisal updates, you might want to get them anyway.
- It’s the best way to make certain you are insuring your jewelry to its proper value.
- If the market prices of precious metals, diamonds, and fine jewels rise or fall, it could change the value of your jewelry.
- Vintage, antique, and collectible jewelry styles go in and out of favor, causing the values to go up or down.
- Values rarely remain constant, and your policies should change accordingly.
Ask your agent or underwriter about insurance policy appraisal guidelines.
If you’re looking for a Denver jewelry appraisal for your engagement ring for insurance, contact Colorado Gem Labs. I specialize in diamond jewelry, ring appraisal, estate appraisal, and am an independent jewelry appraiser. I am a graduate gemologist trained at GIA and can appraise your rings, earrings, bracelets, necklaces, and watches for replacement value.
