An insurance appraisal is a description and valuation of property. The value stated on the appraisal is the opinion of the appraiser based on her research and experience. Insurance appraisals are done for many reasons ranging from a need to determine fair market value for estate planning to more commonly, replacement value for insurance purposes.
That being said, does this mean you should have every piece of your jewelry appraised? Absolutely not…you have to weigh the benefits of insurance protection against the costs of both the appraisal and insurance premiums. Before I take on an appraisal, I spend time going over each piece and helping you decide if it makes sense to appraise and insure it. As a graduate gemologist, I give you the pros and cons then you decide if it makes sense.