We all love our jewelry collection, each piece reminds us of beautiful memories, love and emotions associated with them. Apart from the emotional connection that you have with your coveted pieces, jewelry is also a significant investment for you. If you are wondering how to safeguard your diamond and gemstone jewelry, then insurance is the best solution. But before you buy insurance coverage, you need to get a jewelry appraisal for insurance. A certified document provides an accurate value of your treasures ensuring that you are not underinsured.
Jewelry appraisal online is the best way to protect your precious jewelry pieces. If you have the latest updated appraisal document, you will stay safe against potential financial losses.
How is a Professional Jewelry Appraisal Useful?
Well Covered: You must be aware of the fact that with market conditions, the value of your jewelry also fluctuates. A jewelry appraisal NYC is required so that your insurance coverage is as per the market value and you are not underinsured.
Quick Processing of Claims: If you have an updated appraisal document, the claim process can take minimal time, in case of an untoward incident. Your insurance company can speedily verify the accurate market value and other details of the jewelry piece. This will make sure that your claim is not delayed.
No Stress of Financial Loss: When your coveted jewelry pieces are properly appraised and insured, you will not have any stress. You can flaunt your jewelry items without any tension of financial losses.
Prestige Valuations is a leading appraisal company that provides online jewelry appraisal for insurance in NYC. They also offer luxury watch appraisals and high-end handbag appraisals.
Why is it important to update your Jewelry Appraisal?
Below we are mentioning the reasons why it is crucial to keep your jewelry appraisal updated every two to three years:
Underinsured as per the current value
With time, the value of jewelry changes and mostly it rises as the prices of precious metals, diamonds and gemstones rise. If you have not updated your appraisal for quite a long time, then there are chances of being underinsured as per the current market value. In case of an untoward incident of theft, fire, damage or loss, you will receive the lesser claim amount as per your outdated appraisal.
Have to pay higher premiums
Another disadvantage of an outdated appraisal is that if in some time the value of your jewelry decreases, you may end up paying more premiums for insurance coverage. You would be paying a higher amount that exceeds the current true market value.
Why Jewelry Appraisal is required for Insurance?
To determine the true value of your items
Your insurance company will require a certified jewelry appraisal document to establish the true market value of your precious pieces. This is an important step to make sure that you are not under or over insured.
For a descriptive document
A professional jewelry appraisal online will include all details about the jewelry piece, including photographs. If anything happens to your jewelry, the descriptive document will be very useful in determining the condition and the value of the item.
Insurance Company’s Requirement
Most of the time, you can buy an insurance policy only when you provide a certified appraisal document, especially when you own precious diamond and gemstone jewelry.
How to choose the perfect appraisal company
You need to find out a professional jewelry appraisal company in NYC. To do so you need to check their credentials, it must be a certified and accredited company. Make sure that you select a reputed company which has specialization in a specific type of jewelry, such as antique, vintage or contemporary. The appraiser must have the knowledge and skills to check the quality of diamonds and gemstones studded in the item. It is also essential that the appraiser is unbiased when valuing the actual worth of your jewelry.
