What happens if your diamond wedding rings are lost or stolen? Or you simply want to insure your pieces? Here’s why you need a certified appraisal now.
Image by theappraiserlady via Flickr
While you probably stay far away from thinking about your precious jewels being destroyed, damaged or lost, it’s important to be prepared. Whether you’ve spent years building your collection or recently purchased your wedding rings, each item should be insured to value. For this to be done properly, you need a certified appraisal.
5 Points to Consider
1. Appraisals Are Necessary for Insurance
Chances are you love your sentimental items no matter what they’re worth. But it’s still important to appraise the value, especially if you’re having your pieces insured.
Find out if your homeowner’s policy will cover your wedding rings and other jewels or if you will need a separate policy. If you do, underwriters will require a professional and certified appraisal stating the value of the jewellery so that they can determine how much coverage you require.
2. The Insurance Company Won’t Take Your Word for It
Even if you’ve been with the same insurer for decades, they’re not going to take your word for the value of your jewellery. The underwriters want more than your word. Before they finalise the schedule on your valuable items policy or other insurance policies, they will insist on a written appraisal.
3. A Sales Receipt Isn’t Good Enough
An insurance company won’t accept a receipt of purchase for your wedding rings as a measure of value. No matter how much was spent on your pieces, they’re going to need a certified appraisal and not simply the cost.
4. You’ll Probably Need Updated Appraisals
Even if your insurer doesn’t request regular appraisal updates, you might like to get them:
- You will ensure your jewellery is insured for its proper value.
- If the market price of diamonds and precious metals falls or rises, it can change the value of your wedding rings.
- Values seldom remain constant and policies need to change accordingly.
5. If A Loss Occurs, You’ll Still Have to Prove the Value
When you file a claim, you’re not simply going to receive a cheque from the insurer for the amount of the state coverage. The insurer will verify the details before they settle your claim.
If your rings were stolen, for example, you’ll need to produce a police report. If you simply lost your pieces, the insurer needs to know how and why. If there aren’t any witnesses, the insurer may request to chat to family and friends and your items.
Having regular certified appraisals done will help to prove an insurance claim. The appraiser will verify the condition, design, valuation and quality of the jewellery. Also, if the same professional appraiser has inspected your jewellery over the years, that dated documentation will verify ownership.
You Should Always Get Your Diamond Jewellery Appraised
You should always make sure that the appraisal for your wedding rings and other pieces comes from an independent, licenses appraiser. A certified diamond appraisal is essential if you’re going to insure your jewellery – which you should do as soon as possible.
Insurance is important for protecting yourself from loss or theft of your pieces or from diamonds falling out. An appraisal confirms the value of your jewellery. A professional appraiser will ensure you always have up-to-date, accurate and honest evaluations.
A detailed report will also guaranteed against switching if you happen to leave your diamond jewellery somewhere for a repair. If you don’t document your diamond jewels, you won’t be able to prove that you are the owner of the items – be it for tax or insurance purposes.
The professional certified appraisal act as legal documents that show your items really do exist. The appraisals are also a necessity for tax liability as well as equitable division for jewellery that is inherited. It’s also handy should an estate go through a separation process.
It’s just essential to have a gemological blueprint of your diamond rings. Such a record will detail the size, type and location of the diamond’s inclusions so your diamond can always be identified if you need to.
Wherever you purchase your jewellery from, be sure to take it for a certified appraisal to avoid potential diamond disasters in the future.