Owning expensive jewelry is more than handing over the check and clasping the piece onto your extremities. When you purchase a piece of jewelry with considerable value, it is important to protect that investment with an appraisal and appropriate storage procedures.
Jewelry makes you look and feel gorgeous. However, it is also a worthwhile way to invest money that you can recoup in the future, provided you are willing to take the necessary steps to protect the jewelry and yourself in case of theft or loss. You don’t have to have to keep the jewelry locked up at all times, but you want to be protected if the unthinkable happens and the jewelry is lost during an evening out. Below are several reasons why the appraisal is necessary, and we also cover why updated appraisals are something to consider on a regular basis.
It is also important to have a insurance appraisal done prior to requiring a claim, as the value of the jewelry can be disputed at that time. With no prior appraisal, it will be hard to argue that the jewelry was valued at more than the insurance company will agree on. In fact, it is well-known that insurance companies will offer a value far less than the actual value in any case where you do not have legitimate proof, like an updated appraisal.
This is a very good reason to make sure you work with a reputable adjuster to have accurate data in regard to all valuable possessions in your care.
Your word or your original sales receipt do little to reassure an insurance adjuster that your jewelry was in the same condition and of the same value as it was the day you bought the piece. However, with an appraisal that was completed recently in your possession, you can prove the jewelry was valued at the amount you are currently claiming.
Keep in mind that an insurance company needs proof in the event of an alleged loss or theft. They need you to have witnesses to the fact you had the jewelry at a certain point and not beyond that. They need police corroboration of a theft, in the form of a police report on the burglary or specific circumstance. You will never get a check sent to you immediately following a call to your insurance company about a missing piece of jewelry. The investigation will be thorough, and having an updated appraisal on hand proves you had the jewelry up until a specified date. From there, it is up to you to have proof that you no longer have that piece of jewelry in your possession.
Scott M. Favre, Public Adjuster LLC can help you to better understand the assets you have and the value of the items you hope to have insured or for which you hope to receive money as a result of a claim. Working with Favre on a regular basis can develop a relationship and make sure you have a reliable adjuster on your side in the event you need backup against an unscrupulous insurance company or individual.