Everything You Need to Know About Insuring Your Precious Jewelry

Now that you know a few reasons why it is worthwhile to have your jewelry appraised, it is important to keep in mind that there are many other practical reasons why you should find a knowledgeable and trustworthy appraiser (besides protecting yourself in the unfortunate case of jewelry theft). Your jewelry is more than just a beautiful accessory. Like a Monet, it is a piece of art; like a Corvette it is an example of inspired design and value.  


Most people would never think twice about getting their car or fine art pieces insured, so why think twice about appraising your jewelry, especially when it may be of an equal or superior value?  


Even if you have considered selling certain pieces in your collection, having your pieces appraised will actually make this process much easier and more straightforward. Having an up-to-date appraisal can be the surefire way to eliminate buyer-seller tension. It provides valuable information to prospective buyers and allows sellers to know the value of what they have. 


However, we would advise against selling all of one’s fine jewelry (despite how compelling this may be in certain circumstances). If everyone sold the majority of their pieces, there would be no children and grandchildren who’d receive beautiful, heirloom jewelry to treasure and remember their loved ones. During these already difficult times, the dividing and passing of a loved one's estate can add undue stress and tension. A lot of people find themselves blindsided by the animosity that results from what is perceived by certain family members as an unfair or unequal division of the estate. 


Unless you belong to a family of jewelers and qualified appraisers, determining worth can be especially tricky when it comes to jewelry. When costume pieces can be easily mistaken for valuables and precious pieces can be mistaken for faux pieces, bringing the entire collection to an appraiser beforehand for evaluation is ideal.  


The appraiser will separate all costume pieces and then appraise the remaining valuable pieces. With an accurate and up-to date pricing and analysis of the fine jewelry in a loved one's estate, value can be distributed fairly and honestly between heirs.  


 It is worth noting that having one of your pieces appraised at an inflated value will end up costing you more in the long run. While it may seem like you could reap the benefits if your jewelry ever needed to be replaced, this is inaccurate logic. Not only will it cost you a larger monthly premium, all of the extra money you are paying to insure the item will not come back to you in the event that said item needs to be replaced. 


In the case of replacing a lost or stolen item, your insurance company will only be able to indemnify you for the current replacement value of your piece (even if that price is under what your appraiser determined). Therefore, it is important to be working with a reliable appraiser from the very beginning who will provide you with the accurate, uninflated value of your piece. 


At Tick Tock Jewelers in Burlington, Vermont we have seen it all when it comes to big jewelry collections and appraisals. Our appraisals start at $75 (for one piece) and we offer very reasonable rates for larger collections. Though we know anyone in the midst of a tense estate squabble will tell you that preventing it in the first place would have been invaluable.  Contact us today to set up a time. 

Posted on May 11, 2016 .