The engagement ring is not just a jewelry piece, it’s an emotion. No one wants it to get stolen or lost even in their dreams. For you and your spouse, the engagement ring is priceless. If something untoward happens, you would want it to be replaced by your insurance company. And this is why getting a jewelry appraisal for insurance becomes crucial.
Insurance will ensure to protect your precious engagement ring. Your insurance company will need a jewelry appraisal NYC. An appraisal document will be required to determine your engagement ring’s true worth in the market. As per the appraisal value, the insurance company will decide the cover.
You can approach a recognized appraisal company like Prestige Valuations. They provide luxury watches, jewelry and handbag appraisal for insurance. By getting a professional appraisal, you can get peace of mind.
Without a professional jewelry appraisal for insurance, you will not be able to find a policy providing decent coverage.
What Must Be Mentioned In The Jewelry Appraisal Report
There are certain important things that must be mentioned in the jewelry appraisal report by the appraiser. We are stating them below:
· Material of the ring like gold or platinum. Also, its purity and weight.
· Centre stone and other gemstones.
· The carat size of stones along with their quality like cut, clarity and color.
· An estimated replacement value of the ring in the current market.
Most of the time, when you purchase a ring, you get a GIA report or any other document mentioning the details of studded gemstones. You must show the document to your appraisal company.
Your insurance company will be interested in the replacement value of your engagement ring. This value will be used to determine the premium you will have to pay and the amount the insurance will pay you in case of loss or theft.
Some Tips To Know Before Getting Jewelry Appraisal In NYC
We are mentioning some tips that can help you through the process of appraisal:
Correct Evaluation
You must get a jewelry appraisal for insurance from a trustworthy company. This will ensure that an expert appraiser will evaluate your engagement ring professionally.
Wrong valuation might result in you being under-insured; it will impact your policy. At the time of claim, your insurance company might back out from paying if any discrepancy is found. The same is true for luxury watch and handbag appraisal too.
A low appraisal value will result in you being under insured. You will not get the required amount needed to replace the ring at the time of claim. And if the appraisal value is high, it will result in a higher monthly insurance bill than the true amount you should be paying.
Re-Appraise Your Engagement Ring
It is recommended that you re-appraise your engagement ring every couple of years. As jewelry market fluctuates, a re-appraisal will make sure that the replacement value mentioned in the appraisal document is accurate.
Antique and vintage jewelry value rises with time and if you do not re-appraise your piece, then you will be paid as per the original value mentioned in the appraisal document.
Re-Appraise The Ring After Any Changes
It is recommended to get your ring re-appraised if you get any changes done to the piece. This way you can go with a new insurance policy for the upgraded ring. You can get your sapphire and diamond engagement ring upgraded to an all diamond ring by replacing the center sapphire stone with a diamond. Or you can upgrade your diamond from lower clarity and color to a higher version. In any of these cases, you must get a re-appraisal.
Your Policy Covers You Properly Or Not
You must check whether your policy covers you for not just theft but also if you lose your ring. Some insurance policies do not cover any damages caused to the jewelry piece. So, study your policy properly and go with the one that covers most types of untoward incidences. There might be a few exceptions, read them and understand them properly.
Going with a jewelry appraisal for insurance in NYC is essential to make sure that you are not under-insured. Homeowners or rental insurance is not recommended. It is better to opt for a jewelry exclusive insurance company for your coveted engagement ring.
