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Why do you need to have extra insurance coverage for fine art & jewelry?

International Society of Appraisers

” Specifically, many people may not realize that traditional homeowners insurance policies typically have coverage limits that may not be sufficient to adequately protect high-valued property such as fine art, jewelry, or luxury items. Their expertise ensures that the valuation is accurate.

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What Are the Different Types of Jewelry Appraisals

Buckhead Jewelry Appraisers

Whether it's a family heirloom passed down through generations or a recent acquisition, knowing it's worth not only provides peace of mind but also serves practical purposes such as insurance coverage, resale considerations, and estate planning. These assessments consider factors such as brand reputation, rarity, age, and condition.

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The Importance of Contemporary Art Appraisals

Art Appraisal Resources

Insurance Coverage Artwork, especially valuable contemporary pieces, can be a significant asset that requires proper insurance coverage. Insurance companies typically ask for a current appraisal to determine the appropriate coverage and ensure adequate compensation in the case of loss or damage.

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5 Factors That Affect Your Jewelry’s Value

John Thomas Jewelers

Jewelry made from platinum commands a higher value during jewelry appraisals due to its intrinsic qualities and limited supply. The type, quality, size, and presence of gemstones has a substantial impact on the overall value of a piece. Gemstone Quality Gemstone quality is another factor in appraised value.

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The Role of Jewelry Appraisers in Insurance Valuation

Buckhead Jewelry Appraisers

Or maybe you’ve decided to insure your jewelry collection, but without accurate appraisals, you’re left vulnerable to inadequate coverage and potential financial loss in case of unforeseen circumstances. Insurance valuation refers to the process of determining the monetary value of an asset, property, or item for insurance coverage.

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How Do Pawn Shops Appraise Jewelry?: Understanding the Process

Buckhead Jewelry Appraisers

It is a complex procedure that requires evaluating many aspects, such as the quality, craftsmanship, historical significance, and materials used. It ensures that you receive a fair value if you resell your jewelry, helps you secure the right insurance coverage, and assists in estate planning or the partition of assets.

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Comparison between Jewelry Appraisal Value and Selling Price: Understanding the Distinctions

Buckhead Jewelry Appraisers

Conversely, an accurate jewelry appraisal value is necessary for the right insurance coverage. A jewelry appraisal is generally good for about two to five years, so you should get a new one every couple of years to have updated insurance coverage or before selling your jewelry. One has a higher value than the other!