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These assets reflect an owners personal interests or hobbies and span diverse categories, including fine wine, classic cars, rare watches, couture clothing and accessories, jewelry, rare stamps, coins, and, of course, art and antiques. This makes it critical to secure proper coverage.
One question you should ask yourself is “am I properly insured if something catastrophic happens?” ” Insurance companies often require an appraisal before providing coverage for fine art and jewelry. Their expertise ensures that the valuation is accurate.
Q: In a damage claim, what's the most common marketplace for determining the fair market value of diamond jewelry? You can replace “diamond jewelry” with other types of property and ask yourself similar questions. For example: Where does pre-owned diamond jewelry sell to the public?
Jewelry appraisals protect your valuable pieces in the event of damage, loss, or theft. Without a proper evaluation of your jewelry’s worth, you can’t get insurance coverage for it. Some of the questions we answer include: What is a jewelry appraisal? Who performs jewelry appraisals? What is a jewelry appraisal?
A standard insurancepolicy written to provide replacement value for losses would perhaps go into the market to find out what the dress costs to buy new. Also, standard homeowners insurancepolicies may have maximum amount of coverage for certain categories. Jewelry is perhaps the most common example.
Understand Your Homeowner’s InsurancePolicy The biggest problem I see after a devastating loss is underinsurance, meaning that homeowners suffer a loss yet fail to recover tens of thousands of dollars just at the time when they have lost everything they hold dear. Keep a copy of the insurancepolicy handy too.
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