Accredited Jewelry Appraisal in Falls Church, Virginia. Serving Washington DC, Maryland, and Northern Virginia
There are many reasons for having your jewelry appraised. The most common reason is for the purpose of insurance replacement, the key word being replacement. It is a common misconception that an insurance company will simply cut you a check based solely on the appraised value of a lost, stolen, or damaged jewelry item. That is not how a replacement policy works.
In the event of a loss, the policy holder is entitled to replacement (there’s that word again) in like, kind and quality. In order to be compensated adequately, the detailed description provided in the appraisal report becomes paramount! Of course, the value needs to be supported by the description as well and must also reflect the current retail market. If an item is evaluated too high, that means overpaying on insurance premiums. If it is undervalued, also referred to upside down, then the money received based on the appraised value will not cover the cost of replacement.