Trust Only a Licensed Jewelry Judge for Your Jewelry Appraisals!

Warning: Your jewelry may be under-insured or over-insured...

Examples. Compare the prices of these items from 1990 to 2000. Prices are approximate retail for an average quality one carat solitaire diamond engagement ring and for a one carat average quality single stone emerald ring.

DIAMOND	1990	$7,000	EMERALD	1990	$4,000
	1995	$7,700		1995	$3,500
	2000	$9,600		2000	$1,600

Did you know that:

• Almost all insurance companies have the option of replacement of the item. If a piece of jewelry is lost, most insurance companies DO NOT give you money. It is their responsibility and obligation to put you back into the position you were in BEFORE the loss. Because insurance companies do millions of dollars a year in jewelry replacements, they can purchase the item for much less than a consumer.

• The majority of retail jewelers will sell you an item for one price and then appraise it for a much higher price, telling the consumer that the higher value is for insurance. But, if your insurance company is a replacement company, who benefits by a high appraisal? The Jeweler, because you are led to believe that you are paying a greatly reduced price; and, the Insurance Company who will collect their premiums upon the value stated. There is no benefit to the consumer in accepting a highly inflated value appraisal.

• Most insurance companies will only pay up to the covered amount so if the current value is higher, you are under-insured and will have to pay the difference.

• Most insurance companies will only pay the current replacement value so if you are over-insured you are paying unnecessary premiums.

• Most insurance companies will not ask for updated appraisals on a regular basis, so it is up to you to regularly have your jewelry inspected and reappraised to reflect current markets.

• Most homeowner insurance policies have a dollar amount of coverage for unscheduled property such as jewelry, but there are limits and they cover theft only–not mysterious loss or damage.

When making a claim on properly appraised and scheduled jewelry:

• If the policy is a replacement type policy, the insurance company may have the option of sending you to a replacement center of their choice. Remember, you should have the replacement checked by your local Jewelry Judge appraiser to verify that the quality is acceptable based on the original appraisal.

• You may have the option of using your own jeweler, especially when original designs or copyrights are involved. Even then, you have the right to have the replacement verified for quality based on the original appraisal.

• If you choose the option of cashing out rather than replacement, the type of policy will dictate how the cash-out offer works. With an Agreed Value or Actual Cash Value policy, you will receive a check in the full amount of the insured value. With a Replacement policy, you will receive either the insured value or the actual cost that the insurance company would have to spend to replace the item, whichever is lower. Since insurance companies are volume purchasers, they often receive a discount, so be prepared to be given a lower offer than the insured amount. Your Jewelry Judge appraiser can assist you in determining if the cash offer is fair.