What is an appraisal? Why do I need one to apply for coverage?

A jewelry appraisal is a report created by a professionally trained jewelry expert. In addition to providing an estimate of the current retail replacement cost (i.e. its appraised value, including any applicable sales taxes), an appraisal includes a detailed description of the jewelry. This can be helpful if you ever experience loss, theft, or damage to your jewelry as it provides a guide on what a proper repair or replacement would include.

An appraisal is required when applying for coverage for this reason and because it allows us to confirm the details and value of your jewelry. It also helps you ensure that you are purchasing the right level of coverage. Because the value of jewelry materials such as precious metals and gems change over time, it is important that the appraisal you provide to us when applying is no more than 18 months old. For items valued under $5,000 a sales receipt with a detailed description of the jewelry may be used in place of an appraisal.

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