Why Getting An Appraisal Is An Important Part Of Protecting Your Valuables

By: Denise Koslowsky

If you have a love for jewelry or if you have inherited a collection of pieces from a beloved family member, it is important that you get an appraisal.  Appraisals can help you understand the worth of your valuables.  Knowing how much your jewelry is worth can help you make smart decisions regarding their safety.

How To Choose An Appraiser
Once you’ve made the decision to get an appraisal, you’ll want to be sure that you select a good one.  First, you will want to make sure that the appraiser you select is certified.  There are three major appraisal organizations that require their members to adhere to a strict set of ethical standards.   Take your valuables to an appraiser that has been certified by The Appraisers Association of America, the International Society of Appraisers or the American Society of Appraisers.  We would also advise that you look for:

    • An appraiser that is an expert in their field.  Not all appraisers have
      an in-depth knowledge of every type of valuable.
    • An appraiser that charges a flat fee.  If they charge you a percentage
      of the items value that creates a conflict of interest.

Do I Need To Insure My Collection
Most conventional homeowner’s policies limit coverage for jewelry.  For this reason, we often recommended that valuable jewelry is specifically scheduled on a Valuable Items Policy.  There are different types of coverage in which the details vary from carrier to carrier so it is recommended that you speak with your agent and share a bit about your collection so that the coverage can be tailored to your specific needs.

Additional Tips On Insuring Valuable Jewelry From Advocate Brokerage:

  • Make sure to have your jewelry re-appraised every 3 – 5 years to account for market fluctuations.
  • When you add a piece to your collection, be sure you inform us as soon as possible so that it can be added to your policy. Most Valuable Collections policies offer automatic coverage for newly purchased items but the time frame varies between 30 – 90 days.
  • You can often receive discounts on a Valuables Collection Policy by storing your jewelry collection in a UL-Rated home safe or by protecting them with a central station monitored burglar and fire alarm system.
  • Jewelry that is stored in a bank vault generally gets a discounted rate.

Educating each client we serve is an important part of what we do each day at Advocate Brokerage. If you have questions about protecting your valuables or getting an appraisal, please get in touch with us at 914-723-7100.

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