If you have high-value jewelry that is special to you, you likely want to do everything you can to protect it from being damaged or lost. You may be considering getting a separate jewelry policy to ensure it remains safe when you wear it. But did you know a jewelry insurance policy requires that you have a personal property appraisal in Maryland to determine your jewelry’s value before it will be insurable?
Get accurate insurance coverage
Getting a personal property appraisal in Maryland for your jewelry does a few things for you. It gives you an accurate determination of the value of the jewelry pieces you want to have insured, and makes sure you have the correct about of coverage for these valuables. The amount of the appraisal determines your insurance premium, and will dictate whether it is covered under your homeowner’s policy or whether a separate jewelry policy is necessary for accurate coverage.
While you may have an idea of your jewelry’s value, an insurance company will require the word of a professional personal property appraisal in Maryland to verify this amount. Even if you have a receipt showing what you paid for the item, it is not an accurate representation of your jewelry’s value. An appraisal will determine all the specifics on your valuables and give you a truthful value of all your jewelry. An underwriter will use this to determine what your policy will be and what amount of coverage you will need.
You will want to have a personal property appraisal in Maryland conducted on your jewelry to make sure you are getting enough insurance coverage to replace a lost stone, such as a diamond, or in the event the entire piece is stolen. Having an accurate appraisal will make sure your insurance company is providing you with the correct amount of coverage to replace any losses or damage that may occur.
Stay up to date
Once you have a personal property appraisal in Maryland for your jewelry, you may want to have this appraisal updated from time to time. Market conditions on jewelry change, and your pieces may be worth more over time, requiring more insurance coverage to replace them if they are lost or stolen. This is especially imperative if you have vintage or antique jewelry, as the older the piece is, the rarer and more valuable it likely becomes, which your insurance policy should reflect.
Be proactive about getting personal property appraisal in Maryland for your jewelry, as it can be devastating to have an item get lost and not be able to replace it thoroughly because you didn’t have the proper insurance coverage for the piece. A professional appraisal company will be able to place an accurate value on your jewelry’s value, giving you peace of mind if it is ever lost or stolen.
Through a personal property appraisal in Maryland, you will be sure to get the correct insurance coverage for your jewelry to protect you from any loss or damage. When you are looking for personal property appraisal, contact Jane Campbell-Chambliss & Associates, LLC. We offer full-service appraisals for your personal property and real estate assets.