Why Should I Have My Jewelry Appraised?

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Why Should I Have My Jewelry Appraised?



An insurance appraisal deals with jewelry pieces that would be financially painful to lose. Your homeowner’s or renter’s insurance policy comes with a coverage limit for jewelry, furs and art. This is usually between $500 and $2500. Claims over the general amount are not covered, you must be able to prove the loss and you may be subject to a deductible.

However, you may elect to insure individual pieces under what is known as scheduled property. Under scheduled property there is no deductible, you are covered for any loss up to the amount of the appraisal, including mysterious disappearance (you just can’t find it) or as one of our customers experienced, her son flushed her gold Rolex down the toilet. The values listed in this type of appraisal are based on what it would cost to replace an item in comparable condition at some point in the future. Typically, the value listed is higher than the actual current value allowing for inflation over time.


This type of appraisal gives an estimate of what each piece would likely sell for in their current condition. As opposed to insurance appraisals, the market appraisals carry much lower values. The premise is that the listed pieces will be sold for the benefit of the estate. In estates with potential tax consequences, market value appraisals are critical.

In both cases, the appraisal is written in detail. It will have an item description with the type, number and approximate sizes of gemstones; setting style, type of metal and its weight and the pieces are typically photographed.

When should I update an existing appraisal?

  • The appraisal is more that 5 years old
  • We are entering a period of strong inflation
  • A piece has been altered since the last appraisal
  • You change insurance carriers and they require a current appraisal.
  • To learn more about what Medlars Jewel Masters includes in a written appraisal click here. If you have additional questions about appraising your jewelry please call, email or drop by for a complimentary consultation