One of the primary reasons for getting an appraisal is for purposes of securing jewelry insurance coverage. The insurance companies require it because it defines exactly what it is that they are insuring.
Most insurance companies will replace a lost piece of jewelry with ‘like kind and quality and of substantially similar age, authorship, and condition’. This means that they will buy you a new ring in the case of loss.
They generally will NOT cut you a check for the amount on the appraisal.
For this reason, it is in your best interest to be certain that the appraisal that you supply them contains all of the information that you feel is important about your stone. If you looked long and hard for a fluorescent stone and would feel cheated if the company replaced it with one that was not, make sure that’s in the description. Designer names, model numbers, h&a photographs and the like can all be important. If it’s important to you, their client, it is important to them. The description and photographs from your appraisal will become the purchase order for the replacement. If you need an appraisal for jewelry insurance, click here to schedule a while you want and while you watch appointment.
Insurance premiums typically range from 1$ to 3% of your declared value per year. That is to say, a $10,000 ring will cost somewhere between $100 to $300 per year in premiums in the US. The difference has to do with the company you choose, your address, deductibles and exclusions and possibly your claims history.