Jewelry often represents a significant financial and emotional investment, and in our uncertain world, it makes sense to secure your favorite piece in the event that something happened to it.

The best way to protect your jewelry from loss, theft, damage, natural disasters, etc. is to have your jewelry insured with jewelry insurance.

How much coverage is necessary for your jewelry? How do you avoid overpaying for jewelry insurance, potentially throwing years of payments out the window, or underpaying and not being able to replace the piece in the event of a mishap? The answer is accurate jewelry appraisals.

Accurate Appraisals

Unfortunately, all appraisals aren’t created equal. It’s not uncommon for people to return home from a cruise or trip outside of the country having purchased jewelry that has an appraisal certificate that was provided along with the purchase.

These types of appraisals are almost always inflated and are provided as a sales tactic to make buyers feel like they’re getting a great deal on jewelry they most likely overpaid for (this is one reasons why it’s important to buy from a jeweler you can trust).

Because these appraisals are inflated if you were to use them to insure your jewelry you’re going to end up paying a significantly higher premium than if you had an accurate appraisal, and these costs will not be recouped.

It is also common to get inaccurate appraisals from other jewelry stores. Anyone can claim to do appraisals, but many lack the proper training and equipment to accurately evaluate the value of a piece of jewelry.

Park City Jewelers prides itself on using the most advanced and accurate appraisal system available today as well as having the training, experience, and certification necessary to use it properly.

When we appraise your jewelry each aspect of your piece is painstakingly evaluated and then entered into special software that accurately determines what the retail value of your piece is in today’s market.

Another benefit to having your jewelry appraised at Park City Jewelers is that future appraisals will be much more quick and easy, and we give you a significant discount because most of the legwork is already completed. It’s a win-win!

Who Do You Recommend for Jewelry Insurance?

We recommend Jewelers Mutual Insurance for all of your jewelry insurance needs. They have been providing jewelry insurance for over 100 years and have earned its 34th consecutive A+ Superior financial strength rating from A.M. Best Company, one of the world's most respected insurance rating and information sources.

Visit Jewelers Mutual Insurance Here to learn more.

What Happens When I File a Jewelry Insurance Claim?

Jewelry insurance claims typically work a little differently than other types of insurance claims. The jewelry insurance company is generally looking to repair or replace the piece in as close to its original form as possible rather than cutting a check for the appraised value.

To repair or replace the piece the jewelry insurance company will usually partner with a jeweler. This partnership allows the insurance company to pay wholesale prices for the gemstones, settings, and workmanship required to fulfill the claim while significantly reducing the cost required to replace the piece.

Wrap Up

Jewelry insurance is an important part of owning fine jewelry, and accurate jewelry appraisals are essential to paying the right premiums for. Park City Jewelers is the best place to have your jewelry appraised because our accuracy and experience is unparalleled.

If you have more questions about jewelry appraisals feel free to reach out and speak with one of our salespeople by phone or email or visit our jewelry appraisal fact sheet here.