Insurance Appraisals

Insurance appraisals are the most common type of jewelry appraisals. They are used to obtain insurance coverage on existing or newly acquired jewelry. If requested, MJA will provide the detailed documentation necessary to establish the retail replacement value of the jewelry you would like to be insured. A sample Insurance Appraisal Report available on request.

Policy Types

There are many types of insurance companies and policies. They are not all the same. Some types of policies pay the amount listed on the appraisal, some pay a lesser amount and others pay for a replacement of the insured item by a third party.

It is important to establish with your insurance agent what type of policy you are purchasing, exactly what is covered and how the insurance company will settle the claim. Click questions to ask insurance agents. These questions will help you make an informed insurance decision.

Procedures

MJA will (as required):

• Clean your jewelry, point out needed repairs, and test the metal fineness.
• Identify your gemstones, measure, estimate weights, grade and plot the stones.
• Verify laboratory reports
• Photograph your jewelry and scan any documents provided.
• Gather the information necessary to enable us to prepare the appraisal report.
• Request payment (After payment you and your jewelry are no longer required to be present)
• Research the values.
• Complete the report and email with the paid invoice.
• Maintain a digital copy of your appraisal and any other provided documentation for 7 years. Appraisals should be updated every 2-3 years.

Insurance Appraisal Pricing

An insurance appraisal for a diamond engagement ring is $125 to $175 and up, depending on the size of the centerstone and the complexity of the mounting. Other items are $75 and up, per piece. All appraisals will be quoted and approved by the client before work begins.

To help keep the cost down and increase the accuracy of the appraisal, please bring any laboratory reports, sales slips and/or previous appraisals.