Insurance Evaluations
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Do you have your jewelry insured? Did you know that under your home owners or renters insurance that you are only covered up to a certain dollar amount? It is usually under $2,000. So if you have jewelry that is worth more than that, then you will need to get a separate jewelry insurance rider. And the insurance company will probably want an insurance evaluation done on your jewelry. Insurance companies usually recommend updating your existing insurance evaluations every 5-10 years to show current market prices.
If either of these scenarios fits you, then it might be a good time to come in and have us do an insurance evaluation on your pieces. Insurance evaluations are done on Thursday mornings by appointment. So just call us or stop in and see when our next open date is and we will setup an appointment for you.
An insurance evaluation will consist of detailed descriptions, measurements and weights of your jewelry items along with a photo of each item. You will receive two copies, so that you have one for you and one for your insurance company. The charge is $85 for the first item, and then $75 an hour for additional items. Usually 1-2 items can be done per hour depending on the detail level of the items. When it comes time to update, we have everything on record in our computer, so we will just need to check your items over and update the prices to the current market. This process takes less time and therefore costs less. We charge by the hour for the update process.
Our evaluations can be done either for replacement or estate purposes. We will be happy to discuss with you the differences in the types of options and assist you in deciding which is best for you.
If you have a multitude of items and are needing assistance in separating the costume items from your precious jewelry, it would be our pleasure to go through your items with you. Another question that arises often is what pieces should I have insured? Well there are two different thoughts on that. One is that if you lost that item, would you replace it? If so, is it something you would be comfortable paying for as opposed to having it covered by insurance? The second way of thinking is to have all of your jewelry insured that you would want replaced in case you are robbed. Because then you would be replacing it all at once, opposed to a single item that was lost. So we recommend you decide based on these facts. Regardless, CornerStone Fine Jewelry will look forward to assisting you with any of your insurance evaluation needs.
