Appraisals for insurance purposes.
Virginie Gutierrez GIA Graduate Gemologist.
Here are the most common reasons to have your jewelry appraised by a professional.
- Insurance coverage: A full appraisal is a detailed document that will help cover the monetary loss if an item is stolen, misplaced, or broken.
- A detailed appraisal is a valuable document to have whenever you choose to dispose of (sell, trade or bequeath) your jewelry.
- An appraisal is necessary in the event of Estate Settlement, forming a Trust, or Equitable Distribution. Wills and trusts should be updated with current appraisals to guarantee everyone has the latest information about the property division or potential tax costs.
- You will need an appraisal to claim a casualty loss for your insurance company or uninsured loss for the IRS.
- You should have an appraisal for division of property in a divorce.
- You will need an appraisal for tax deduction of a charitable contribution.