The Ultimate Guide to Jewellery Valuation for Insurance

Jewelleries are important and expensive assets that one possesses. Infact many people buy gold, diamonds, platinum or silver jewellery to increase their assets for future. But while buying these items, it is important to get jewellery valuations done. This is important from various aspects. Firstly, it gives detailed report on every aspect of the jewellery. Secondly, by knowing the valuation of the jewellery, the insurance value of the item can be adjudged. In case of an unlikely event of theft or stolen case, the insurance policy will cover the losses that have been incurred for the jewellery.

Importance of jewellery valuation

Many people have a question in mind as what is the importance of jewellery valuation at the first place. What is the value of having the jewellery documented from an authentic place? Well, there are three main reasons for jewellery valuation London. These are as follows:

·         For insurance purposes, the jewelleries need to be listed separately on the Contents Insurance Policy. Along with the listing, valuations of the jewelries also need to be done.

·         In case of an unfortunate event of loss, robbery etc, claims can be made against the jewellery losses. The documents of valuation are evidence of the fact that you owned the jewellery or jewelleries. Not only this, the value of the trinkets can also be known. Without valid evidence of the valuation, you might not get the amount of compensation and settlement that you deserve and end up losing from all ways.

·         With valuation reports in hand, chances of successful recovery of the trinkets are more by the police.

Different kinds of jewellery valuation services

If you thought that jewellery valuation service is a simple thing, you are mistaken. There are many aspects to the services. Some important ones are as follows:

·         Cash realization value – In case of selling the jewellery by the most suitable means, it is important that you know the net return that you would be getting after selling the item. In fact you have to keep in mind the time that will be needed to sell the product too.

·         Market valuation – Market valuation of a piece of jewellery helps in understanding whether the price charged for the trinket is fair or not. Comparing the jewellery to similar items sold in the market will give a proper idea whether the price you gave for the jewellery is right.

·         Replication valuation–Replication valuation helps in determining the cost if you want to make a duplicate for some jewellery piece. Apart from exclusive items, the replication value is always higher when compared to Replacement New Value.

Proper jewellery valuers for assessing valuation of jewelleries

Whether you are getting jewellery valuation online or otherwise, it is important to get it done from proper jewellery valuers. Make sure that the valuation report contains minutest details of the jewellery so that there are no problems in making a valid claim if the things gets lost or stolen. There are expert valuers, who have ample experience in the field and can provide detailed valuation reporting for your expensive jewellery assets.

Online jewellery valuation for insurance

Proper jewellery valuation for insurance has become mandatory now to remain protected. Without right kind of valuation, getting due settlements for the jewelleries will not be possible in case of an unfortunate incident. It is therefore better to be safe than sorry in case of getting valuations done for jewelleries.