Here is an email conversion we had with a potential customer this week. It is very important that you call your insurance company to see what you need to have your jewelry insured. Most times you will need an insurance replacement appraisal documented in your insurance file to be covered.
Customer– Would you please let me known the current retail appraisal value of this item?
Merritt Jewelry– We show the insurance replacement appraisal value for our Jewelry and the retail value is about 25% higher or $9,975.45 for this ring.
Customer– Is your insurance replacement appraisal value up to date?
Merritt Jewelry — Yes, it has been done in the last 3 months.
Customer– Thank you. Is the retail appraisal value about 25% higher than the insurance appraisal value for all your items?
Merritt Jewelry– Yes, some retail appraisals are 50% higher but they are just too high for internet use. They are meant for super expensive brick and mortar stores with HUGE overhead. Someday there will be insurance appraisals for internet companies, but there are only values based on the brick and mortar system for now. We use the lowest conversion form insurance replacement to retail we can use because our online pricing is the new internet model. The real replacement value is what you pay for the jewelry and if you can buy off of the internet than you should only insure for that value or a little above. It would cost more for your insurance if your home owners/renters policy does not cover it, so make sure you talk to your insurance company to see what your coverage is. Any insurance company will offer you a rider for a price if you want to insure for the entire insurance replacement value though. Once again, always check with your insurance company if you want your jewelry to be covered because most times it is not covered without the jewelry being documented in your insurers file.