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Appraisal

An appraisal is when the value of something is determined at a certain point in time. Things like jewellery, art, instruments and even your homes are appraised.

Why is an appraisal done when I have an insurance claim?

When something bad happens like a fire that burns down your house or someone breaks into your home, an assessor will be appointed to make sure your policy covers the loss and to determine the replacement cost of the lost items.

How would an assessor determine what a loss will cost to replace?

It will vary from situation to situation. For example, if there is structural damage to your home, the assessor will get a quote from a contractor for the repair or if something was stolen they will determine what it would cost to replace it with a new item that is the same or similar.

How much should I insure my jewellery for?

If you’re insuring a piece of jewellery that you just bought, you can insure it for the amount on the appraisal that came with the jewellery.

If you’re insuring a piece of jewellery that you’ve had for a while, you’ll need to get an appraisal done. The value of your jewellery might differ compared to when you originally bought it as jewellery can increase in value with time. We suggest having your jewellery appraised every few years. Take your original appraisal with you when having a new one done, otherwise the jeweller might charge you to test all the properties again.

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