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Insurance Purposes: Insurance companies often require detailed documentation for jewelry appraisals to determine coverage amounts and premiums accurately. One of the primary purposes of a written jewelry appraisal is to facilitate insurance coverage. This includes information about the materials used (e.g.,
While it might be possible to scour the auction market for years searching for an offering similar to the lost item and then obtain that item at a much lower price, this is not the function of insurance coverage. Actual Cash Value is Retail Replacement Value minus depreciation, which can be a deduction made for age, damage, or another factor.
If you prefer in-person assessments, and are located in the greater Northwest Pennsylvania area (Cleveland to Erie to Buffalo and down to Pittsburgh), Penrose Appraisals can also provide tailored appraisal services, especially for significant occasions like insurance, charitable donations, or equitabledistribution. Estate settlement.
In other words, age alone does not necessarily translate into value. In other words, age alone does not necessarily translate into value. A current appraisal will help ensure that your insurance coverage is appropriate, and that you’re not paying high premiums for something that has actually depreciated in value over time.
But there are other reasons as well, such as settlement of an estate, donating a piece or collection to an institution, equitabledistribution in a divorce, or wanting to know an accurate market value before selling a work. For instance: Replacement Cost Value is used when a collector needs an appraisal for insurance coverage.
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