Appraisals

[ravenhome777]

Is there anything that I need to know about getting an appraisal?

Are all appraisals created equally?

Is an appraisal just written up on a sheet of printer paper, or are they notarized? Is there ones that an insurance company will accept, and ones that they won't accept?

[Patton250]

I use state farm now and they are awesome. All they need is a receipt but if it’s a big item like 20K or more I usually just get an appraisal from the dealer I bought it from. Even the Grey dealers provide them for you. So generally what the item is with the model and serial number and the cost of replacement. It helps to have a picture on it also but I’ve never been rejected without it. Check with your insurer first if you want to make 100% sure.

[southtexas]

Originally Posted by ravenhome777

Is there anything that I need to know about getting an appraisal?

Are all appraisals created equally?

Is an appraisal just written up on a sheet of printer paper, or are they notarized? Is there ones that an insurance company will accept, and ones that they won't accept?

Generally typed up on jeweler letterhead. And yes, your insurance company can tell you who they will/won’t accept from.


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[ravenhome777]

Thanks all.

On this Jewlers Mutual site they have an FAQ page on appraisals:
https://www.jewelersmutual.com/faq/appraisal

[watchlovr]

Originally Posted by ravenhome777

Is there anything that I need to know about getting an appraisal?

Are all appraisals created equally?

Is an appraisal just written up on a sheet of printer paper, or are they notarized? Is there ones that an insurance company will accept, and ones that they won't accept?

Also, you don’t say what you are getting appraised.
Will the appraiser know what they are doing with your item(s)
Is the appraisal for insurance or sales value?
Because the price will differ, by quite a lot.

[southtexas]

Originally Posted by watchlovr

Also, you don’t say what you are getting appraised.
Will the appraiser know what they are doing with your item(s)
Is the appraisal for insurance or sales value?
Because the price will differ, by quite a lot.

In my experience, the jeweler asks you what you need it appraised at, so you give him the number. I don’t believe jewelers mutual pays you your appraised value, they pay you market value. Which, as we all know, can be wildly different since not all 1680s, for example, are created equally. You might have a $25,000 swing from one 1680 (tropical unpolished meters first) to another 1680 (late 70s with service insert and badly polished). I guess a lot of detail and pics included on appraisal will certainly bolster your position if the time comes.

This is as I understand it. Anyone here with experience going through a JM claim who could confirm or deny my assumption?


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