Types of Appraisals for Specific Needs

Used to determine retail replacement value for insurance scheduling: the most common retail replacement value of like, kind and quality. Standard policies from homeowner or renter’s insurance companies typically offer some coverage for jewelry (e.g., up to $1,500). Adding special coverage usually is called a “scheduled” floater, rider or endorsement. There are also companies that specialize in jewelry insurance (i.e., Jewelers Mutual).  

•  I cannot tell you what you should or should not insure. The decision as whether to appraise a jewelry item for the result of insuring, should begin by consulting with your insurance provider for guidance in this matter.
• Consider a periodic review of value because as market conditions change, so may the value. 
• Also, some insurance providers utilize an annual automatic inflation adjustment to values which may or may not be a fair representation of an items actual current value.

For estate purposes; the Fair Market Value (FMV).  Such in the case of estate tax liability where the FMV of an item is generally the date of death. Reports are prepared in accordance to the requirements of the Internal Revenue Code as well as California Probate Codes. 

This type of appraisal requires the assignment of the appropriate value level to ensure fair division of property, making it fair for both the party retaining the property and the party taking compensation.

The anticipated net proceeds or, the cash-in-hand that would be yielded from the orderly sale of the property. This depends upon the type of buyer, e.g., a dealer who buys to resell, auction market, consignment, private sale. If you have jewelry to sell (I do not buy), please contact me for further information. 

FMV is a specific hypothetical concept of value formulated by the Federal Government to use in the context of tax liability assessment: as an income tax deduction for donated property. FMV is the only value accepted by the IRS for charitable donations. 

The  personal representative shall appraise the following property,  excluding items whose FMV is, in the opinion of the  personal representative, an amount different from the face value of the  property, (Prob. Code 8901), and shall file an inventory and appraisal of the estate within 90 of appointment, (Prob. Code 2610).

I do not appraise jewelry that was recently purchased. Please consider requesting from  the seller, proper documentation to provide to your insurance provider.