One of my responsibilities here at Raymond Lee Jewelers is working with insurance companies to assist their clients when filing a claim in the event their jewelry is lost or stolen. Most people only provide their insurance company with the proper appraisals when they initially purchase the item or are changing companies. What happens after that? In most cases nothing. The insurance companies over time increase the coverage amount accounting for inflation and the client continues to pay for the additional coverage. What happens when the stock market plummets and gold prices soar, or a new diamond mine is discovered in Canada, and how about when there is no more tanzanite left in the mine. The insurance companies have no idea how to account for these fluctuations, and that’s where I come in.
Recently, I have had an influx in claims and because these factors were not accounted for each and every client was under-insured for their merchandise. Try telling a woman of 65 years old that her precious wedding ring bought for her by her late husband cannot be replaced without an additional five thousand dollars because her coverage was based on a jewelry appraisal from 1982. It is far from the highlight of my day. So what can we do about this epidemic of insurance companies getting rich off of your premiums and then in your hour of need when you need them the most they fall short. You should have your appraisals updated every few years. Our state-of-the-art jewelry appraisal software assists me in making your appraisals as accurate as possible. My informational database compiles pricing guidelines from across the country and accounts for fluctuations in the market such as changes in precious metal prices, colored stone pricing and availability. To schedule an appointment feel free to call us at 561-750-7808.
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