Almost $1.5 billion in jewelry is reported lost or stolen each year, and many of these claims turn out to be fraudulent.
Unlike cars, furniture and other insured valuables that depreciate the minute they leave the store or car lot, fine jewelry often becomes more valuable.
For that reason, underwriters should remind agents to obtain updated appraisals every three to five years. Appraisals should include more than just a dollar amount. A picture is worth a thousand words and detailed photos make the replacement process more accurate.
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