THE SHORT ANSWER
The policy chooses the valuation question; the evidence supplies the answer
Locate the exact coverage, sublimit, schedule, deductible and valuation clause before selecting a price source. Then match every claimed item to identity, ownership, condition and pre-loss value evidence. Metal value, dealer replacement price, appraisal value, adjusted basis and settlement are separate records.
POLICY MAP
Five contract fields can matter more than the gold price
Theft, fire, transit or mysterious disappearance.
Money, bullion, coins, jewelry or collectibles.
Policy, category, item and scheduled amount.
Replacement cost, ACV, stated or agreed value.
Notice, proof of loss, police report and preservation.
VALUE LAYERS
Write the formula and source beside each claimed amount
APPRAISAL SCOPE
A defensible report identifies market, date, purpose and limiting conditions
The appraiser should identify the exact property and evidence reviewed, relevant market, value definition, effective date, comparable data, calculations, assumptions and competence for bullion, numismatics or jewelry. A retail replacement appraisal can be unsuitable for a cash-settlement or actual-cash-value question. Ask the insurer which documentation it accepts before incurring cost.
LUMP-SUM WARNING
Allocate a settlement item by item before updating records
One payment can cover unlike property under different sublimits or values. Preserve the insurer's item allocation, accepted value, depreciation, deductible, salvage and denial reason. IRS Form 4684 instructions also require allocation of a lump-sum reimbursement among assets according to their fair market values at the time of loss when tax reporting applies.
PRIMARY SOURCES
Insurance-regulator, federal and carrier evidence
- NAIC homeowners and renters guidance and its consumer homeowners resource for valuable-property limits, inventories, appraisals and claim preparation.
- NAIC actual-cash-value and replacement-cost explanation for policy valuation language and depreciation.
- Ready.gov document-and-insure guidance for receipts, photographs, inventories and protected records.
- U.S. Mint bullion consumer awareness for product specifications, premiums and dealer-market context.
- IRS Publication 547, Form 4684 instructions and the July 2026 casualty-loss update for theft, reimbursement, disaster and 2026 scope boundaries.
Reviewed July 31, 2026. Coverage and claims are controlled by the actual policy, endorsement, jurisdiction and facts. Postal terms and tax law can change; verify the service and use the form and instructions for the incident year.
FAQ
Gold claim valuation questions
How is stolen gold valued for insurance?
The policy controls. The claim can use a scheduled amount, replacement-cost framework, actual cash value, stated or agreed value, or another defined method, subject to limits, deductibles and accepted evidence.
Is spot gold the insurance value?
Usually not by itself. Spot measures contained metal at an observation time. Product premium, condition, collectible value, jewelry workmanship, replacement channel and policy terms can change the relevant claim value.
What is actual cash value?
NAIC explains that actual cash value generally considers the cost to repair or replace property after depreciation for age and wear. The policy definition and state law control the actual claim.
Can one appraisal serve estate, insurance and resale purposes?
Not automatically. An appraisal should state its purpose, valuation date, market, assumptions and property. Different purposes can require different value definitions.