How Often Should Jewelry be Appraised For Insurance?

Like fuel and oil, the price of jewelry fluctuates often. The value of a piece you inherited 10 years ago might have changed because of the current cost of gemstones in the market, or even because of its style.

Since the value of gemstones, metals and diamonds change so much, it is important to stay on top of this with routine appraisals to understand and claim the accurate value of your jewelry. To do this, most appraisers recommend updating your jewelry appraisal every 2 – 3 years.

Why You Should Appraise Your Jewelry

Whether it is because of divorce, equitable distribution, filing for bankruptcy, charitable or insurance purposes, there are many reasons to get an initial jewelry appraisal. And take it from us, it is just as important to have this appraisal updated for the item’s protection, in the event of theft, loss or damage.

While many items hold personal significance, it is important to remember that the sentimental value of an item does not determine its actual value. Having a correct and unbiased number determined by a professional appraiser is necessary for records and claims, as this value is what is considered in paperwork, not the original cost.

What Documents & Certificates Tell You

Speaking of records and claims, understanding your jewelry’s certification is also important. The document which you receive upon buying or receiving jewelry can often be mistaken for an appraisal.

Though it may be titled “Appraisal,” there is a good chance that this is just a documentation of sale. These documents are essential to bring to a routine appraisal, however, as they include specific dates and information that appraisers look for during an evaluation.

Why Should You Appraise So Often?

With all of that being said, it is a good idea to get a new appraisal every 2 – 3 years. Appraisals on your insurance policy need to be updated for both technical reasons, as well as your own peace of mind.

In the event of theft, loss or damage to your jewelry, the latest appraisal you have on record will play a big part in claiming or replacing your item through insurance. Your own word about the history and description of an item is great to have, but will only get you so far; written, detailed, and photographic information from an appraiser are needed to collaborate efficiently with your insurance company. Photographs taken of your items during an appraisal are especially helpful in the event of theft, for both insurance and police reports.

Jewelry Appraisals Are a Worthwhile Investment

Jewelry appraisals are an investment for many reasons, for insurance purposes, and your own peace of mind, as they provide you with everything from an accurate, professionally determined value, to photographic documentation of your items.

Make sure to have your items professionally appraised on a regular basis to ensure that the value is the most accurate and up to date as it can be. You never know when you’ll need the protection of this information.

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