If you have high-value jewelry, antiques, fine art, collectibles or other valuables scheduled for separate coverage on your home policy, you most likely provided an appraisal or receipt to establish the insurance limit amount for the item. You might think that you’re all set because the insured value has been established; however, because values can shift over time, periodically updating appraisals is strongly recommended.

Jewelry Should Be Appraised Every Few Years for Several Reasons

  • The market value of precious metals and stones can be volatile and may change from year to year.
  • The value of jewelry may change as the inflation rate changes.
  • Damage to jewelry may impact its value.

These same issues of market, inflation, and condition can similarly apply to antiques, fine art, collectibles, and other high-value items you insure separately; therefore, they also need to have periodic appraisal updates. For jewelry, the Insurance Institute of America recommends updating every two years, but it’s up to you (the insured) to decide when to provide an updated appraisal to your insurer.

Ultimately, you want your appraisals to be recent because if a claim occurs you want to be properly compensated. Outdated appraisals can result in you being underinsured, which can result in you being compensated only up to your insurance limit even if it is determined that the actual value at the time of loss was significantly more. If you have questions about appraisals, contact your insurance professional for guidance.

Read Other Blog Posts

Toast
What is Your Jewelry Worth? When Should You Update Appraisals?

What is Your Jewelry Worth? When Should You Update Appraisals?

Valentine’s Day approaches, often marked by the exchange of jewelry as a symbol of love. While insuring every piece may not be practical, it's advisable to consider insurance for expensive items, particularly those worn frequently.
Car on road

Gap Insurance

Car owners often assume that if their car is totaled, it will be replaced at the amount they paid, or at least the amount they owe. However, that’s not always the case — learn why and what you can do to protect yourself.
Car outside of garage

Vehicle Storage Tips During Winter

As winter approaches, it’s time to think about safely storing your recreational vehicle to avoid damage from the harsh weather and roads. Utilize the following guidance to properly prepare and store your vehicle this winter.
Car stopped for pedestrian

Quiet Vehicles and Pedestrian Safety

Electric cars continue to make headlines, but anyone who’s had such a vehicle sneak up behind them while on foot knows how quiet they are. These vehicles, along with hybrid cars, run much more quietly than gas-powered cars—posing a serious risk to unaware pedestrians.
Wood-burning Stove

Wood-burning Stove Safety

The top source of fires in American homes comes from fuel-burning appliances—such as a wood-burning stove. Consider the following guidance to ensure safe operation of your stove—keeping you, your family and your home protected against the risk of a fire.
Outside lightbulbs

How to Reduce Winter Utility Bills

When outside temperatures begin to drop, one of the most costly consequences is the increased energy it takes to maintain a comfortable home temperature. With this in mind, consider these tips to reduce your monthly utility bills in the winter.
Car in snow

Tips for Driving in Extreme Weather

Driving in adverse weather conditions can be downright nerve-wracking. It can also be very dangerous. Being aware of how to modify your driving during heavy rain, snow and fog can help you stay calm and safe during your journey. Consider the following tips when driving in extreme weather.
Ice Dams

Ice Dams: A Winter Challenge for Homeowners

Read our blog post, Ice Dams: A Winter Challenge for Homeowners for some great tips on preventing ice dams and what to do in the case of ice dams on your roof. Ice dams are more than just an inconvenience—they can cause significant damage to your home. While prevention is the best strategy, ice dams can still form despite your efforts, so having a response plan is crucial. Ice dams occur when attic air warms to above freezing, causing snow on the roof to melt. As the water runs down the roof and reaches the colder edges, it refreezes, creating an ice dam. These dams block water from draining off the roof, causing it to pool and seep under shingles, into the attic, or along exterior walls.

Visit Our Homeowners Insurance Page

Homeowners Insurance

At Murphy Insurance, we take great care in assessing your options for homeowners insurance to ensure that you receive the most favorable value. Our dedication to serving you entails collaborating with highly-rated insurance providers and conducting comprehensive assessments of available choices. Our goal is to achieve the ideal equilibrium between affordability and coverage that suits your unique needs. Please let us provide you with a customized homeowners insurance quote.