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

When you “schedule” a special piece of jewelry on your home, condo, or renter policy, it provides additional coverage outside the regular policy limits. It also covers situations such as losing a piece of jewelry that isn’t covered under a regular policy.

To schedule an item, you usually need to have an appraisal that provides a detailed description and the value. Generally, when you buy an expensive piece of jewelry, you’ll receive an appraisal at that time, which along with your sales receipt is sufficient to insure the piece. But, something that we sometimes forget is that the value of a piece of jewelry isn’t fixed. With the skyrocketing price of gold and other precious metals over the last few years, you might be surprised that the value of your jewelry has substantially increased. If you currently have scheduled jewelry, you may find that the insured amount is no longer enough.

A co-worker recently had a gold bracelet repaired that she bought a while ago. She was shocked when they told her how much it was worth now. It reminded me that I’m overdue for having my own jewelry re-appraised and need to follow my own advice.

It’s generally recommended to re-appraise jewelry every four to five years. However, when you see a big increase or decrease in commodity prices, you may need to update appraisals sooner to ensure that your coverage is sufficient. Unless you’ve done so in the last few years, now is a good time to re-appraise your jewelry. Then, talk to us to confirm proper coverage.

Keep in mind. This applies not only to jewelry but any high-value items such as fine art, antiques, electronics, instruments, sports equipment, furs, stamp and coin collections, etc.

Photo: Courtesy of Joy-Den Jewelers