Jewellery Appraisal For Insurance

[EcclesCake]

I need to get a new piece of jewellery appraised for it to be added to our household insurance.

I'm wondering if I should get other pieces reappraised at the same time as it is pushing ten years since they were last valued.

Is there a rule of thumb for how often valuations should be made?

[mazie]

From the internet Eccles

"How Often Do I Need to Have Jewelry Appraised?

You may think that if you get your jewelry appraised immediately after purchase you are set for life. However appraisals are only valid for a limited period of time. The reasons jewelry needs to be appraised every few years include:

Jewelry markets can be volatile and prices for certain stones change from year to year. You will want to have up to date information.
As the inflation rate changes the values of your jewelry may change. Again up to date information is necessary especially for insurance purposes.
Any damage to your jewelry may impact the value. If you are passing jewelry on to beneficiaries and want to divide equitably you will want to verify the condition has not changed.
The Insurance Institute of America recommends that you have your jewelry appraisal updated every 2 years. If you are insuring your jewelry you will want to check your specific insurance policy to find out how often they require appraisals. It is unlikely they will provide you an appraisal reminder so you will need to keep track yourself.

For estate planning or insurance replacement appraisals of your jewelry"

Here's the link......http://ambappraisal.com/blog/often-need-jewelry-appraisal/

[MargoTester]

Check your insurance policy. Our's states that single items under £4000 do not need to be itemised separately. I have the old valuation on my jewellery and no single item is over that sum. I have all the receipts and so have photographed them all as a record.

[EcclesCake]

Thanks Mazie, I've been trying to find some British recommendations for frequency. Every two years sounds way to often when you take account of the cost for appraisals!!!!!! I'm a tightwad you know!

Margo, my items are itemised, I'm just wondering when I should review the valuations.

I might just splash the cash and get the whole lot done in one go.

[EcclesCake]

Any thoughts from the early evening crowd?

[JackDanielsU]

Where I work our underwriters say a valuation cant be more than 5 years old...but they dont insist on seeing an updated certificate, so once its on the policy its there. I believe its up to the policy holder to increase the values as and when they want / need to.

also sometimes they may add a clause such a stone examination one where you need to get it checked annually to ensure the setting is still secure.

10 years is probably time to get them looked at again..just for piece of mind as well

[EcclesCake]

Thank you JackDaniels, most helpful.

I hadn't thought of the setting, a very valid point.

[Ianvaluer]

As a retired jewelleryvaluer with over 40 years jewellery trade experience, my advice has to be get it checked every 3 to 5 years. As stated previously, claws, settings & mounts can wear out or get thin & wear & tear is rarely coved by insurers so could be your liability if a partial loss occurs. If you get a decent valuer (appraiser in some countries) checking & updating is often done at reduced rates, check out Jewellery Appraisers of the World for independent respected & qualified valuers. My recommendation is; Do not go to buyers & sellers of jewellery, they may not necessarily understand all the ramifications of Jewellery Insurance law in your particular country, For lower value items, get a newspaper showing the date & photograph your items close up (& in focus) & store them safelly away, if you can show a ruler or a coin (for scale) then even better, dont keep them on your phone pop them on a memory stick somewhere safe. I have dealt with hundreds of claims & found insurers are usually fair but stricct, just think about 20 or 30 pairs of earrings, brooches & dress rings at about £50 to £100 each & not being able to prove ownership.

[barry1010]

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