When was the last time you had your valuable jewelry appraised? Whether it’s an engagement ring, a family heirloom, or a fine watch, staying on top of your jewelry appraisals is one of the smartest ways to protect your investment and your peace of mind.
Why an Updated Appraisal Matters
Jewelry values don’t stay the same forever. The price of gold, diamonds, and gemstones can fluctuate significantly over time. If your appraisal is over 5, 10, or even 15 years old, you could be underinsured — which means you may not receive the true replacement value if you ever need to file a claim. An updated appraisal ensures your insurance accurately reflects the current market value of your pieces. This means you’ll get the right amount to repair or replace your jewelry in case of loss, theft, or covered damage.
Could an Updated Appraisal Save You Money?
Here’s something many people don’t realize: if the value of your jewelry has decreased, an updated appraisal could actually reduce your insurance premiums. Since your coverage amount is based on the appraised value, a lower value means it may cost less to insure — putting money back in your pocket while keeping you properly protected.
Are You Relying on Your Homeowners Insurance?
Many homeowners assume their jewelry is fully covered under their standard homeowners insurance policy, but that’s not always the case. Most home policies cover personal property up to a certain limit, but they typically have a sub-limit for jewelry, which can be as low as $1,000.
This means if your $10,000 ring is stolen, you might only receive $1,000 — and that’s before your deductible applies.
Additionally, if your jewelry isn’t specifically scheduled (listed) on your policy, losses like mysterious disappearance — when a piece simply goes missing — often aren’t covered at all.
Schedule Your Jewelry for Better Protection
To ensure you have the right coverage, talk to your insurance agent about scheduling your valuable jewelry on your homeowners or renters policy. This often provides broader protection, including coverage for mysterious disappearance, and eliminates your deductible for jewelry claims.
Protect What Matters Most
Your jewelry holds not only financial value but also sentimental meaning. Don’t leave its protection to chance — make updated appraisals a regular part of your insurance plan.
Need help reviewing your current jewelry coverage or finding a trusted appraiser? Contact our office today. We’re here to help you make sure you’re properly covered, no matter how much your treasures are worth.
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