Do I Really Need A Jewelry Appraisal? | BriteCo Jewelry Insurance (2024)

FAQs

Do I Really Need A Jewelry Appraisal? | BriteCo Jewelry Insurance? ›

Yes! Nearly every jewelry insurance policy requires an appraisal to determine the proper amount of coverage needed for a like kind and quality replacement should a loss occur.

To have your jewelry insured you need an appraisal. surance helps to replace the item if it gets lost, stolen, damaged, or if it disappears. You have two options when it comes to jewelry insurance. You can add it to your current homeowners or renter's insurance through a rider.

If something happens to your jewelry and your appraisal is outdated, your item may be insured for less than its replacement value. To ensure your jewelry is covered for the right amount, we recommend you visit your jeweler or appraiser every two years.

The truth is, most of your jewelry is likely very special to you. An appraisal is the only way to document the value and description of your jewelry should anything ever happen to it. Buying a piece of jewelry without having an appraisal done is like purchasing a pre-owned vehicle without a CARFAX certificate.

Insurance agencies almost always require an appraisal of the jewelry before insuring it. They typically work with their own jewelry services to determine policy plans, in addition to the appraised value you provide from a professional appraiser.

Rates depend on where you live, but for most people, jewelry insurance will cost 1-2% of the value of your jewelry. For example, a $5,000 engagement ring could cost as little as $50 per year to insure.

It's best to make sure your most valued items are covered. Once you know how much your jewellery is worth, you can check that it's insured for the right amount. To do this, you'll need an accurate value for each piece you own. This will make sure you are covered for the full cost to replace them.

At what ring price should I insure my engagement ring? In general, we recommend engagement ring insurance if your ring costs $3,000 or more. Why? You want to protect a significant investment and avoid financial stress should something happen.

Jewelers Mutual

In many cases, annual coverage from a specialty insurer costs 1% to 2% of the jewelry's value. Jewelers Mutual says this means a $5,000 engagement ring could be covered for $50 a year. The company says its deductible options include zero, $100, $250 and $500.

Some people let a few years go by, while others prefer to do it every year. Typically, getting jewelry appraised every four to six years should keep your papers updated on the actual cost of your valuables. But it's also a good idea to get them appraised when the market is undergoing extreme changes, such as now.

How do you know if the jewelry appraiser is trustworthy? ›

In the jewelry industry, it's standard for appraisals to be inflated, usually at 100% above the retail value. In other words, the appraisal doesn't represent the true value of the diamond ring.

Descriptions usually cover the visible, measurable and analyzable facts about the item (weight, materials, markings). Most jewelry appraisals also describe subjective features such as gemstone quality, relative rarity and overall quality of manufacture.

Understanding Appraisals

In the jewelry industry, most “insurance appraisals” are given values of approximately 100% above retail value. These appraisals are inflated, and do not reflect the true value of the diamond.

We recommend taking the piece to a jeweler to be tested. They will have professional tests that will determine whether your jewelry is real as well as the purity of the metal itself. A certified appraiser will be able to provide the value of the piece as well.

No, in most cases you do not need an appraisal or detailed receipt to start coverage. In some cases, we'll reach out for documentation to start your policy. But you will need an appraisal or detailed receipt if you file a claim.

Some insurers require that jewelry be appraised every year. For those that don't, getting appraisals done with some regularity (such as every few years) can help ensure that your jewelry is accurately valued in relation to changes in the market.

The value of your jewellery can change and so it may be worth items valued every two to five years. This is particularly important if you want your insurance to remain valid, as some insurers will state that you need a valuation every so often to maintain cover.