When it comes to jewelry, having an up-to-date appraisal is crucial for insurance purposes. Experts recommend updating your jewelry appraisal every two to three years. This ensures that the appraisal reflects the current replacement value of the piece, which can change over time due to market fluctuations.
Why Update Your Appraisal?
An outdated appraisal can lead to inaccurate insurance coverage, which can result in financial losses if the piece is lost, stolen, or damaged. For example, if a ring was appraised at $5,000 a few years ago but now the cost to replace it is $7,500, an outdated appraisal could leave the owner $2,500 short at insurance claim time.
Factors that can influence how often to appraise jewelry include changes in market conditions, upgrades to the piece, and requests from insurance companies. If you inherit an older piece that hasn’t been appraised in a while, it’s also a good idea to get a new appraisal.
How to Choose an Appraiser
When it’s time to update your appraisal, you can choose from a local trusted jeweler, an independent professional jewelry appraiser, or an online appraisal services provider. The key is to find a reliable and experienced appraiser who can provide an accurate assessment of your jewelry’s value.
Original reporting: KTVZ (Central Oregon) — read the source article.
