Jewelry owners should update their appraisals every two to three years to ensure accurate insurance coverage. This is because replacement values can change over time, and outdated appraisals may not reflect the current value of the piece.

Why Update Your Appraisal?

Updating your appraisal is crucial to avoid being underinsured or overinsured. If your appraisal is outdated, you may end up paying out of pocket for a replacement or repair when making a claim.

Factors that can influence how often to appraise jewelry include changes in market conditions, upgrades to the piece, or requests from your insurance company. For example, if you upgrade the gemstone quality or invest in more expensive metals, you should get a new appraisal to reflect the updated value.

How to Determine if Your Appraisal is Outdated

There are several signs that your appraisal may be outdated. These include changes in market conditions, upgrades to the piece, or requests from your insurance company. If you inherit an older piece that hasn’t been appraised in a while, you should also consider getting a new appraisal.

A reliable frequency for updating your appraisal is every two to three years. However, you should get a new appraisal sooner if something significant changes about the jewelry or its replacement value.

Original reporting: El Paso News (HLL/CB) — read the source article.