Here are three tips to share with your policyholders.
- Would I be devastated by loss of the piece?
- Am I afraid to wear a piece because of fear of theft or loss?
- Would I be unable to afford the cost to replace it?
- 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 American recommends that you have your jewelry appraisal updated every two 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 with an appraisal reminder, so you need to keep track yourself.
3. Where do I get my jewelry appraised?