What is Your Jewelry Worth? When Should You Update Appraisals?

What Does “Scheduling” Jewelry Mean?

When you “schedule” a piece of jewelry on your home, condo, or renter’s insurance policy, you get additional coverage beyond the standard policy limits. This extra protection can cover situations like accidentally losing a piece of jewelry—something that wouldn’t typically be covered under a regular home insurance policy.

How to Schedule Jewelry for Insurance

To schedule a piece of jewelry, you’ll typically need an appraisal. The appraisal should provide a detailed description of the item and its value. When purchasing an expensive piece of jewelry, you usually receive an appraisal at the time of purchase. This, along with the sales receipt, is often enough to insure the item. However, it’s important to remember that the value of jewelry can change over time.

Jewelry Value Can Increase Over Time

With the rising prices of gold and other precious metals in recent years, the value of your jewelry might have appreciated significantly. If you have scheduled jewelry on your policy, you may find that the amount it’s insured for no longer reflects its current value.

A Surprising Discovery About Jewelry Value

Recently, one of our team members had a gold bracelet repaired—a piece she purchased a while ago. When she went to pick it up, she was astonished to learn how much its value had increased. It was a reminder of how much jewelry can appreciate over time, and that it’s a good idea to check on the value of your own jewelry periodically.

Ensuring that your jewelry’s insured value is up to date is essential for maintaining proper coverage. It’s generally recommended to have jewelry re-appraised every four to five years. However, if there’s been a significant change in the price of gold or other precious metals, it’s wise to update your appraisal sooner. If you haven’t had your jewelry re-appraised in the last few years, now is a great time to do so. Once you have an updated value, be sure to contact your insurance provider to confirm your coverage reflects the current worth.

Don’t Forget Other Valuable Items

This isn’t just applicable to jewelry. Any high-value items, such as fine art, antiques, electronics, musical instruments, sports equipment, furs, or collections like stamps and coins, should also be properly insured. Regularly updating appraisals for these items helps ensure they are covered in case of loss or damage.

Photo: Courtesy of Joy-Den Jewelers