jewelry insurance. coverage gone up .is it normal?

[flower12]

Hi! I 'd like to know that it's normal .
I have my ER insured. at bigining, the price of based of what I paind ( also I all paper work from appraiser , the cost is almost same as what I paid )
it's has been same insurance company for past 8 years.
but my coverage gone up evey year. now 15K more than original recipt price.
I thought the coverage is based on original cost.
but is it nornal that insurance company raise up the coverage by thier decision?
please tell me that if your coverage gone up high?

by the way the insurance rate is not much diffrent, only 0.1% up.
thank you very much for reading.

 

[distracts]

Coverage isn't based on original cost except at time of purchase. It is based on the cost it would take to replace it. Diamond and metal prices have both gone up in the past eight years. Some insurance companies automatically adjust, which it sounds like yours does, others do not. 15k does seem excessive, but you can get your set appraised for a basic retail price and insure it for the appraisal amount.

 

[denverappraiser]

It’s fairly common for insurance companies to add an automatic increase of policy limits each year, presumably to offset inflation. They will also routinely ask you to get a piece reappraised every 3-5 years which will reset the whole thing to the new appraised value. The premium is based on the declared value limits, coverages chosen etc. as well as your address and your claims history. They may be increasing the limits while applying a discount for your good claims history.

 

[flower12]

Hi! distracts. thank you very much for your reply.
now I understand weill.

hi!enverappraiser
thank you very much for your reply.
I haven't get new appraise at all. maybe I need one.
>discount for your good claims history
ummm maybe I 'd better ask about it because I never claim any even other insurance home, car etc.
also I am living very safe town not far from the police station and there is 4 fire department whitin 2 mile.