Annual Appraisals + Insurance

[vashts85]

Hello,

My fiance's ER is currently insured with Jewelrer's Mutual (JM). My fiance was wondering if it would be a good idea to do an annual appraisal of the ER should anything ever happen to the ring and we to need to file a claim with JM. Now nothing on the policy requires this specifically, and I spoke with the people at JM and they didn't mention any requirements but suggested that having appraisals every now and then is a good way to ensure your policy is up to date and your jewelery's value is properly reflected in the policy.

I guess what I am wondering is if anyone has had a real experience with JM (or another jewelry insurer) and what their appraisal situation was. Were you getting an appraisal every year or every years or something? Was that of any help when filing the claim and dealing with the insurance company?

Should I be even bothering trying to think of doing an appraisal every year, or is that just a crazy idea?

 

[centralsquare]

In general, I don't think you need to do it every year. But, given how diamond prices have increased substantial, it's a good idea to think about getting is appraised to ensure the amount you are insured up to is current. I had to increase my insured amount earlier this year. But if prices are stable I don't think you need to do it every year.

 

[diamondseeker2006]

No, unless there is an unusual increase in prices, I definitely would not do a yearly appraisal. Maybe every 5 years. Appraisals are often inflated anyway, so there is some time before the appraised amount is inadequate to cover a replacement.

 

[vashts85]

Thanks guys, I appreciate all the great info!

 

[risingsun]

I upgraded the center stone of my e-ring about a year ago. There have been several hikes in diamond prices since them. I did have it reappraised this for replacement value. I was shocked at the increase. I went over all of my pieces with my jeweler and he helped me decide which ones needed a reappraisal. I check in with him periodically to find out if a new appraisal is necessary. That seems to work best for me.