How often are you updating appraisals?

[winnietucker]

My JM premium is due soon and it dawned on me that the last time I got my ACA appraised was pre-kids (so at least 3.5 years ago).

How often are we supposed to be doing this?

 

[Karl_K]

I check values a couple times a year to make sure we are covered,
If your values are good and your checking your prongs 5 years is fine or when insurance company asks for one.
A lot of people dont bother unless required to do so,
The key is keeping up on values,

 

[MissGotRocks]

My JM premium is due soon and it dawned on me that the last time I got my ACA appraised was pre-kids (so at least 3.5 years ago).

How often are we supposed to be doing this?

Look at similar diamonds on WF to see the current pricing. If it has changed significantly, you might want to consider a new appraisal.

 

[winnietucker]

I check values a couple times a year to make sure we are covered,
If your values are good and your checking your prongs 5 years is fine or when insurance company asks for one.
A lot of people dont bother unless required to do so,
The key is keeping up on values,

Look at similar diamonds on WF to see the current pricing. If it has changed significantly, you might want to consider a new appraisal.

I should be fine then! Values have actually gone down since I bought it so I’m safe.

 

[whiterabbit]

Sorry for my ignorance, but where is the best place to check values for an old cut stone?

I think it's an old mine?

 

[MissGotRocks]

Sorry for my ignorance, but where is the best place to check values for an old cut stone?

I think it's an old mine?

Old cuts are a bit trickier and I would suggest you have an appraisal done if you have not already done so. You could look at some of the old cut sellers but still couldn’t know if you were comparing apples to apples due to the make of the diamond. Do you have any information on it?

 

[whiterabbit]

Old cuts are a bit trickier and I would suggest you have an appraisal done if you have not already done so. You could look at some of the old cut sellers but still couldn’t know if you were comparing apples to apples due to the make of the diamond. Do you have any information on it?

I did get an appraisal from the seller after I purchased it. (It's just in the safe lol.) This is what I used for my JM policy on it. Next year will be five years on and I hadn't considered before what I might need to do. Would I have her re appraise if they want a new one? She is in the UK, and I am in the US. New to this, sorry. This was the first piece I've ever insured.

 

[MissGotRocks]

I did get an appraisal from the seller after I purchased it. (It's just in the safe lol.) This is what I used for my JM policy on it. Next year will be five years on and I hadn't considered before what I might need to do. Would I have her re appraise if they want a new one? She is in the UK, and I am in the US. New to this, sorry. This was the first piece I've ever insured.

You need to check with JM. I am assuming if you wanted to up the value of the ring, they would want a new appraisal to back up the figure. You can always go to a new appraiser.

 

[oldminer]

There is no fixed time to put on re-evaluation. You can have one item remain stable while another one goes up and yet another goes down. Having a small cushion of over-valuation is okay, but under-insuring creates replacement problems.

If you purchased a Lab diamond a few years ago, then you might save considerable money to have someone go over the valuation now. If you bought South Sea Pearls some years ago, you may find quite a difference in their current value.

Mined diamonds have been altered in price over the past several years, too. I think a slow upward movement may have begun. but things are tentative as the market size is smaller.

Obviously, items made with gold have greatly increased in recent months. The heavier items that are more likely to be insured need updating if the appraisal is not recent. The market today is 33% higher than it was the same date last year and about 60% more than 2 years ago. That's a large change.

 

[tyty333]

I did get an appraisal from the seller after I purchased it. (It's just in the safe lol.) This is what I used for my JM policy on it. Next year will be five years on and I hadn't considered before what I might need to do. Would I have her re appraise if they want a new one? She is in the UK, and I am in the US. New to this, sorry. This was the first piece I've ever insured.

It is best to get an unbiased appraisal (not from the person who sold you the stone). Although her appraisal might be correct,
there is room for over-inflation of the value (to make you feel good...like she gave you a great deal).

Like @oldminer said, having a small cushion of over-value is good in case prices go up before you do your next evaluation. However,
highly inflated appraisals just lead you to pay more for insurance while not getting the value back if the item is lost. So, its somewhat
of a fine line you have to walk.

You can check for appraisers near you at this link...

Appraisers Archive

Ask for an insurance appraisal and not an over-inflated feel-good appraisal. (A good appraiser should be giving you this without
you having to ask IMO).

 

[EllieTO]

Can I piggy back on this thread with a related question? I just added my new VC ring to my JM policy in April. My policy is due for renewal in July, and they automatically increased the valuation of all my rings, including the VC one that's only a couple months old, by 4%. I'm planning to call and ask them to reduce it back to the value on the appraisal, but I'm wondering if this is standard practice for JM. No one else in this thread mentioned that JM increases the valuation automatically every year. It's not a big deal right now, but annual increases, especially compounded, will get significant in a few years.

Question #2. I have a rare Tiffany ring that is now retired. Obviously I couldn't go buy another one if something happened to this one, I couldn't even find one in resale. How would the insurance work in this case? I will ask them this question too, but I would appreciate any insight from this forum.