How often to appraise

[VuittonGal]

My friend mentioned to me that her jeweler (or insurance agent--I can''t remember) told her she should have her diamond re-appraised every 2-3 years as prices increase. Her fiance paid about $2,500 for the diamond and she said if she loses the diamond 10 years from now, she won''t be able to replace it with the same quality and size of stone for this amount. Is this true? Should I have my diamond re-appraised every few years? Or is this a stupid question? I''m confused!

 

[Richard Sherwood]

Most insurace companies recommend updating your appraisal every three years, and many make it mandatory every five years.

 

[RockDoc]

I think it would be wise, given the upsurge in precious metal prices, that people at least consult with the appraiser that wrote their appraisals, to ask them if it would be wise to update them.

First I''d ask the insurance company or agent, the question of if there isn''t enough coverage, is their some sort of protection you have in the policy you have. If they won''t pay an amount greater than what it is insured for, then probably the best advice is to contact the appraiser, and ask.


I think this is particularly true for those who have replacement policies, in that you''d want to make sure that you have enough funding in the event of a loss to replace the item.

For those with Chubb As Agreed coverage, there probably is enough coverage with the 50% increased inflation guard even with the metal price increases, if your stone has had an appraisal report in the last 6-12 months.

But if the valuation is older, then best to confer with the appraiser you had for an update.

Rockdoc

 

[jaz464]

Diamond prices go up, just like everything else. So if you loose your diamond in 10 years and still have the original appraisal amount on the ring, you will not get enough money to replace your diamond with the same quality of diamond you had before. $5000 will not buy you the same diamond that $5000 will buy you in 10 years. It will buy you less.

 

[kenny]

Ask an appraiser.

 

[Modified Brilliant]

Some insurance companies are very aggressive with requiring updates periodically. Others are very lax. Check the date of your last appraisal document. I agree with RockDoc and Rich...consult your appraiser if you''re not sure. Appraisers are here to help "You" the consumer.

www.metrojewelryappraisers.com

 

[sfritz]

In general, we recommend that you have jewelry inspected for damage and the values updated every year. We require it every three years. The damage inspection is important to identify a broken prong or weak clasp. By repairing minor damage early on you can help prevent the loss of a stone or the entire piece.

In a volatile market, such as the one we are currently experiencing, you may want to touch base with your appraiser or jeweler in 6-12 months to assure that the values you have for your jewelry are still appropriate.

Sue Fritz
Jewelers Mutual Insurance Company