Old Valuations

[Beautiful-disaster]

I was wondering how often people update their valuations for insurance purposes?
Is there a usual predicated time that they are good for? (Like 3years for instance) and then you need to update...
Has the value of your jewellery ever gone down?
Had it ever substantially increased?

We had a valuation done when we bought my ER but that was in 2004 (16yrs ago -wow) - is it worthless now? (The valuationnot the ring - lol)

Wondering if I should get another one done for my ER when I get the sapphire valuation.
Do you even bother with valuations unless you are going to sell or insure?
I would like to think if I was mugged I could my ER replaced and a friend recently had the diamond fall out of her ring when on a holiday so now I’m paranoid.
Also the jeweller who made my ring and gave me a life time guarantee that he would replace any of the diamonds if they ever had an issue or got lost (bar the centre diamond) .... just retired and the business closed.
(Don’t know why this wouldn’t occur to me that it would happen - obviously life time guarantees are only good for the life of the person who gave it to you .... not your lifetime lmao).
I figure it’s not worth doing again if it’s just going to say the same thing ... but will the insurance company accept a valuation that is so old?

 

[Ally T]

Definitely get a new appraisal. If for example, your certificate was 15 year old & stated a value of $2,000 & you lost the ring, you would only get $2,000 when actually, all these years later, it might be worth $10,000.

I know in my case, that my solitaire has increased by just over £8,500 in the years that I've had it, thanks to regular appraisals. It hardly ever leaves my finger, but it's nice to know that if anything did ever happen to it, I could source something similar without being out of pocket.

 

[LilAlex]

Know that a higher appraisal just gives you the privilege of paying a higher premium. Each company is different but if the pieces are already "scheduled" -- individually added to a policy -- the appraised value will not change unless you change it. I have never heard of them prompting you to get something re-appraised.

It's easy for diamonds because, like cars, a few numbers and letters can sum them up pretty well. It's tough for a sapphire or ruby or antique piece.