What is an appraisal?
An appraisal is an estimation of retail replacement cost, usually provided by a jewelry professional.
Do I need an appraisal to apply for insurance?
No, in most cases you do not need an appraisal or detailed receipt to start coverage. In some cases, we’ll reach out for documentation to start your policy.
But you will need an appraisal or detailed receipt if you file a claim. To make things easier for you in the future, it's best to submit this as soon as possible.
If you don't have a recent appraisal on file with us, your item's value will be automatically adjusted over time. We do this to account for fluctuations in market values. See “Will my ring change in value over time?” for more information.
Do I have to send my jewelry to you for an appraisal?
No, we do not appraise jewelry in-house. You can get an appraisal by visiting your jeweler of choice or any other trusted appraiser.
How do I find a professional appraiser?
We recommend visiting the GIA website to find a jeweler that’s GIA certified. You can also ask family and friends who may have a trusted jeweler they would recommend.
How frequently do I need to get an updated appraisal?
We recommend that you visit your jeweler for an updated appraisal every two years, but it’s not required.
The market value of your jewelry changes over time, while the amount you’ve insured it for stays the same if you don’t send us an updated appraisal.
Jewelers Mutual Group specializes in jewelry and understands the jewelry market. If we don’t have a recent appraisal on file, there’s a yearly system in place to help make sure your coverage reflects changes in market values. You might see this listed as "Insurance Value Adjustment" or "IVA" on your policy. It's basically a percentage increase in your coverage limit (and your premium) that's meant to keep you from being underinsured.