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?
While not required, we strongly recommend you visit your jeweler for an updated appraisal every two years. Jewelry fluctuates in value over time due to changing market conditions. If something happens to your jewelry and your appraisal is outdated, your item may be insured for less than its replacement value.
If you choose not to get an updated appraisal, Jewelers Mutual offers a service called an "Insurance Value Adjustment" (listed as “IVA” on your policy) which can automatically increase your coverage limits based on an estimate of how much it would cost to repair or replace your item in today’s market.
While we do our best to determine the right amount of coverage in a changing marketplace, we can’t guarantee it will be enough. Some states may even limit the amount of IVA we can apply in a year. That’s why we recommend reaching out to your jeweler, even after an IVA, to determine your item’s value.