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 If something happens to your jewelry and your appraisal is outdated, your item may be insured for less than its replacement value.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.
What is an appraisal?
An appraisal is an estimation of retail replacement cost, usually provided by a jewelry professional.