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.
What is an appraisal?
An appraisal is an estimation of retail replacement cost, usually provided by a jewelry professional.