How does a jewelry appraisal for insurance work?

What information should a jewelry appraisal include?

According to our friends at Lavalier, an insurance appraisal for jewelry, such as a ring, necklace, etc., should include:

• Your name and address (or whoever owns or will own the item)
• The name and address of the appraiser (e.g., the jewelry store)
• A description of the item, including the weight, carats, types of stones, serial and model numbers, and more
• How much it would cost to replace the item (based on the market value of similar items)
• The signature of the appraiser and their printed name
• Date of appraisal

Your insurer may also require photos of the item, and the appraisal itself may need to be dated within a certain number of months of when your coverage starts (with Lavalier the appraisal must be no more than 12 months old).

How often should you get your jewelry appraised?

You should have your jewelry appraised every few years, though your insurer may have their own guidelines for how often you should have it done. Appraising your jewelry periodically ensures you have enough coverage to repair or replace your insured pieces since their value may fluctuate over time. It also ensures that your coverage is priced accordingly.

If you don't get your jewelry re-appraised, then your insurer may apply an insurance value adjustment which raises or lowers your coverage based on the item's estimated repair or replacement cost.

Does all insured jewelry require an appraisal?

No, most jewelry insurance appraisals are for items worth considerably more than the average item. For example, Lavalier requires an appraisal for jewelry items worth $5,000 or more. Items worth less than $5,000 just require a receipt detailing the metal, types of gemstones or diamonds, carat weight, and quality of the item.

Where can I get a jewelry appraisal?

You can find a qualified jewelry appraiser at your local jewelry store or find a professional through the National Association of Jewelry Appraisers and the American Gem Society. Once you have an appraisal, submit it to your insurer when you add your item to your jewelry or homeowners insurance.

How much does a jewelry appraisal cost?

According to The Knot, an appraisal may cost anywhere from $75 to $150. However, the cost may vary based on the appraiser, the item to be appraised, and other factors.