Jewelry Appraisals for Insurance: The What, Why, and How Often

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You spent months finding the most beautiful diamond engagement ring within your budget. Now we’re telling you that you have to face jewelry appraisal costs. What’s the big idea?

That new sporty Civic you’re paying off slowly won’t leave the lot without car insurance. Why should your jewelry? Getting jewelry appraised for insurance purposes can easily be a lifesaver. Did that diamond engagement ring take a trip down the garbage disposal or fall off the bow of a cruise ship? You’re covered.

We’ll tell you about jewelry appraisal for insurance, how often you should get jewelry appraised, and the costs involved.

Jewelry Appraisal for Insurance

The tool you need for insurance is the appraisal. Local jewelry appraisers record the weight, materials, markings, quality and rarity of a gem, and the manufacturing. After documenting the current market dollar value on the ring appraisal you can get jewelry insurance. Why does this matter?
Jewelry insurance helps replace the item if it is lost, stolen, disappeared, or damaged. Typical homeowners insurance, or riders, are much more limited in coverage.

How Often You Should Get Jewelry Appraised

Wouldn’t it be nice to get one appraisal when you first buy the jewelry and never worry about it again? But there’s a good reason jewelry appraisals should be updated regularly. Jewelry gains value! A ten-year-old appraisal might only pay out 20% of the current market value of the appraised jewelry.

Ideally, jewelry appraisals should be updated every two or three years, but certainly no later than five years.

You should also get a new appraisal if your item has been significantly altered. For example, if a gem is swapped out or a piece is modernized with a custom jewelry design. Any change of insurance company or a demand by their policy may require an updated jewelry appraisal.

Jewelry Appraisal for Insurance Cost

The bottom line, the most important fact, how much does jewelry appraisal cost? How much does jewelry insurance cost?

Appraisers may charge hourly or per item. The hourly charge is typically $50-$150. Local jewelry appraisers may charge differently depending on the complexity of a piece.

The Nelson Coleman Jewelers appraisal costs start the first item at $75 with a discount of $65 for each additional item. To update a recent Nelson Coleman Jewelers appraisal is only $25. Prices are always subject to change depending on the complexity of the appraisal.

According to Jewelers Mutual, the cost of jewelry insurance should be around 1-2% of the jewelry’s value. You can check your jewelry insurance rate on their website.

Get Your Jewelry Appraised Today!

Need a jewelry appraisal or have questions? Contact Nelson Coleman Jewelers today, or stop by to visit us at our Towson location!

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