Jewelry Insurance Tips: Appraisals, Documentation, and Protection

Do you have a jewelry collection, or a few pieces that are irreplaceable to you? How often do you get these items appraised? It’s extremely important to not only insure these valuable pieces, but to also have them appraised on a regular basis. Most items on a policy depreciate over time, but jewelry can increase its value throughout the years! Because of this, you want to be sure you are regularly updating each piece of jewelry’s value on your policy.

“A jewelry appraisal is a document written by a professional gemologist that describes an item, assesses its quality, and assigns a value to it.” The gemologist will include descriptions about the visible, measurable, and analyzable facts such as: weight, materials, and markings. They may also include points on quality of the stone or rarity. Jeweler of America suggests these points when searching for a reputable jewelry appraiser:

1. Ask for certification- they should be certified by a respected national appraisal organization
2. Ask for credentials- they should have a Graduate Gemologist diploma (GG) from the GIA or its equivalent
3. Ask about continued education- like most certificate or license holders, gemologists should practice continuing education to keep up to date on the latest issues in the gemological world
4. Ask about experience- the wider range of experience and appraiser has, the more knowledgeable they tend to be

Most jewelers recommend getting your items appraised every two years. Again, jewelry can appreciate in value so it is important to make sure these appraisals are up to date with your insurance agent. Here are a few tips to keep your jewelry collection protected:

1. Create an inventory of your items
2. Keep all documentation for each item (bills of sale, appraisal reports, etc.)
3. Check and double check your insurance policy at each renewal to be sure all of your items are accounted for and protected- at the correct value!

Widener Insurance Agency is here to help you make sure your most precious valuables are protected!