Homeowner’s policies typically only cover valuable items such as jewelry and watches up to a specific amount. For example, if your limit is $5,000, but you have a $15,000 diamond ring, you would be on the hook for an extra $10,000 to replace it. There might be other issues as well, such as whether your policy covers each individual piece of jewelry at a set amount or provides coverage for your entire collection.
At Knight Magee Insurance we encourage our clients to schedule their jewelry and often an updated appraisal will be required.
It would be nice to only need an appraisal when you first buy a piece of jewelry, but the value of that item can fluctuate and the older an appraisal the less accurate it is.
Many insurers will require an appraisal less than 5 years old to schedule your jewelry.
Getting your jewelry appraised is important. We recommend an updated appraisal every three years.