1. A sales receipt won’t do

Insurance companies won’t accept a receipt of purchase as a legitimate measure of value. It doesn’t matter how much you paid for your jewelry. When writing a policy or paying a claim, the insurance company relies on the actual appraised value, not the cost.

  1. The insurance company might require updated appraisals

Even if your insurance company doesn’t require regular appraisal updates, you might want to get them anyway.

  • It’s the best way to make certain you are insuring your jewelry to its proper value.
  • If the market prices of precious metals, diamonds, and fine jewels rise or fall, it could change the value of your jewelry.
  • Vintage, antique, and collectible jewelry styles go in and out of favor, causing the values to go up or down.
  • Values rarely remain constant, and your policies should change accordingly.

Ask your agent or underwriter about insurance policy appraisal guidelines.