
Jewelry usually appreciates!
Nicholas Springer
If you have jewelry scheduled on a home policy, you really need to update your appraisals! Most insurance companies suggest that your valuables are re appraised every four years because precious metals tend to fluctuate, hopefully in the right direction.
For a while now, gold has been stagnant and has stayed pretty flat. However, just recently, it has started a move past $3,000 per ounce. This means that your $5,000 gold ring is worth a lot more than it was last year.
One thing to remember about Scheduled jewelry is that it does not increase automatically like your other coverages. The only way to increase it is to ask for it to be increased and depending on the value, might require a new appraisal. While an appraisal may cost $50-100 per item, it sure beats losing out on thousands of dollars at time of loss!
When in doubt, call your agent!