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- 04/07/2025
Update Your Appraisals
Jewelry needs to be reappraised at least ever 4 years.
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!
Nick Springer, current President and CEO of Springer Insurance, joined the agency in 2000. From CSR to telemarketer, Associate Agent, Vice President and now President, Nick worked every possible job in the agency, including janitor while he was in middle school two nights a week!
After taking over for Reta, who retired in 2018, Nick and his wife Shannon have grown the agency to four locations and recently moved the Home Office to a new office condo, still in Midlothian. Over his many years, Nick has attained the designation of a Certified Authority on Workers Compensation (CAWC) and most recently the coveted Certified Insurance Counseller (CIC) designation.
Nick is now heading up the new Springer Private Client Division geared to High Net Worth clients.
