We have all heard the stories from our parents about how in “their day” things were much less expensive. According to the Consumer Price Index, since 2002 the cost of goods has risen 19.8%. Everyone has noticed that prices have gone up but, what does this mean for your jewelry?
This means that your Jewelry pieces may be worth more than when you purchased them. When adding those jewelry pieces to a policy we use the appraisal to tell us how much the piece is worth and how much coverage we need for it. So, if your pieces have not been appraised in the last five years, you may not be adequately covered.
The value of diamonds has steadily risen in the past years. A diamond’s value is based on the weight, color, cut and clarity. Although some diamonds may weigh more, the factors above determine the value. Gold has lost some value in the last few years but is still worth $1,215 per ounce!
Say one day you look down at your hand and the diamond engagement ring that your husband gave to you was gone. You put the claim in and find out that your piece hasn’t been appraised in ten years and insurance company is only giving you what the piece was valued at during the last appraisal. Now not only are you going through the emotional trauma of losing the ring but, now you are only getting a fraction of what it’s worth.
Getting your pieces appraised does have a cost to it but it gives you the peace of mind that if you have a loss that you will be full covered. We, at Quincy Insurance are always looking out for you! If you have any questions about when our records show your last appraisal was, please call out office at 781-431-9600!