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Update Your Jewelry Appraisals & Insurance Coverage

All the news over the past year (or three) about the skyrocketing price of gold and silver has probably gotten your attention. Maybe you have a few pieces of jewelry you no longer like (or perhaps an earring that has lost their bud) and are considering selling. It’s natural to try to get a little more out of your stuff, especially if you don’t use them anymore.

One thing that some people, ourselves included, tend to forget to do on a regular basis is get our jewelry appraised to ensure our insurance coverage is sufficient. As gold and silver prices rise, you may discover that your insurance coverage is no longer enough to cover your valuables.

I would recommend getting your jewelry re-appraised every four or five years, unless you’ve seen a big run-up in commodity prices. With precious metals becoming more valuable as of late, now is a good time to re-appraise your jewelry unless you’ve already done so in the last few years. The easiest way to check is to review your appraisal paperwork to see when it was done and how your piece was valued. If you it was appraised last year, then the higher commodity prices were used. If it was done ten years ago, you might want a refresher.

While you’re at it, you should be regularly updating your home inventory [3] too.

(Photo: ljv [4])