Price to update appraisals?

[atcekg]

I have 9 various pieces needing updating for insurance purposes. My jeweler appraised all the jewelry within the past 4 years. Is $300 a reasonable price to update this jewelry? I''ve balked at the price because my jewelry insurer may want updates every few years and I''m not thrilled about paying $300 just for updates. The insurance alone is $300/year.

Any suggestions, opinions, etc? Anyone know what an "update" entails?

Thanks!
Elizabeth

 

[claimsjeff]

Inspected or Appraised? I will defer to the appraisers on line to answer the cost question. One thing to check with your insurer is if they are asking for an actual updated appraisal every few years or simply inspections. An inspection is simply to verify that prongs are tight, clean the items, look for wear, look for damage, etc....and while it''s there they can verify if the old appraisal looks in line. In many situations there is no cost for an inspection especially if you go back to the original jeweler. Each company has different underwriting guidelines on how often it needs reappraised and/or inspected.

Thanks
Jeff Mills
Vice President Claims
Jewelers Mutual Insurance Co.

 

[atcekg]

I need an updated appraisal because I''ve moved and switched insurance and the new insurer needs appraisals less than 1 year old. I hadn''t thought of an "inspection," I suppose maybe the insurance company would be okay with that as an update.

 

[smappraisal]

Hi Elizabeth,
I''d like to offer you my opinion with regards to obtaining strictly an update as opposed to a re-appraising of the pieice. Assuming that the condition of the piece has not changed since the original appraisal and by extension the description of the piece on the original appraisal does not need modification, an update can be as simple as changing the date on the appraisal, adjusting the valuation dollar amount if that is the case, and reprinting the page. Perhaps an address has changed, but the point I''m making is that in the case of most appraisers, the original work is stored on a computer disc/data base and it''s a matter of retreiving that information and making the changes to an original. The time/work outlay is not great in that case........not like in years gone by where the jeweler had to handwrite the appraisals and then perhaps handwrite them again.
So then, how much should this update cost? Obviously prices vary from jeweler to jeweler, market area to market area. You must decide whether you are willing to pay the price that has been asked. However, I''ll give you the benefit of my experience as a retail jeweler for 12 years.
Under the scenario I described above, if a person was a previous customer, and I had done the original appraisal work, and all that was needed was an "update" to satisfy an insurance company, I would ask 15-20 per piece and feel comfortable with that quote.
One more thing. An insurance company is most likely not to contact you in another 3 years to advise you to update your appraisals. An agent may suggest that,if it happens to get noticed, but the undewriters of the policy probably will not, unless the items are of very high value.
Hope this information helps you. Best wishes.

 

[Richard Sherwood]

I charge 40% of the original price on appraisals which I update.

That's only on work which I have done previously. I don't update other appraiser's work, but rather do it again myself, charging full price.

Depending on the complexity of the pieces, $300 for nine pieces sounds like it's probably fairly reasonable.