How often should I update an insurance appraisal?

Many appraisers and insurers suggest reviewing insurance appraisals every few years, and sooner for items whose markets move quickly, such as gold and silver jewelry, certain artists or popular collectibles. If metal prices or market demand shift a lot, an old appraisal can leave you underinsured or paying for coverage you do not need.

An update is often less work than the original appraisal, since the item is already documented. Some appraisers offer reduced fees for updates on items they previously examined.

Check your policy and ask your insurance agent what they require. Some companies set a specific age limit for appraisals, while others leave it to the policyholder. Updating after major life events, like a move or remodel, is also a good habit.