How To Insure Jewellery Correctly.

April 15, 2019 1:37 pm Published by

Owning at least one item of valuable jewellery is relatively common, but so is losing it, damaging it, or having it stolen. From watches and wedding rings to necklaces and bracelets, are you sure you could claim on household insurance if something happened to yours? Not all home cover automatically includes jewellery. Even if it does, the single item claim limits on most policies, usually between £1,000 and £2,000, might be nowhere near high enough.

Wedding rings, for example, are often worth well over the common claim limit of £1,000. So if yours fell off your finger, or was stolen from your home, you might only be able to claim back a fraction of its actual value. If you do own valuable items of jewellery, it’s usually worth specifying what these are to your insurer.

Cover for possessions outside of the home can usually be added as an optional extra, and generally only costs a few pounds more. If you don’t have it included, you run the very real risk of being both upset at losing something you loved, and not being able to afford to replace it.

Try and get up-to-date valuations every couple of years from a jeweller which is accredited by the National Association of Goldsmiths accredited jeweller, and let your insurer know if it’s gone up in value. If you don’t, you might be left out of pocket if you need to make a claim, as gold prices have increased significantly over the years. Whilst you’re at the jeweller, it may be worth checking stones, clasps and settings, and having any damage repaired. This will help prevent the annoyance of a whole piece coming loose and being lost.

It is also worth drawing up an inventory every few years, as it is surprising how even lower value items can soon add up over the years.

Keep valuation certificates and other documentation for future reference, such as dated photographs, purchase receipts and identifying numbers. It could even be worth investing in a safety deposit box.

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