Is Your Jewellery Safely Insured?

Our jewellery is one of the most sentimental items we own. Often given to us on special occasions, it is normally steeped in memories and love. 

So why do so many of us take risks with our jewellery protection?  In truth, many of us don’t realise that we wouldn’t be protected for loss or theft should the worst happen.  Don’t let your precious jewellery slip away: follow these simple insurance tips from your local independent jeweller.

Do you have adequate insurance?

The first and most obvious step towards protecting your jewellery is to ensure that you have adequate insurance in place.  Many people assume that their precious pieces are covered by their household contents policy, but this is often incorrect; depending on the value of the piece, you may need to get a specific jewellery insurance policy, or specify individual items as part of your contents policy.  If you’re not sure of the value of your jewellery, schedule a valuation with your local independent jeweller.

Have you satisfied your insurer’s requirements?

Given the rising cost of precious metals, an up-to-date valuation is crucial.  Not only is it important that you know the value of your jewellery so that you can put adequate cover in place for the current replacement cost, many insurers’ terms insist that you have a valuation at least once every three years.  As part of a valuation carried out at a local jewellery shop, your local jeweller will take photographs, which are often required by your insurer to put the cover in place in the first instance, and which may also be needed in order to recreate a piece should you need them to.  It’s important to speak to your insurers to see if they impose any special requirements when it comes to jewellery and watches.  For example, do you need to keep valuable pieces in a specific safe place when you’re not wearing them?  Should you have the claws and settings of pieces checked by a local independent jeweller on a regular basis?  Your insurer will tell you what is expected of you.

What should you do if the worst does happen?

If you are unfortunate enough to lose one of your precious pieces or suffer a theft, report it to the police as soon as possible.  If you are abroad, report it to the resort you are staying in and the local police, and obtain a crime reference number.  If you use a broker to arrange your insurance, they should be your first port of call; they will help you to present your claim and smooth the process between you and your insurer.  Finally, you’ll need your photos of the piece and the valuation from your local jeweller to be able to settle the claim.  Your replacement piece may not have exactly the same sentimental value as your original piece, but at least an up-to-date valuation will mean that you won’t have lost out financially.