Jewellery is like ice-cream. There’s always room for more! Your jewellery is precious, not only because of its monetary value but because such treasured items often have a story to tell – a story intimately connected with your life. Adding in the sentimental value that often comes attached to jewellery, it can be emotionally and financially devastating if an item is damaged, lost, or stolen. Make sure your jewellery is correctly insured and should you suffer a loss, that your claim will go through and the process will be a smooth one to recoup your loss.
What Does Jewellery Insurance Cover?
The actual coverage under insurance for jewellery varies from policy to policy and company to company. In many cases, jewellery insurance will cover certain damage, loss, or theft of jewellery. These terms will all be listed out in the fine print of any insurance policy, so read your contract carefully and ask your insurance provider as many follow-up questions as necessary to clearly understand everything.
What you will need to insure your jewellery:
- The original receipt: We know, your antique 1950s sapphire eternity band didn’t get passed down with one. But if you did receive one with your purchase of a more contemporary piece of jewellery, make sure to keep it in a safe place.
- Photos: Usually, these are included in the valuation (below). Nonetheless, photograph all your jewellery for your own records.
- Valuation certificate: You will need a valuation certificate that verifies the size, specifications, diamond grading (if there is a diamond), cost, and the purchase price of each piece of jewellery. All this information will be summed up in a formal assessment. Also, make sure the valuation certificate is up to date.
- Keep your jewellery in a locked safe when not worn – Try to keep your jewellery in a locked safe if you are not wearing it. Some insurance companies have this as a requirement in their policies. If an insured piece of jewellery is left on the bedside table and the item is lost or stolen, there may be no cover.
- Insure before you leave the store – Make arrangements with your broker so that when you leave the store, your purchases are already covered.
- When on holiday, be extra vigilant and lock your valuables away – travellers are often targeted by criminals as people often let their guards down when in a relaxed holiday mode.
- Personal safety always comes first – just like hijackings, the likes of Rolex gangs and criminals targeting people in their driveways and homes after following them from a public place to steal their jewellery is an unfortunate reality. If you are confronted by a criminal don’t try to hide or conceal any items just give your items over as your life is far more important.
Speak with your insurance broker who will assist you with insuring your jewellery and they will explain the terms, conditions and any exclusions that may exist on your insurance policy.