The following is a brief guide to help you review your insurance policy, and make sure you adequately cover your items of jewellery by taking out the right policy. Advice and helpful tips are also included with regards to lost or stolen jewellery.
Jewellery items are usually covered by contents insurance policies. These policies provide you cover for the contents of your home against any misfortunes that may occur.
However Household Contents insurance policies are often not enough to rely on against theft of jewellery from your home. There are a wide range of insurance policies available that could better suited to your needs. These vary from the basic and inexpensive cover options through to policies that offer generous cover against nearly every type of loss.
A personal Possessions policy, also known as an All Risks policy, is a good idea as it covers all types of theft and accidental losses. This type of cover also provides cover for your jewellery for the following situations;
- Inside your car, if it’s kept in a glove compartment or locked in the boot
- Anywhere in the UK
- When it’s being worn or carried outside your home
- Anywhere globally for up to a specified period.
Any queries or questions regarding jewellery insurance are best discussed with your insurance company or broker, who will be able to provide you with the best advice and make certain you have adequate cover in the event of a claim
Value Of Cover
It is important to remember that your Standard Personal Possession policy, as with most insurance policies, will have a high value limit above which items must be specifically declared and insured. This is normally around £2500 but policies can vary so make sure you check.
A written valuation form a reputable jeweller will also need to be provided for any high value items when taking out cover, which should include an exact specification of the item, its stone setting, gold setting, and diamond colour, clarity and carat. This valuation should be signed and certified.
For even higher valued items (£7500 or more) special warranties may be added by the insurers, e.g. the safe keeping of your jewellery items in the surroundings of a burglar alarm.
Remember to have your jewellery be re-valued at regular intervals, e.g. every 18-24 months, as insurance companies will only pay out the value that was stated on the last valuation for specified items, and if looked after properly the value of your jewellery could rise over time.