Jewellery Insurance: What You Need To Know

If you have an expensive piece of jewellery or are going on holiday, you need to know if your prescious jewellery is insured properly to avoid any problems if anything should
happen to it while you’re away.

This is even against theft if you are leaving it at home…

Insurance for jewellery

Get your expensive and prescious jewellery insured

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Jewellery valuations and appraisals:insure your precious pieces before you leave home to go on holiday

“Jewellery theft is relatively easy: small things slip into a thief’s pocket and many of us, convinced it won’t happen, leave precious things lying around or in obvious places. It can even fall off when we’re out shopping.
 
Having a piece of beloved jewellery stolen is always horrible. For one reason or another, many people don’t get round to having their jewellery valued, which makes claiming insurance difficult.
 
In the case of heirlooms, we rarely have the faintest idea what something equally precious might cost today. The value can be surprising so it’s important to have valuations done regularly — a good rule of thumb is every three years.”

Read more from the original source here
 
You can get your jewellery appraised in our jewellers in Kirkcaldy, or give us a call and we will be happy to point you in the right direction.
Just ask for Richard or Jackie.
 

How to insure jewellery

 

“5 tips to ensure your jewellery is correctly insured

Amit Patel, Director of Croydon based chartered insurance brokers PK Partnership said, “with the majority of banks no longer storing jewellery, people have little option but to keep their items at home but they are not always adequately protected. This is not by any stretch just affecting high net worth individuals.”
 
9 out of 10 items are underinsured and it is not just the material value of the possessions, many are passed down through generations and hold a huge sentimental value.
 
1. Ensure that there is adequate safe protection in your home
 
Safes provide a secure environment within the home for your jewellery, precious metals, sentimental items and money. There are various types and designs of safe, all of which are suitable for different needs. The physical size of a safe does not always relate to the level of protection it can provide. Safes are rated in cash values, which is a method of classifying security safes by their security level. Manufacturers design their safes to meet various levels of security and these are designated by a cash rating from £1,000 up to £150,000. The jewellery rating of a safe can be calculated from its cash rating and indicates the value of jewellery that can be kept in it.
 
2. Have a professional valuation for all high value items
 
It is important that regular valuations of jewellery are carried out to ensure that items or collections are not underinsured and we recommend that these items are revalued at least every five years. It is important to remember that items should be valued for insurance purposes and not using auction or probate values.
 
A professional valuation should include a full description of the item including details of the stones and metals used, the stone’s carat, colour, clarity and cut and details of the settings.
 
3. Photograph all items of jewellery
 
4. Avoid wearing an accumulation of high-value pieces in areas or places that you don’t know
 
5. Turn rings around to conceal diamonds and stones and cover high-value watches with long-sleeved clothing when in busy, public areas.”

 
Read more from the original post here
 

How To: Insure your Fine Art, jewellery & other collectables

 

“Check your values…
 

The myth about price

It is often thought that insuring fine art and collections is very expensive. Of course there are factors that influence the rating of a collection; where it is housed, security and fire protections, but the rating will be cheaper than your general household contents. Collections are usually well looked after and are often insured for a specific value making the claim process easier, and so they benefit from a more competitive rate.
 
Don’t buy insurance ‘online’
 
Insurance policies purchased ‘online’ from comparison websites often have low single article limits of around £1,000 – £2,500, meaning that anything over that amount must be declared or else it won’t be insured for its correct value. Even then, many online providers won’t insure a painting or jewellery item over £10,000 in value.
 
Use a specialist broker
 
A broker has access to a carefully selected panel of insurers that offer specialist cover and high single article limits, often in excess of £15,000 within their home insurance offering. They will talk through the benefits of specialist cover over a standard insurance policy when insuring fine art and collectables. If a painting is partially damaged, the cost to restore the item plus any subsequent depreciation in value of the painting as a result of the damage would be paid for.”

 
Read more from the original source here
 
There are a few good brokers you can try with Hiscox being one we would recommend to check out.  Just make sure you are happy with the cover you receive.
 

Do You Need Jewellery Insurance?

 

“Who needs jewellery insurance?

 
You don’t have to be a millionaire to need jewellery insurance. Do you have any jewellery items of value, either in terms of money or sentiment? Would you struggle to replace them in case of loss or damage? If you answered yes to both, then you need to consider jewellery insurance.
 
What about the manufacturer’s guarantee?
 
A guarantee from your jeweller covers manufacturing defects. It won’t replace jewellery that’s lost, stolen or damaged post-purchase. This is similar to when you buy a car. If the motor fails within warranty, the dealership will replace it. But if your car is stolen or you have an accident, that’s when your car insurance comes in.”
 
Good jewellery insurance will offer…
 
✔ Full, worldwide cover

✔ Cover jewellery that’s lost, stolen or damaged

✔ Hassle-free claims

✔ No excess

✔ Protect single items or entire collections

✔ Premiums starting as low as £19.00

✔ Specialist insurance by jewellery experts

✔ Replace or repair jewellery

✔ No worry about home insurance limitations”

 
Read more from the original source here
 

One question you might be asking is if your home insurance policy covers your jewellery…

 

“Most Home Insurance policies cover the loss or theft of personal items, including jewellery, as standard.  But they have claim limits for individual items, as well as total claim limits.
 
From gold necklaces to silver rings and watches, jewellery can be very valuable and you need to tell your insurer if you think any single item exceeds the policy claim limits.
 
Most standard home cover policies set single item claim limits that usually range from £1,000 to £2,000.
 
You can check your claim limits by calling your insurer, which should be able to tell you straight away. They will also be stipulated in your policy documents.
 
If you have jewellery items that are worth more than the policy claim limits, but haven’t indicated what these items are to your insurer, you’re not going to get the full value or equivalent replacement back if you have to claim for them.
 
It’s often possible to change the limits, if you think it’s necessary, but your premiums will go up depending on how much you want the limits to rise.
 
Away from home cover can usually be bought for a small sum as an ‘add on’ to your standard policy, if it doesn’t already include it.
 

Are matching sets covered?

 
Many home insurance policies won’t cover, as standard, what are called matching sets. For example, if you lost a ring which you bought as part of a matching set, such as with a necklace and brooch, an insurer would generally only cover the estimated value of the ring rather than replace the whole set.
 
Earrings are usually the exception; if you lost one, you would receive compensation for replacing the pair.
 
As with away from home cover, many insurers will provide matching set cover in return for an increase in premiums.
 
Is it worth claiming?
 
A great deal of jewellery is, of course, not that expensive, costing just a few pounds, and wouldn’t be worth claiming for if lost. But even if you lose jewellery that cost several hundred pounds, it still might not be worth claiming for, depending on your policy’s ‘excess’.
 
The excess is the first part of a claim which the claimant is expected to cover. The amount will vary depending on the insurer and your own personal choice when you first took out the insurance. The excess can be as little as £50 for more expensive policies, or as much as £500 for cheaper ones.
 
If the lost or stolen jewellery is only worth £250 and your excess is £300, it clearly isn’t worth claiming for.
 
However, you might want to think about reducing your excess, which an insurer will do for a small increase to your premiums.”

 
Read more from the original source here
 
We hope you got a lot of useful information from this and that you can now proper insurance for your prescious jewellery.  The valuation of your jewellery is the most important thing to get right.
 
If you have any questions, or want us to value your jewellery, give us a call on: 01592 264305, ask for Richard or Jackie and we will happily point you in the right direction.
 
We don’t offer insurance as yet but it is something we are looking at doing if the demand is there.
 
So, if you’re going away on holiday or have heirlooms, you can now go away with piece of mind.
 
Have a great day and we hope to see you in store soon!

The following blog post Jewellery Insurance: What You Need To Know is republished from A.K. Campbell and Sons Jewellers Blog

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