How to Insure Your Jewellery

A lot of our jewellery pieces are very personal to us – our engagement or weddings rings, family heirlooms passed down through generations, friendship necklaces we’ve treasured since our teens. Each piece holds sentimental value thanks to the story it tells or the moment it honours. Losing something so special to us can be absolutely devastating, and while insuring your jewellery won’t necessarily mean you will get it back, at the very least it will be easier to replace. Here are the main points you will need to consider if you are thinking about getting your jewellery insured.

Check Your Home Content Insurance Policy

If you have a home content insurance, read through the policy carefully to check whether your jewellery is insured in the invent of loss or damage. Most insurances as such don’t cover personal possessions but will provide an optional extra insurance. Whichever company you decide to work with, make sure you have asked all the right questions to guarantee all your personal needs will be met in the event of loss or damage. For example – is it important to you that any replacement of jewellery will be fabricated by your own chosen jeweller? If so, this needs to be stipulated in your clause.

Get an Appraisal

To get a clear idea of the cost of jewellery insurance, you will need to get the pieces in question appraised. If the jewellery pieces were gifts, having their costs appraised may not sit right with you – it does feel strange to be investigating the costs of things that were given from the heart. Just keep reminding yourself that you are protecting its sentimental value, not the monetary worth.

Reimbursement vs Replacement Policies

There are two different kinds of jewellery insurance policies – those that will reimburse you for the original cost of the piece, or the worth at the time of the appraisal, and those that will pay the actual cost of repair and/or replacement. It is advisable to find a company that offers the latter option. Unforeseeable repairment costs can add up to quite an amount, and a reimbursement policy might not cover them. To be on the safe side, it is always advisable to go for the repair and/or replacement policy, to assure you will get the same quality without having to shell out extra money.

Take Pictures of the Items & Get them Reappraised Regularly

As is usual for houses and cars, jewellery will also have to be reappraised after a certain time. Your vintage, Victorian locket may increase in value over the years, so you want to be sure that your appraisal is up to date. Jewellery that is frequently worn will also begin to start showing signs of wear and tear, which will obviously be taken into consideration the moment you are looking to claim. Update pictures of your insured pieces on a regular basis and send them to your provider so they always have them on file if need be.

Keep Receipts

It can be a nuisance to hold on to old receipts, but in the event of a theft, loss or damage, you will be thanking yourself for having done so. Keeping your jewellery’s receipts will act as proof of purchase, and will speed up your insurance agent’s assessment providing it was purchased recently.

Insure Your Jewellery ASAP

If you want to show off the big rock on your finger without having to worry about it getting lost, stolen or damaged, take out an insurance immediately. You will be able to enjoy your treasured piece much more knowing it is protected in the worst-case scenario. If the item in question happens to be an engagement or wedding ring, your partner can insure it for you immediately upon purchasing it – this might be the preferred choice as it will allow you to embrace the magical moment without having to think about insurance matters.