How much does your jewellery mean to you?

You’ve just purchased, or are about to purchase, a beautiful item of jewellery.  Whether it’s a gift to a loved one or something you have wanted yourself for a while, it’s fair to assume the item of jewellery will mean far more to you than just the amount you paid for it.  Whether new or old, most jewellery does hold a significant memory or sentimental attachment to the person who owns it. So how devastating would it be if you lost a cherished item of your jewellery?

If you are about to make a big investment with a new piece of jewellery, or indeed if you have existing jewellery that you hold dear, have you taken any steps to safeguard it?

The most obvious thing is to make sure you have jewellery insurance in place.  You can arrange this as part of your household policy or take out a separate policy.  Don’t just assume that if you have a contents policy your jewellery is covered.  Depending on the value of your jewellery you will probably need to specify any individual items and get all risks cover.

Then what happens if you do have to claim? To minimise the distress here’s a few simple tips to smooth the process of dealing with the insurers.

 

1. Always take (and keep safely) several pictures of your jewellery including sizes – insurers may be able to recreate the same item again for you. (A good tip is to take a photo against a ruler to establish the size).

2. Always ensure that you have a valuation of less than 3 years old*.

3. Report any loss to the police or if you’re abroad report it to the local police and resort where you are staying

4. If you use an insurance broker speak to them first and they will help you present the claim to your insurers.

 

*Even if you recently purchased your jewellery, with the cost of gold and precious metals having increased dramatically over the past few years it could be that your jewellery is not insured for the current replacement cost.

And for jewellery you’ve owed for a while, if your last valuation is over 3 years old, chances are you will not be insuring your jewellery at the correct amount. Even more frightening is that some insurers insist that you have a valuation every 3 years, which can be hidden in the small print of the policy wording.

Our advice to you speak to your jeweller and see if they recommend a new valuation for your jewellery and then speak with your insurers and check what requirement they impose for jewellery. (For example when not wearing it, where you should keep it or how often you need to get the jewellery checked by a jeweller for clasps, claws and so on).

We recommend jewellery insurance by TH March and provide information with all orders. Jewellery insurance from TH March provides worldwide accidental damage, loss and theft cover for your precious items.  Premiums start from less than £60 per year! They are appointed Insurance Brokers to all the major jewellery trade associations, so it’s safe to say they understand the needs of jewellery wearers and owners!

Following these simple steps will hopefully help keep your jewellery safe and most importantly allow you to enjoy wearing it to the full.