Jewellery insurance is very often something that we enter into at the time of purchase because it’s necessary. It makes sense, but then is often forgotten about. We feel assured and at ease knowing that our treasured possessions are adequately covered for loss, theft or damage. Our jewellery is not only a collection of items of adornment and sentimentality but is a valuable commodity. As an investment, jewellery is, generally speaking, only as good as the price you pay for it and as the quality and workmanship of the piece. Valuable antique jewellery, not only holding but increasing in value, will also meet these criteria. Quality of design and craftsmanship, combined with the purity of base metal and flawlessness of gemstones, will ensure long lasting durability, low maintenance and many years of pleasure.
Insurance is paying for a service we hope never to make use of! But come the time we do need to use our safety net, let’s hope it’s up to the job. There’s only one thing worse than having no jewellery insurance and that’s inadequate jewellery insurance. Gold has been appreciating at a phenomenal rate these last few years, gemstones too have proven to be a good investment, and consequently valuations can very quickly become grossly inadequate and undervalued. If you are fortunate enough to possess valuable items of jewellery, it is important that these precious pieces are properly covered by a reputable high value home insurance policy, as their value will probably be far more than the absolute maximum insured limits given by the average house contents insurance plan. Many standard house contents insurance plans are perfectly adequate for moderate amounts of jewellery and valuables where the maximum insured value is fairly low. The single item limit on this type of insurance policy could be as low as £1000 for individual items of jewellery, whereas a high value home insurance policy could offer you cover with no pre-set maximum sum insured or individual item limits.
Whether it is an engagement ring, wedding ring, a valuable watch, a family heirloom, or a precious stone; by choosing jewellery insurance at the time of purchase or ownership you can avoid any of the emotional stress that results when such valued and loved items are suddenly gone or damaged beyond repair. The purpose of a jewellery insurance policy is to help replace or repair items speedily, with ease and without fuss, should the need ever arise. Most leading insurance companies offer insurance protection for jewellery as a result of theft, damage or loss. But there are also specialist jewellery insurers like the Loss Management Group who have their own workshops and goldsmiths to replace or repair stolen or damaged jewellery professionally.
Any jewellery insurance that you take out will require a valuation certificate for each piece of jewellery you wish to insure. A full description and relevant details of the items in question must be submitted to the insurer at the time of application as this will speed up the process and enable an accurate premium to be calculated. Where an insured item is either lost or stolen you will receive compensation for a replacement of the equivalent value. Some jewellery insurance policies may also be inflation linked.
Ideally, jewellery insurance should be tailor-made to suit your particular needs. You are paying for it, they are your jewels, so you decide the cover you want and the service you want. Should you lose or damage an item that is one of a pair, for example an earring, some insurance policies will pay to replace them both. Jewellery insurance companies will not employ any wear and tear deductions to items of jewellery, they will pay the entire replacement value on a ‘like for like’ basis. Where you choose not to replace a piece of jewellery that was lost, stolen or damaged, then the company will pay out the full cash value. Damage to jewellery will generally be covered for the cost of the repair. But beware! Some general household insurance policies provide cover for loss and theft, but not for damages.
Deciding on the best jewellery insurance plan to meet your needs provides you with the peace of mind and the satisfaction of knowing that, in the event the unthinkable happens, your loved and cherished items of jewellery are going to be completely protected.
Wedding Rings and Engagement Rings from Wedding Rings Direct