Your jewellery is one of the most valuable personal items you can have within in a home. Be it an expensive piece or one of high sentimental value, it is important to have your items insured against a catastrophe. Below we have compiled the top 5 tips you should know when insuring your jewellery.
Policy type
The most common way is placing your items under your existing home and contents. However be aware of your policy restrictions before placing it all under, with some policies are capped out at a
certain amount and may not cover you for your entire collection. Stand alone policies can be taken about be a specific jewellery insurer. If you do have a collection that is of a significant value we do suggest that separate insurance be taken out to ensure you are covered if the unfortunate happens. The type of policy you select it specific to you and your situation, please conduct your own research into insurance companies and the specific policies that are right for you.
Valuation certificates.
Not all jewellery stores will provide a valuations certificate upon purchase. This certificates lists all the necessary information a jeweller may need to replicate an item and or provide an accurate and up to date valuation for the piece. We recommend your valuation certificates be updated every 2 years to reflect the current gold and diamond market. Once update a copy is to be sent to your insurance company to update your police, confirming your covered at all times.
Digital copies
In this day and age pieces of paper get lost or destroyed with ease. We strongly encourage to have a digital copy of all your certificates and stored separately to the paper ones. If a natural disaster were to ruin your copies it would be hard to claim from your insurer. For items like Argyle pink diamonds, the certificate of authenticity is imperative in proving its origin and thus its value. Without it, the value of the pink diamond would be a little less than with the original Argyle certificate. With the mine now closed they no longer re print Argyle certificates.
Get into the habit of taking a photo immediately of the updated valuation along with a photo of yourself with the jewellery clearly visible and email to yourself immediately.
Evidence of ownership
It is important to have the correct documents that confirm the piece insured belongs to you. Be it a receipt of purchase or a certificate of authenticity with your name and address. In the event that you need to make a claim the insurer will request you provide this documentation. Without it your claim may not be approved.
Photos
While it may not seem like an important task, having photographic evidence of you wearing your jewellery is vital. If your items are even stolen and later recovered by
the police, they police will requests photos of you wearing the item, with the items clearly visible, to be able to return it to the rightful owner. Without this, your items may not be returned to you. So get your selfie stick out and take some snaps.
