Whether it’s a pair of custom-made platinum diamond wedding rings or a watch that has been passed down between members of your family for generations, it is vital that any high-value jewellery you own is insured properly. This may require a little effort on your behalf but it will ultimately prove to be worthwhile.
Jewellery is often among the most costly possessions we own – as well as tending to have great sentimental value – so pieces that are damaged, lost or stolen can not just be expensive to replace or repair, but it can also be a very distressing experience. This is why it is important to invest in ahigh net worth home insurance policy. Doing so means you can be sure of getting a comprehensive standard of cover for your possessions, so you have the peace of mind that you will be financially protected should anything happen to them.
Due to the substantial cost of high-value jewellery – these items can easily run into tens of thousands of pounds, if not more – it’s highly unlikely a standard home content policy will provide the level of cover you need.
Generally speaking, these products impose a maximum limit on the value that individual items will be covered for. As an example, you might only be able to claim £500 on a watch or bracelet of yours that is stolen, even if you bought the item for ten times that amount. With this in mind, not having the right level of cover can clearly leave you out of pocket, so it’s vital to make sure you have financial protection that reflects the monetary value of your possessions. Doing so means you can rest assured that you will be covered should anything happen to your jewellery.
However, it can be hard to ascertain exactly how much your belongings are worth and, by extension, the level of protection that you need to get, if you’ve owned your jewellery for a long time. The price of gold, silver and other precious materials is constantly changing, so you should not be surprised to discover the value of any rings and watches you have bought can fluctuate long after you’ve bought them.
It can be even harder to determine the monetary value of any family heirlooms you own; items that are centuries-old are, after all, unlikely to still have their original receipt. So to be sure you’re getting a good standard of cover, you are best off enlisting the services of a specialist broker.
Doing so means your pieces will be assessed by a valuation expert who can determine how much they are worth. By looking at factors such as what kind of metal the jewellery contains and what precious gems it has, these professionals can provide an accurate description of your goods so you know exactly how much they ought to be insured for. If your jewellery contains diamonds, meanwhile, you can expect the report to include details of the cut, colour, carat and clarity of the stones. Photos of your belongings may also be taken, so, if you need do to make a claim, you can be sure an insurer can arrange for an adequate replacement to be made.
As this kind of home insurance is tailor-made to provide adequate cover for your specific needs, it can easily be adjusted in the event you acquire more jewellery or your circumstances change in some other way.