True love is priceless, so they say. And while we agree with the sentiment, real life has its way of making us put our money where our mouth is. Whether it’s a dinner for two, a weekend away, or even a homemade gift, there are many ways of showing our love this Valentine’s Day.
You may even be making a bigger gesture on the 14th of February, perhaps a proposal? In that case, you’ll want to know that all bases like the ring design, size, and cover for an expensive item is all in hand. That way, all you need to focus on is getting that all-important ‘yes’!
Let’s take a look at how to take care of the ‘what ifs’ when it comes to high-value jewellery items, such as engagement rings, watches, necklaces and more!
Valuing your jewellery
Whenever you’re thinking about insurance for something, including your home, vehicle, contents or specific high-value items, it’s absolutely vital you consider the proper value. If you underinsure on your policy i.e., you don’t include or undervalue items included on your contents insurance, it could mean you have to pay even more if you had to claim.
And when it comes to jewellery, many people are often unaware of its true value. This is especially true if the item was a gift or passed down as a family heirloom. You could be shocked to learn that, in the event of a loss, that your item’s value is not properly reflected in your policy.
Insuring your precious jewellery
For sentimental, precious and high value items, knowing it’s suitably covered by the right insurance is a relief. But where would it fall within your policy?
Well, some jewellery items can be included in your home insurance cover. This usually includes pieces up to a certain value, and can sometimes only cover an item when it’s inside the house. So if you’ve planned to propose at a restaurant, event or abroad, then accidental damage, theft or loss might not be covered! That’s why you must check the fine print of your policy to work out what is or isn’t included, or better yet, a broker such as Howden can help you do this.
There are also Jewellery Insurance policies available. These may be better if you’ve got a collection that needs protection or if you want cover for a specific piece. Another benefit of insuring this way is that if you had to make a claim for a ring, necklace, watch or similar item is that it wouldn’t affect your No-Claims Bonus on your home insurance policy. So, if one item got lost or damaged, it wouldn’t disrupt your home cover.
Taking jewellery abroad
If you decide to travel with a significant item of jewellery, like an engagement ring, then you need to consider how it will be covered. There are all sorts of ways in which a precious piece could go missing or be damaged; while taking it through airport security, pickpockets in tourist hotspots or if the ring is too big and slips off!
Another option besides a jewellery policy could be to include the item within your travel insurance. But again, it’s crucial to understand the small print and find out any stipulations you need to keep in mind.
Keeping your jewellery safe
If you’re not wearing your jewellery (or you haven’t gifted it yet), then it’s important to keep your items safe. Whether of financial or sentimental value, the loss of a treasured piece of jewellery can be devastating. It’s therefore important to consider how safely you store your items.
Keep any high-value or sentimental items out of sight and stored securely if you can. Is your jewellery box hidden from sight? Does it have a lock? For extra protection you could use a bank safety deposit box if you don’t wear the item frequently, or fit a safe in your home. There are a range of grades to choose from on the market, and you may even find your home insurance specifies the need to keep certain jewels in a specific grade of safe in order to validate your policy – just ask your insurer or broker if you’re unsure.
Always keep a record of your jewellery and its value, including any important documentation, such as authenticity or certification. It’s also worth thinking more widely about your home security measures too, such as alarms or CCTV.
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At Howden, we love helping our clients to get the best possible value from their policies. From understanding your exact insurance needs, to nurturing our relationships with insurers and finding you cover that’s tailored to you. Our friendly branch experts can do the hard work for you, while you get to enjoy the peace of mind of knowing you’re insured properly.