Jewellery has been treasured for centuries as a symbol of wealth, love, and personal style. Whether it's an inherited item passed down through generations, or a brand-new engagement ring chosen for your partner to be, your jewellery holds significant value, both sentimental and financial.
However, like any valuable possession, jewellery is susceptible to loss, theft, and damage, this is where jewellery insurance comes into play, offering a safeguard for your precious investments. In this guide, we hope to explain a little about how you can go about obtaining cover for your precious items.
What Is Jewellery Insurance?
Jewellery insurance is a specialised type of coverage designed to protect your valuable jewellery items from a variety of risks, including theft, loss and damage, it provides financial compensation for the insured item's value, allowing you to repair or replace your jewellery in case of an unfortunate event. The value of jewellery does fluctuate with the costs of the raw materials increasing over time, these costs may also be affected by currency fluctuations as well.
It’s important to ensure that you have an up-to-date valuation to ensure that an adequate amount can be provided in the event of a loss.
Do You Need Jewellery Insurance?
There are several compelling reasons to consider jewellery insurance:
- Protection from Theft: Jewellery is a prime target for thieves due to its high value and portability. Insurance can help you recover your losses if your jewellery is stolen.
- Coverage for Loss: Jewellery can easily be lost. Insurance ensures you're not financially burdened if you lose your precious piece.
- Damage Coverage: Accidents happen, and jewellery can be damaged, even with the utmost care. Insurance covers the cost of repairs or replacement in such cases.
- Peace of Mind: Knowing that your valuable jewellery is protected gives you peace of mind and allows you to wear and enjoy your pieces without constant worry.
Types of Jewellery Insurance
There are basically two ways you can insure jewellery, firstly under a home insurance policy, or secondly on a specialist policy such as the one we at JUNO arrange, a policy that has be especially designed to cover single or groups of valuable items.
Under the policy that we offer, cover is provided up to your chosen sum insured. This is the maximum amount we will pay, so it’s important to make sure that you are insuring for the full replacement cost of the item.
We provide cover on what’s called an “All-Risk” basis. This wide cover includes accidental damage, theft, and loss. We also cover you if you travel outside the United Kingdom for unlimited trips of up to 60 days in duration.
If you do need to make a claim, there is no excess to pay.
Key Considerations When Insuring Your Jewellery
When deciding to insure your jewellery, several factors should be considered:
Valuations: We suggest obtaining a professional valuation for each piece of jewellery you intend to insure. This document will determine the item's value and is crucial for the insurance process. If you have purchased the item brand new, your jeweller should give you a valuation, this will normally be for an amount higher than what you have paid for the item, this is normal, and it’s designed to reflect the items potential to increase in value over the next few years.
Coverage Limits: Determine the coverage limits of the policy and ensure they match the value of your jewellery. Always read all of the documentation supplied to you including, the insurance schedule, policy document and IPID (Insurance Product Information Document)
Security Measures: For some items of Jewellery, there will need to be security measures that must be put in place, this could include for example, keeping the item in a safe when not been worn either at home or especially when away from home. A policy may state that a safe with an appropriate rating for the jewellery you will be storing is fitted. Implementing security measures will help to reduce the risk of theft or damage but also may be a condition of a policy.
Excess: Understand the excess amount you'll be responsible for in the event of a claim. The policy we arrange at JUNO does not have an excess to pay if you make a claim.
Documentation: Keep records of your jewellery, including valuations, purchase receipts, and photographs. This documentation will be essential when filing a claim. It’s also a good idea to keep a photo of you wearing the item.
Jewellery insurance is a valuable product for protecting your precious investments. Whether you have a single piece of high-value jewellery or a collection of treasured items, having insurance coverage in place can provide peace of mind and financial security.
Remember, your jewellery is more than just an accessory; it's a reflection of your life's most cherished moments, and insuring it ensures those memories will be preserved, however, no amount of financial compensation can replace a treasured item and we urge owners of valuable items to take all precautions to keep their valuables safe.