Not sure how best to cover your beautiful bling? Here's what you need to know about how – and why – to insure your jewellery.
Diamonds aren't forever. If you lose yours and they're not insured... Well, while you won't be able to replace the sentimental value of your jewellery if something terrible were to happen, you can at least cover it so that you can replace it.
"Jewellery is valuable," says Wynand van Vuuren, Client Experience Partner at King Price. "You run the risk of loss, for example theft, misplacing items, your house burning down, or flooding destroying your house with your jewellery in it." Insurance, then, is recommended.
So what's the best way to get the right insurance?
As with many aspects of insurance, there are some rules and regulations that are obvious if you know about them, but could come as a nasty surprise if you don't. For example, jewellery that is only kept in the house will be covered for incidents on the insured premises under your home contents policy.
But, as Van Vuuren explains, jewellery is no longer covered by Home Contents cover when it's off the premises. "The risk is so much higher," he says. "Jewellery that you take outside the house must be specified under your portable possessions cover.
"You should also make sure that if your insurer has imposed special requirements for your jewellery (for example, that it must be kept in a safe if not being worn), that you comply with these requirements. These requirements will be indicated on your policy schedule."
"You should insure all your jewellery for the current replacement value, and not what you paid when it was bought," says Van Vuuren. "This value can be confirmed by obtaining a valuation certificate from an accredited and reputable valuator."
And don't just rely on the one valuation. Get your pieces valued regularly so that your insurance cover can be adjusted. Van Vuuren recommends doing this at least once every two years or so to ensure that if the replacement value changes, you can let your insurer know and they can adjust your premium accordingly.
It's important to insure all jewellery of value, and it makes sense to also insure any pieces that you wouldn't be able to replace if they were to go missing. To get an accurate estimate of the value of your jewellery, you'll need to visit a valuator. (Remember, in order to insure your jewellery, you'll need proof of its existence and value.)
And when it comes to insuring heirlooms, Van Vuuren recommends the following: "Again, have them valued. There's an obligation for you to prove the existence and value of the items," he says.
So, it's a no-brainer that if you have expensive jewellery, you should get it insured.
Want to make sure you have the best cover for all your fancy bits and bobs? Looking to compare quotes so that you can upgrade your cover? Use our free online tool to compare Home Insurance quotes.
This article is for informational purposes only and should not be construed as financial, legal or medical advice.