The Dos and Don’ts of jewellery and watch valuations and INsurance
Do get your jewellery and watches valued every 2-3 years by a qualified professional jeweller. In the event of a claim, it is your responsibility to prove ownership - an up to date valuation document helps you do this.
Do insist on detail. If you’re using an expert valuer, then this should go without saying, but if you’re using someone new or someone who hasn’t been personally recommended, do a bit of research to check that the official documentation you receive will be accepted by your insurer. Your paperwork should have everything detailed, such as weights, measurements, qualities as well as a clear photograph.
Do ask the valuer to provide you with a condition report. If you’re wearing your jewellery or watches regularly, then it is worth having things like settings and clasps checked for signs of wear and tear. It is much easier and cheaper repairing an item that is showing signs of wear than waiting for a treasured diamond or gemstone to fall out. If your jeweller or valuer is worth his or her salt, they will be able to advise of any potential issues you should be aware of.
Do consider installing a safe in your home if you have a substantial number of items. Not only will your items be more secure, but you may also reap the added benefit of a lower insurance premium.
Do read the small print. Whether it’s your home and contents insurance policy that is covering your items or a separate insurance policy just for your high-end items, make sure you know exactly what you are paying for and what will happen in the event of a claim. If your policy mentions vouchers and “preferred suppliers” my advice would be to find an alternative insurer. (Read my other articles “Why You Should Read The Small Print and The Rolex Watch Insurance Scam for more details).
Don’t keep your valuation documentation, receipts, diamond certificates in the same place as your jewellery and watches. In the event of a theft, you are simply helping the thief to sell on your items.
Don’t procrastinate or put off getting your items valued. If your valuation is out of date and you need to make a claim, there is a strong chance you will not receive the amount required for a replacement. Dealing with a loss or damage is difficult enough emotionally, without the added stress of not having the right paperwork for your claim to progress smoothly.
Don’t rely on a jewellery valuation you got abroad. If you bought the item whilst on holiday, it is essential you get a valuation done back home in the UK. Most insurance policies will cover you for a new replacement value based on the local market, not based on what you can buy it for in Dubai or New York. The less problems when it comes to claiming, the better. Get your ducks in a row and ensure your paperwork is in order.
Don’t assume your household insurance will cover your items. Check your policy and read the small print. The small print is vital when it comes to making a claim and so you should know exactly what you’re paying for.
Don’t choose an insurance company that states you will receive vouchers in the event of a claim. If you do, you will be sent to a “preferred supplier” and asked to pay in your claim vouchers. If you are replacing a high-end watch, such as a Rolex the “preferred suppliers” DO NOT accept vouchers. Only go with an insurance company that states you will receive a CASH SETTLEMENT in the event of a claim. I have heard and been witness to too many horror stories when it comes to voucher schemes. My strong advice is to stay away from them.
Call 01423 523596 to book your valuation today.