Is your new watch or jewellery properly protected on your insurance?
As you enter the new year you may, if Santa was kind to you, be sporting a new watch or piece of jewellery. But have you stopped to consider whether it is fully covered on your insurance if it was to get lost or stolen?
How much is it worth?
If your watch or jewellery was purchased in the run up to Christmas, you should have an up-to-date idea as to its value. Knowing its value is crucial when it comes to claiming for it on your insurance. Be aware – many insurance policies have ‘single item limits’ which means there can be a cap on how much you can claim per item.
Also, if your latest gem or timepiece is an addition to a burgeoning collection of valuables you may wish to check how much all of your items are worth collectively. Unfortunately, there is the odd insurance grinch out there who will invalidate your policy if you don’t inform them of all of your treasures!
Is it vintage or antique?
Proving the value of collectables and period pieces can be a lot harder so it’s always worth speaking to your insurance broker. Very often they will advise that you have it professionally valued and accredited by The National Association of Jewellers (NAJ). A valuer will provide you with a valuation certificate which your insurer will keep on file. It’s always good to have photographs of the item too. It is recommended to have your items re-valued every 3 years or so, but worth checking with your broker.
Your jewellery WILL have increased in value – the question is by how much?!
It is widely known that the value of jewellery will increase over time. What many people don’t realise though is just how much and how quickly this growth in value can happen. Find out more here >
What level of insurance do you need?
Depending on the value of your possessions, a High Net Worth policy from our Private Client division will provide you with a personal service giving you direct access to a dedicated professional adviser. This personal service will support you with all aspects of your insurance whether you need help with making a claim or amending your policy.
A High Net Worth policy will also offer more flexible terms in respect of security for your items (i.e. not insisting that jewellery is kept in a safe or requesting that you set an alarm every time you leave the house) whilst also working closely with recommended valuers and repairers when needed. These policies also offer a higher ‘single item limit’ compared to other mainstream insurances.
If in doubt – ask.
If you are at all concerned as to whether you have the right policy in place for your jewellery or watches please call us. We’re here to help and can easily give you the necessary guidance to ensure you have the right cover in place.
