Whether it’s the crown jewels or your wedding ring, your jewellery is likely to be precious to you on two levels. It may well have a lot of emotional significance, but at the same time it’s likely to have been a substantial investment. If one or more items are lost, damaged or stolen, it can’t be replaced emotionally — but that doesn’t mean you need to take a financial hit, too.
So is your jewellery insured? Maybe you assume it’s covered by your home insurance, but not necessarily. Most home contents insurance policies have a limit for single items, and this can restrict what you’ll get if you have to make an insurance claim. If, for example, your limit is £2,000 and you have an item worth £5,000, you’ll end up with less than half its value. And it could be worse — the insurer’s loss adjuster could even refuse your claim.
You do have the option of naming individual items of high value in your policy, in which case you should get the full amount back — at least, in theory. However, a general insurer could set a higher excess, meaning you don’t actually get it all, or a much higher premium.
So what’s the answer?
Get Specialist Jewellery Insurance
Fortunately, there are insurers who offer specialist insurance for items of jewellery, and they’re likely not to set such draconian terms. Jewellery insurance typically covers:
- accidental loss
- accidental damage
- loss or damage to diamonds or other stones
- damage caused by flooding or fire
It may also cover loss or damage when you’re away from home, even abroad.
Specialist jewellery insurance will give you more peace of mind about your personal jewellery, at least as far as the financial side goes. It’s also essential, however, if you have a jewellery shop. As long as you continue to take all appropriate precautions, you shouldn’t have any problem if you have to make an insurance claim for theft or damage.
If you have the right policy, you should find that the insurer’s loss adjuster will settle the claim and get you your money quickly. However, you need to check the policy carefully to ensure that all the advantages you expect are covered. Allied Claims would always advise you to go through an insurance broker for any policy, since they’ll make sure you’re covered for what you think you are.
Then we’ll be able to help you get the funds for replacing the crown jewels. Actually finding the replacements — that might not be quite so easy.