How to Insure Your Antique Jewellery

Every piece of jewellery is treasure and has its own story to pass across generations. But what if someone is keen to getting their hands on it? Here is how to insure your jewellery and why you should.

There are some jewellery items that we regularly wear and then there are some that gather dust in the cupboards of the bedroom. Whether you wear them occasionally or not, jewellery is an asset in all its sense and needs to be taken care of and insured in case of loss or theft. Learn how old and antique jewellery pieces can be valued and protected through insurance.

How to Evaluate Your Jewellery

It is always important to regularly update the value of your belongings as it gives you an idea about the current fair price. Otherwise, the insurer will be willing to pay only the insured value even if the cost of the item has increased since the time you increased. So check if your insurer has a policy of reviving the value of your jewellery every year or so.

How to Find the Right Insurer and Valuer?

Check if your valuer is a member of the Registered Valuers and has a record of high standard valuation for old and antique jewellery items. Ask if they have any past experiences and take a look at their tack record by checking out their website, if they have any. Also ask if you’ll be receiving a replacement or a cash payback in case of any loss or theft.

What to Do if Your Insurer is Willing to Pay Cash Rather Than Replacement?

Paying cash for the lost valuables is alright as long as the price doesn’t seem to be too low. But if the price they are willing to pay is less, then you are at loss. To void this situation, read their policy rules carefully before you sign. If they have, the insurer will have all the right to pay only the sum insured. Otherwise, they have to pay the full replacement cost – even if it is low.

What Should You Lookout When Insuring Your Jewellery?

When coming to this kind of insurance, even small inaccuracies like a wrong address can make the coverage void. So if you have changed your legal name subsequent to a marriage, ensure that it is updated. Look out for cheaper options like storing them away in a locker or safe. Then provide the right specs for each item and buy a combined insurance for them together.

What Are the Insurance Options Available?

Basically there are two options available for any kind of antique and old jewellery insurance: New for Old and then there is cash replacement. If the insurer insists that he will replace a new piece for an old one, check if the value for both is same. Secondly, insurer wants to pay cash rather than replacing. Here, you should also take into consideration the antique value of the jewellery piece in question.

Irrespective of the policy to choose, not everything is covered under every circumstance. You’ll be still responsible for any wear and tear. Situations like leaving the valuables in attended vehicles and homes will also void the insurance. Again, if only one item in a pair is lost or damaged, the insurer will have to pay only for what was lost. Not the entire pair. In any case, you should take care of your valued possessions no matter whether they are insured or not to avoid any risks at a later stage.