Insurance For High-Value Jewellery: How Do You Access It?
Jewellery insurance is the ideal solution if you keep pieces in your home that have a high economic and sentimental value. This way, you will protect them against possible unforeseen events, from theft to a fire, including other situations that involve their loss or deterioration. If you do not have a policy that covers the protection of your gold rings, those pearl necklaces that you like to wear so much, and the rest of your jewellery collection, you will not have compensation if you run out of them. With home insurance, you will only be compensated with 10% of the insured value for contents and objects of exceptional value.
What jewellery can be insured?
For an insurance company, jewellery is those creations made of gold, silver, platinum and bronze, among other metals, which can be endowed with precious stones and pearls. Of course, there are different criteria by which each entity is guided when establishing this definition, so you should consult with your entity beforehand.
It is also up to the insurers to set the financial amount that each of your jewellery possessions must exceed to be genuinely considered a jewellery item covered by this type of policy.
How is the value of each piece of jewellery established?
As you can already guess, the sentimental value that a particular piece you have in your jewellery box may have for you needs to be quantifiable by insurance companies. Therefore, for them, this aspect will have no measurable value and, therefore, will not be covered.
The most appropriate way to establish the value of each piece, especially the most expensive ones, is to turn to an expert who carries out a certification. However, another faster option is to agree with the insurer on an estimated value.
How can I insure my jewellery?
When insuring the jewellery you have, you should pay attention to your complete home insurance and read the policy carefully. This way, you will have the opportunity to discover if it covers objects of high value, such as pictorial works, sculptures and, of course, jewellery creations such as those you are interested in protecting.
Some contemplate a series of optional guarantees. You can request, for example, a jewellery upgrade that covers a percentage of the amount of the jewellery. Home insurance usually covers approximately 10% of the total insured content of objects of exceptional value. If you have many pieces, you can secure them separately. This way, you will ensure that they are covered if an accident occurs in your home or even if a catastrophic area is declared.
You can always choose to take out specific insurance for your jewellery and other valuable objects that you keep in your home, such as art collections. In this type of policy, it is possible to record the actual value of the piece without any limit. This way, you will get the protection you want, although, as a consequence, the cost of the premium will be higher.
As you have seen, you must find out about the jewellery insurance that best suits your needs.
Also Read : How To Calculate The Price Of Your Home Insurance?
