If you are as attached to your jewelry as Gollum is to his ring of power, then you may want to be sure you have it covered properly.
When it comes to Jewelry and your Insurance, there are a few key things to keep in mind:
- Jewelry replacement costs climb at quite an incredible rate, so the insured values need to be reviewed at least once every two years.
- Most* insurers will require that jewelry and watches over R25 000 should be in a locked, SABS approved safe when they are not being worn.
- Insurers require, and we advocate, that jewelry valuations be done because they serve as both:
- Proof of Ownership and
- Proof of the Specifications of the items.
Where there is no valuation on record, the insurers will opt to settle a claim on a minimum spec basis leaving you short changed. Without proof of ownership, they may even decline to process the claim.
If you have house contents insurance, your jewelry will be claimable from that section but only if stolen from your insured home. If you require jewelry to be covered away from your home, you will need to specify them under your All Risks section (itemize) unless you have adequate Blanket/Unspecified All Risks cover in place (speak to your Broker).
If you do not have proof of ownership or a valuation right now, then we suggest that you take clear photographs of yourself with your jewelry as well as close ups of the items, and send them through to your Broker today to save in your file. Once you’ve done that, make a plan to get those “Your Precious” ones valuated as soon as you can and then again every two years.
Even though you can insure your jewelry… sadly, you cannot insure sentiment. You could have a claim where you still feel the loss despite getting replacements made.
