Ensuring your jewellery is safe from the insurer- don't be underinsured
Ensuring your jewellery is safe from the insurer
December and January are the months where the incidences of burglary are the highest. Burglars are no fools, and they know that there’s a lot more gifts and gadgets in houses over the Christmas period. While they’re there, they’ll also probably have a rifle through your jewellery box, and see what they can pilfer.
Distressing though it may be, I’m sure, like me, you’ll be reassured that you’ve got relevant contents insurance in place. Although you may never be able to replace some sentimental items, you’ll at least be compensated in terms of monetary value. Or will you? I recently read a really distressing article about how a couple had their insurance claim rejected, because they hadn’t taken into account the rise in gold prices. Their jewellery had risen so much in value from the time they had bought them, and so they hadn’t declared them as single high priced items. When the insurer saw pictures of the items, they were worth so much more than they were declared for, that the insurer was well within its rights to not only reject the claim, but cancel the whole policy due to underinsurance. So the couple lost out, not only on the jewellery, but also on all the other items that were stolen. They also found it difficult to get another insurance policy, because they’d had insurance declined. So a valuable lesson to learn.
It’s worth looking at all the jewellery that you own, or may have inherited, and perhaps getting a valuation to determine their value at today’s prices. Most jewellers can do this for a fee, but it’s worth its weight in gold (pardon the pun!).
Your contents policy documents will state the value at which an item should be listed separately, it’s usually around £1,000-£1,500. Then, please, please update the insurer, so that you don’t end up in the same situation as this poor couple. If in doubt, tell them about anything you’re unsure of, it’s better to be too cautious. It’s also worth checking as some insurers automatically raise your contents level for the Christmas period to take into account the additional gifts and items that are in your house.
While you’re at it, you should also photograph each piece of jewellery, and particularly any discerning features such as scratches or engravings to help the police identify it, as there’s always a chance it could be recovered.
So this Christmas, don’t get caught out. If the worst should happen and you’re the victim of an awful burglary (or even fire, flood damage, whatever the disaster), then at least you really will have peace of mind that all’s ok with your insurance.