Why it’s important to get an insurance valuation for jewellery

Jewellery is one of the most precious, and emotionally significant items we own. It can mark special times or relationships – from engagements, marriages and anniversaries to births, friendships and career achievements.

But did you know your household insurance policy will not cover jewellery items over a certain value? Under your general household contents insurance your jewellery might not be covered for its full value. Many people don’t realise until it is too late.

Jewellery is portable, so it is vulnerable to theft, damage and loss.  Insurers are therefore careful around jewellery. Most insurance companies will require you to itemise your most precious pieces within your insurance policy. Only then will they cover your items for their full value.

And to prove the worth of your jewellery, you need an up-to-date jewellery valuation by a qualified diamond grader and jewellery valuer. That’s where we can help! Contact us for a free consultation to discuss your needs.

If you don’t supply your insurance company with individual valuations they will include your jewellery under your contents insurance cover. This may have a threshold much lower than the value of your jewellery.

The loss or theft of your jewellery can be particularly upsetting, especially with heirloom pieces or when special memories are attached. Realising your item is not fully insured can be even more distressing.

New Zealand’s Insurance & Financial Services Ombudsman has investigated hundreds of cases where people find themselves without their precious jewellery item – and without adequate insurance to cover its loss.

Your obligations

Check your contents insurance policies to understand what you need to do to keep your jewellery insured. You may have obligations under your policy, such as:

• keeping jewellery in a safe place
• taking ‘reasonable care’
• being able to prove that you own it, should you ever have to claim for its loss.

Need a valuation?

We can help you keep your precious items insured. Get in touch with us today and book your free consultation.