26/05/2019
JEWELLERY & VALUABLES - Are you Insured correctly?
It is important to know that not having an up to date valuation for your jewellery can mean that your insurance valuations are too low...….or in some cases too high.
Having a professional valuation can help you to avoid financial loss in the event of a claim for loss or damage. It can also be used to provide a better description of the item than it's original purchase receipt.
An up to date professional valuation makes it more likely for an insurer to accept the claim and full valuation.
WHAT'S CHANGING...…..
In many cases items are insured for their original purchase value, such as an engagement ring that may have been bought many years ago. Due to changes in the market and fluctuations in the exchange rate, this can impact the price of jewellery, clients are often surprised to find that the actual value of their items is significantly more than they thought.
Branded jewellery and vintage watches are areas that have shown considerable growth in the past few years.
DIAMONDS - have shown big increases in price, especially if previously valued between 2015 & 2018 as they are very likely to be undervalued. If the valuation you have is old, then they may be even more undervalued as one of the biggest hikes was seen between 2005 & 2010.
GOLD - The price of gold overall has seen an increase in general over the last 20 years. An old valuation on a gold piece may well be out of touch with today's prices.
SAPPHIRE - Blue sapphires remain by far the best seller especially the finer grades making their value increase dramatically over recent years.
DESIGNER JEWELLERY - Cartier, Bulgari, Tiffany & co. Boodles etc. increase on a yearly basis. Some branded pieces are discontinued, so it is important that you state whether you want to be insured for an equivalent piece from the second hand market, or a different piece from a current collection of similar quality.
WATCHES - Vintage watches is still a strong area of the market and for unique and special pieces the values have grown significantly.
VALUATIONS - For insurance purposes, the general rule of thumb is an up to date valuation is carried out every five years. However, some policies will state that high value items may have to be checked over by a professional jeweller every 2 years to check for signs of loose fittings, damage etc. It is important to check your individual policy wordings.
Contact our home insurance team on 01254 393417 to check that your valuables are covered and the terms imposed. If you need a professional valuation let us know as we have access to qualified valuers who can assist you in ensuring you are covered for the correct value.
