Many special occasions, including Valentine’s Day, are celebrated with a piece of jewellery; however, homeowners may find that their special gifts are underinsured if they are not regularly reviewing their value. Specialist home insurer Hiscox says this is even more relevant following the increase in the values of gold and platinum over the last few years.
Austyn Tusler, home insurance expert at Hiscox, comments: “Whenever you receive a gift you should not only tell your friends how lucky you are, you should also notify your insurer. They can provide you with adequate cover for loss or damage of your new acquisition.”
“Furthermore, over time the value of jewellery you already own can increase without you necessarily realising. Special occasions are a good reminder to both notify insurers of latest purchases or gifts and to seek a valuation of current jewellery collections.”
John Benjamin, an expert independent jewellery consultant comments: “Three factors have combined to create an exceptionally strong market for jewellery and watches in 2011. Firstly, the unprecedented rise in the price of gold. Secondly, the recent rise in VAT and thirdly, the flourishing global market for jewellery at international auction which has led inevitably to a rapid reassessment of retail values – most notably for diamonds, coloured gems and pearls.”
“Clients who have not had their jewellery appraised in the last two to three years therefore run the serious risk of being unable to replace a loss at current retail levels; it is thus strongly recommended that an updated valuation is carried out not only on older items but also on relatively recent purchases.”
Hiscox’s insurance checklist for jewellery:
– Notify your insurer or your broker of any significant new acquisitions
– Get a professional valuation every three years to guarantee that the insured value reflects current market trends
– Keep a copy of your professional valuation with your broker, bank or solicitor for safekeeping
– Take major items of jewellery to a good jeweller each year to check them, ensuring for example that clasps and settings are in good condition
– Have your jewellery cleaned professionally as doing it yourself or giving it to an amateur to clean might cause abrasions or other damage that could reduce the value of your item
– Where possible, keep items that are not being worn in a suitable safe
Source : Hiscox Press Release
