Owning a luxury watch or a diamond ring provides class and sophistication. And you should be able to wear them with confidence if they are appropriately insured. It is important nowadays after purchasing jewellery items such as a diamond ring or a luxury watch; you should consider taking out insurance on your jewellery; like any other piece of personal property, it needs to be protected and should be considered a wise investment. Jewellery made of gold, platinum, diamond, or very expensive brands sometimes costs as much as a house deposit. A good jewellery insurance company can protect your valuable items and save you from renting a bank vault where you have to travel whenever you wish to wear your luxury items.
Why Smart People Insurance Their Jewellery?
As a wealthy city, London sees a high number of jewellery thefts, with nearly 17.000 crimes totalling £87.5 million in 2020. These mean burglars can snatch your fine jewellery pieces if given a chance. But that is not all; jewellery can be accidentally lost. Therefore, it is smart to have insurance that will cover your valuable items if you lose a piece (or two) by accident or by robbery.
How to Find the Best Jewellery Insurance Company?
A good jewellery insurance policy may cover the full costs of repairing or replacing luxury watches, engagement or wedding rings, earrings, diamond brooches, bracelets, cufflinks, necklaces and other luxury items you have on the policy. But some research is in need before you sign a policy. So, always check how long they have been in the industry; you need a well-established business with a good reputation and years in the insurance field; you do not want to fall victim to unethical businesses that defraud individuals out of their money.
Tips before getting an insurance premium:
- Get a valuation on your jewellery items before you get a premium.
- Get different quotes and compare insurance costs to make the best decision.
- Always read the term and conditions carefully, more importantly, what we call the small print.
- It is better to protect yourself from unethical businesses that prey on uneducated consumers.
Our top List of jewellery insurance brokers in the UK:
- Assetsure – London, England
- TH March & Co Ltd – London, England
- Affinity Brokers Ltd -Glasgow, Scotland
- Chelsea Insurance Brokers – London, England
- Prestige Valuations – London, England
- Ernest Jones Jewellery & Watches Insurance – Birmingham, England
- Macbeths – Reading, England
- Chubb – London, England
Discuss your insurance needs with a broker that specialises in jewellery, watches and luxury items. These businesses will offer coverage that is more tailored to your need.
How to make a jewellery insurance claim
If the unfortunate happens and any of your jewellery is lost, stolen or damaged, follow this guide:
- Know your policy’s jewellery section. Examine your coverage for total jewellery. Complex policy rules differ, and this may be simple or complicated, so always check. Consider your insurer’s replacement policy.
- Make notes of your possessions. But this isn’t the same as official insurance appraisals. You may record and picture your belongings so you can show an insurer what you have and remember it all (after a huge loss, it’s hard to recall everything). Photograph using a ruler for scale, and perhaps weigh items, logging everything. If you don’t have a valuation, attempt to retain a receipt to use with photos.
- If you file a claim, don’t instantly accept the loss management procedure or the settlement conditions. Sometimes it is better to get an identical replacement rather than the money as some insurance companies are well-connected with the jewellery business and can replace the lost items at a much better price.