20 June 2019

How do you value something sentimental?

By Aston Lark

The importance of insuring your jewellery

Jewellery has two values: financial and sentimental. When speaking to our clients, we find many of them ask to remove or reduce their jewellery cover at some point during the lifetime of their cover to save money on their premiums.

They feel that because jewellery generally has sentimental value, they would not be able to replace the item should a loss occur.

However, the purpose of insurance is to put you back in the same position as you were prior to the loss occurring. Our insurers collaborate with a wide range of experts who can work closely with you to replace the item.

Some clients also tell us that they don’t feel like their jewellery is very valuable.  But did you know that the market price for gold has risen by 12% over the last three years*? So items could be more valuable than you might think.

We work alongside several jewellery specialists who can assess your jewellery and help you to realise its true value.

As your broker, we are here to advise you on ways to reduce your premiums whilst ensuring your precious items are fully covered. For example, we offer a floating limit if your jewellery is tucked away in a safe. This means that you can limit the cover for jewellery insured worldwide which, in turn, reduces the premium.  We can also provide advice on additional security features which can add further discounts to your policy.

If you would like to discuss insuring your jewellery, or if you would like any general advice, then please contact your dedicated Account Handler, or call 020 3846 5264.

*Source: https://www.bullionbypost.co.uk/gold-price/10-year-gold-price-chart/

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