There’s been a lot of coverage recently in the news about Jewellery claims not being paid out by home insurance companies. An amazing 40% of claimants find they are underinsured when they actually come to make the claim. This could be due to rising gold prices, old valuations, lack of receipts and evidence or just misinterpretation.
The problem is Insurance companies are well within their right to reject a claim if your individual items exceed the limit you have set or they are not listed correctly. So what can you do about it? Insurance companies recommend keeping receipts and also having regular annual valuations to keep up-to-date with the increasing value of gold and diamond. (link1) You should also check travel policies or clauses in relation to taking the jewellery away with you on holiday. They will often ask for photographs showing the item stolen and proof of its condition, so make sure you have a record. Getting a valuation can help. It can:
- Review the amount your jewellery is covered for
- Act as proof of ownership
- Provide photographic evidence, as part of a full report
- Provide a detailed record of maintenance, which can help prove the condition of the piece at the point when it is lost or damaged
We are holding two Free Valuation Days before Christmas to enable you to make sure you are covered. With over 37 years in the jewellery trade we can also identify any repairs needed and give you an idea of costs, risks and outcomes. With Asquiths you know you are getting experienced and trusted advisers who will make the right recommendations for you. If the piece is something you don’t enjoy, or avoid wearing, we can even advise you on trade-in possibilities and opportunities to re-shape it in to a brand new piece. You can design new jewellery with our assistance, and use your old jewellery and gemstones to make it. It’s as simple as that. So make sure your jewellery is covered with a Free valuation and review.
Asquiths Darlington, 16 Post House Wynd, Darlington, DL3 7LU
Asquith’s York, 60 Goodramgate, York, YO1 7LF