We are regularly asked ‘how much should I insure my ring/necklace/bracelet/earrings for?’

The truth is if you’ve not had your jewellery valued for a while it may be worth much more than you think.  Many insurers advise for valuations to be undertaken at least every three years, due to the huge fluctuations in the prices of precious stones and metals.

Research by a major insurer1 showed that the cost of some items of jewellery more than doubled over the last 10 years due to the rising value of gold, silver and gems which have increased by over 70% in the same 10 years.

In addition, many people may overlook the value of inherited heirlooms with recent research2 showing that while 53% of Brits have inherited valuable items only 40% of them have had these heirlooms professionally valued – imagine sitting on an Antiques Roadshow gem without realising its value!

It is vital that homeowners check the valuations of their jewellery to ensure that they are adequately covered and if they should lose such items, they would receive either an equivalent replacement or an appropriate cash value.  There can sometimes be costs associated with undertaking valuations on such items – and as such, many insurers are willing to assist with undertaking valuations via their approved specialists.

Our Private Clients team at D E Ford Insurance Brokers are able to source policies with enhanced levels of cover for jewellery but it is always important to ensure that policy limits are suitable for your needs and we are always happy to discuss this on an individual basis to be certain you have the cover you need.

A reputable jeweller who is NAG (National Association of Goldsmiths) registered will also be able to tell you what your pieces are worth so you can then make sure they are insured for the right price.

If you would like to discuss your personal insurance arrangements, please get in touch.




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