When it comes to insuring jewellery a common misunderstanding is that if your jewellery is worth less than a particular figure (e.g €2,000) you won’t require a valuation.
This is basically the difference between what is “specified” and “non specified” in a normal house contents policy. A specified item is something over a level of value, such as €2,000, which will add a certain amount to your premium and for which you will require a valuation. Anything under that figure doesn’t require a valuation and just needs to be listed.
So no problem there? You wish! Its a completely different story if you have to make a claim. The loss adjuster will want to see receipts, photos and any proof you have and if you don’t have any (which most people don’t) you’ll be be left scrabbling around trying to find something similar in a jewellers window. Do you know how heavy it was? What metal was it made of? What was the carat weight of the gemstones? Can you remember when you bought it and how much you paid for it? These are all questions you’ll need the answer to. And if you can’t answer them they will have you over a barrel when it comes to settling the claim.
That figure that divides specified from non specified simply means that your insurer doesn’t need a valuation to underwrite your policy. They are assuming you know the exact value of all the items and can prove it. It doesn’t mean they are prepared to take your word for it when you claim.
The best advice is to speak to your valuer. If you spent a few hundred Euro on a nice piece of jewellery spend a little more getting it valued. We charge between €15 to €25 per item for additional pieces on a valuation (click here for full details of our prices). We even offer a service where low value items (for example, less than €400 each) can be listed at the end of the valuation with a nominal charge of €25 for the list. That way you’ll always have a record of exactly what you own.