Valuations and Insurance
Posted on 11th June 2023 at 14:46
Protecting your valuable possessions gives you peace-of-mind that if the worst was to happen, you’d be covered. Specific items can be named on your home insurance policy but in some cases separate insurance can be taken out for high value items.
Will my jewellery and watches be covered on my home insurance?
You may already have some jewellery and watch cover on your home insurance policy. We will always advise you about your existing home insurance to confirm what limits apply to the amount of jewellery included, and also what limits there might be on cover for individual items. You should also check how your item would be replaced in the event of a claim, for example would the insurer choose a supplier for your replacement or would you have a say in this?
Why do my insurers need a valuation?
Proof of purchase and ownership is required to ensure your insurer will uphold a claim if jewellery or watches are lost or stolen. Valuations establish this and their correct replacement value. Many insurers do not ask for valuations below an agreed amount but our advice is to obtain valuations for all significant items.
A post-loss valuation is usually an unsatisfactory process which occurs when insurers turn to claims management specialists, in order to find the value of jewellery after it has gone missing. The problem with this is that it often leads to a decrease in the item’s actual worth.
Can I claim if I haven’t insured my jewellery and watches?
Your contents insurance policy will have limits for theft of valuables such as jewellery, watches and precious metals. If you have items inside your home that are outside of these limits you will not be insured unless you have specified these items on your policy and made the Insurer aware that you need them covered.
Items of jewellery and watches are not covered away from the home unless you have told your Insurer that you need this cover. Again limits will apply regarding what you need to specify and what you don’t.
By having insurance, you avoid the possibility of having to pay out of your own pocket for damage, theft or loss of valuable items. You can feel secure knowing that you can replace or repair them without any financial worry, as your insurer will cover this cost in accordance with the coverage stated in your policy.
Do I need to get jewellery and watches valued more than once?
We recommend an accurate valuation of gold and other gems every three years since the prices of these resources can fluctuate; failing to get a new evaluation could result in financial loss.
If you have any questions about you home of motor insurance, please don't hesitate to get in touch with our team on 01482 707800 or email info@hedoninsurance.co.uk.
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