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Protect Your Precious: The Importance of Jewellery Insurance Valuation

By Melissa Ban
3 min read
Protect Your Precious: The Importance of Jewellery Insurance Valuation

As much as we don't like to think about it, home burglaries happen, and they can be traumatic experiences. Not only that, but they can be incredibly expensive as well – an average residential burglary in the UK can cost up to £3,030. In addition to these monetary costs, many people also end up losing their precious jewellery during their holidays, which can be devastating.

Why is jewellery insurance necessary?

Here are five reasons: 

  1. Protection against Loss or Theft: Jewellery is often valuable and can be easily lost or stolen. Jewellery insurance provides coverage to replace or repair the item in case of such incidents.
  2. Coverage for Damage: Accidental damage to jewellery can occur at any time. Having insurance ensures that the cost of repairs or replacement is covered, giving you peace of mind.
  3. Comprehensive Coverage: While homeowners or renters insurance may provide some coverage for jewellery, it may have limitations or exclusions. A separate jewellery insurance policy offers specialised coverage tailored specifically for valuable jewellery.
  4. Peace of Mind: Jewellery holds sentimental value, and losing or damaging it can be emotionally distressing. Having insurance safeguards your investment and provides reassurance that you can recover the financial value of your jewellery.
  5. Customisation: Jewellery insurance policies can be customised based on the specific needs of the owner. This allows for flexibility in coverage limits, deductibles, and additional protection like coverage for travel or accidental loss.

This is where jewellery insurance valuation comes in. Getting your jewellery valued for insurance is an important step in protecting these valuable items and ensuring that you are properly compensated in the event of an accident. 

So, what exactly is a valuation report and how do you go about getting one?

Essentially, a valuation report is a document that provides an estimated value for your jewellery. This value takes into account a number of factors, such as the type of metal and gemstones used or the details of the diamond, and the current market value. This report is then used by insurance companies to determine the appropriate level of coverage for your jewellery.

We offer a complimentary insurance valuation with every purchase on our website above £2000 and certified by a qualified Valuer with National Association of Jewellers. You can always bring your own jewellery to us for valuing, prices starting from £160.

After the valuation, you will receive a detailed valuation report. This report should include a description of the jewellery, including photos. Other details such as metal type, gemstone quality, and weight will also be listed. The report will also provide the current market value of the piece, which can be used to have it insured. 

What to do after getting jewellery insurance

After obtaining jewellery insurance, there are a few key steps to take. First and foremost, make sure to keep your insurance file safe and separate from your actual jewellery. We provide a digital version, and if requested, we can also provide a physical copy for added security. 

In addition, it's crucial to understand that jewellery valuations should be updated every 2 to 5 years. Or after significant events such as a remodel, restoration, or gemstone replacement. This ensures that the value of your pieces remains current and accurate, particularly if metal or gemstone prices have significantly fluctuated. To encourage regular updates, we offer a special discount for updating your valuations. 

Why Choose Holts Gems for Your Jewellery Insurance Valuation?

Apart from a house of qualified diamond and gemstone experts, we have trusted relationships with leading Jewellery insurers spanning many years. 

In conclusion, jewellery insurance valuation is an essential component of full jewellery insurance coverage. It ensures that your coverage is up-to-date and accurate while giving you peace of mind in knowing that your precious pieces are well-protected. By updating your valuations regularly, you can ensure that your coverage remains adequate and that you receive proper compensation in the event of a loss or damage. Contact us today to make sure your jewellery are safe and protected. 

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