Pearls of Wisdom from Tim Cheers at Cheers Insurance Brokers
31st October 2013
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Jewellery prices soar

In recent years the price of diamonds and gold has risen significantly and as a result it’s more important than ever to ensure that your jewellery, watches and valuables are all assessed correctly.

If your valuations or purchase receipts are more than five years old, you may find that you are underinsured to a considerable degree. In the event of a loss or theft, this could leave you with a substantial shortfall, as your insurer will only pay up to the sum insured as specified on the policy schedule.

At Cheers we recommend that valuations are undertaken every three years to comply with some insurer’s terms.

Insurance cover up to £15,000 for single items of jewellery

Insuring expensive jewellery and watches can sometimes prove difficult, as standard ‘off the shelf’ home insurance policies usually only cover modest values, typically with a single item limit of £1000 and up to £5000 in total.

The answer to this dilemma is to arrange cover with a specialist home insurance provider who can include your contents, jewellery and valuables together with your buildings with higher limits to suit your needs. Such policies will provide higher single article limits for valuables, usually up to £15,000 and will have generally higher inner limits overall than a ‘standard’ household policy.

Be safe not sorry

It’s always worth checking your existing home insurance policy to make sure that you have adequate cover for your valuables, as the cost of buying the correct cover is usually far less than the cost of their replacement. If you have not had recent valuations then you could be underinsured and be unable to replace lost items should the situation arise.

Friendly independent advice

If you would like to find out about a suitable policy for your needs, why not call us at Cheers Insurance Brokers and speak to one of our experienced staff to discuss your requirements.

About the Author

Alison C

Member since: 9th December 2011

Local, general Insurance Brokers in Hampton Hill High Street, open Monday to Friday.

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