As Spring approaches (despite the sub-zero temperatures!), we are approaching the traditional time of engagements and weddings. With all the excitement, planning and generation chaos created by such events, it is unlikely that many couples will think to get their engagement ring insured. Sadly, over a quarter of women have lost or had a ring stolen and seven out of ten men fail to get engagement rings insured before proposing. This may be forgivable, in the circumstances, but cold comfort if something happens to the ring.
While nothing can replace the sentimental value when jewellery is lost or stolen, it is important to ensure you don't miss out financial by not having sufficient cover. The average engagement ring costs around £1,500 and yet many people fail to have adequate cover should the ring be lost or stolen. Many is the newly engaged girl who finds herself presented with a ring a size or two too large and is loathed to have it properly sized before wanting to show it off to family and friends – only to find that the ring has slipped off unnoticed and is lost. It is no good assuming that it will be covered by a home insurance policy because there is a good chance that it is worth more than your policy's single item limit. So what should you do?
Firstly, get your precious jewellery (and this is anything over £1,500) valued by a jeweller, who should then give you a valuation certificate. Every three years you should get the item re-valued and up-date your insurance policy accordingly. Next, you should check if your item of jewellery is indeed covered by your home contents policy. You should ask your insurer to list the ring (or other article) as a specified item on the policy – the cost of this will depend on the value of the article. Another option is to purchase a stand-alone insurance for the ring, but you need professional insurance advice as to which will be the best thing for you. Once you have your insurance in place, take a photograph of your ring as this will help your insurer to process any claim more quickly. Also remember to keep the original documents in a safe place.
If you do lose your ring, inform your insurer immediately, and if it is stolen, contact the police and get a crime reference number as this is vital for a theft claim. It is important to remember never to leave all your jewellery in one place, such as a jewellery box, as this makes it very easy for a thief to very quickly and easily remove all your dearly loved items. Remember that a standard home and contents policy will only cover your ring within the home, so if you want to ensure you are also covered when you are away from home, add personal possessions cover to your contents insurance.
Remember too, that old jewellery increases in price – so old watches and inherited items also need to have insurance cover too. Take professional advice – Westhill Insurance Services is an independent insurance broker and we will shop around to find not only the most suitable insurance to meet your individual needs, but at a price you can afford. Our friendly team of advisors can offer advice and guidance – and should the worst happen, and you lose a precious item, we will deal with your claim sympathetically and swiftly so that you can put the ordeal quickly behind you.
One, quick call to Westhill Insurance will give you all the information you need, we won't run rings around you, but we will take care of you. Meanwhile, here we offer a few tips as to how you can protect your jewellery against theft or loss.
> Have expensive items of jewellery valued every 2-3 years
> Tell your insurers about any pieces of jewellery of particularly high value, and keep safe any valuation certificates or receipts as you will need these for any future claims
> Take photographs of your valuable items as these will help your insurer process the claim more easily
> Don't advertise jewellery to thieves, try and keep it in a safe place and if possible, locked away. Don't be tempted to put it under the bed or in a bedside cabinet draw: thieves go for these places first!
> If you wear heirlooms, make sure these have regular valuations so they keep pace with today's prices
> So to all Spring Brides and newly engaged couples, we wish you luck and happiness and offer just a tiny reminder to get the day –to-day necessities sorted out – like your insurance – so you can get on with planning a bright and rosy future.
Contact Westhill Insurance Services, today.