Insuring Your Precious Possesions

Your favourite pieces of jewellery are more than valuable possessions; they are a reflection of who you are, your feelings for loved ones and lifelong relationships. So protecting them from theft, accidental damage or even a mysterious disappearance is important, especially after spending time selecting the all-important engagement ring.

Think of all your valued possessions whether it is your engagement ring or an heirloom necklace given to you by your grandmother….these pieces should not be locked away. At Rocks we believe these pieces should be worn, loved and enjoyed!

This is why jewellery insurance is so important; however this can be daunting and complicated process if you don’t know how. So we have come up with a guide on how to go about insuring your precious pieces and your all-important engagement ring.

A majority of people insure their jewellery and engagement ring under their household insurance policy. Renters and home owners policies cover your home contents, however only up to a certain value. When insuring any jewellery or an engagement ring above €1000 you are required to have a valuation and an appraisal carried out.

Expensive items like engagement rings and other precious jewellery can be guaranteed through specified personal property insurance policy extension that covers particular items as a group or they can be specified and insured individually, this is just an extension to your existing content policy. Not to worry if you do not have a home contents policy. Many brides- to- be insure their rings under their parents’ home content policy. However be sure to check with the insurance company this is allowed.

If you do not have renters or home owners policy, another option is to insure your jewellery through a company that specialises in jewellery insurance. These companies may offer more coverage than a standard home owner policy.  Chubb Insurance Company, are the leading insurance company for Jewellery and privately owned fine art across Europe.

An insurance policy is a way of honouring not just the financial value but also what the jewellery represents.

All important questions to ask before you choose a policy:

  1. Is the ring/jewellery covered if you lose it accidentally, or only if it’s stolen?
  2. How will the company replace the ring/jewellery? Check with the insurance company if they will make a cheque payable to you, If yes, ask for this in writing as most insurance companies try not to give you a straight answer; Or will they require you to purchase a replacement through a specified jeweller? Ensure that the jewellery being replaced is up to standard and the correct quality.
  3. Ask your insurance company how they handle repairs.
  4. What if it’s a vintage ring or other unique piece? How will the quality and size of your diamond and that of a replacement if needed be documented?
  5. Is the ring insured to full cost or a fraction of the cost?
  6. How will you need to prove the ring has been lost if you make a claim?
  7. Are there any circumstances that aren’t covered?

So when you have decided if you are going to purchase insurance for your precious pieces here is some things to keep in mind.

1. Shop around and there may be room for some negotiation with the insurance company.

2. Do not over insure you engagement ring or jewellery as there are no benefits, over insuring results in you paying a much higher premium which most insurance companies will gladly accept.

3. If your engagement ring or jewellery is lost or stolen, most insurance companies now replace the ring or write a cheque for the replacement value, they generally do not write a cheque for the insurance value.

4. Many insurance companies require the ring or jewellery to be kept in a safe if they are over a certain value when not being worn, if valued at €13k or above on average, which can be another expense to keep in mind.

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Keep an eye out for our next blog!

And for that all important  engagement ring or gift, take a look at our Jewellery Collections.

Because Love Rocks!