It may have happened to many of us, to lose a diamond earring or to forget a ring somewhere in a public area because we just wanted to wash our hands or to have our bracelet stolen…
It is very painful when it happens, because it is often not only a material loss but also an emotional loss.
Emotional loss cannot be repaired as easily but for material loss there is something you can do.
The steps to getting your jewellery insured
- Checking your home insurance: Most of us have a home insurance of some sort and although it may cover some basics in terms of jewellery, it is usually very limited and only minimum amounts are usually covered in case of loss, theft or damage. In fact the insurance may not even be able to cover half the value of your wonderful 1ct each diamond earrings set in platinum that were given to you on your 20th wedding anniversary…
It is important you check the details of your home insurance first and ask how you are covered. Then it is useful to eventually contact an insurance broker or another insurance company to make a study regarding what a couple of other insurance companies can do to ensure your jewellery.
- Appraisals: usually jewellery companies ask you to provide them with either the original receipts, certificates or more commonly for appraisals, in particular when it is old jewellery, that will allow them to evaluate what you possess in terms of stones and jewellery.
Appraisals can be done by the jewellery companies, but also by independent companies who give a value to your piece of jewellery or the stone. It details what the metal is and its weight and carat, it gives details about the gemstones and it gives an overall value of the item.
If you have the receipt for some of the pieces of jewellery it is important to show a copy to the insurance company as well as proof of value.
- Photos: Photos are also a good tool to have to show insurance. It is important that you are seen wearing these pieces of jewellery and not just photos taken randomly. Therefore, a nice close-up photo of you wearing your beautiful diamond earrings or the ring given to you by your grandmother are the perfect proof of your ownership of these items.
Once you have gathered all the proof of ownership and the documents needed that evaluate your pieces of jewellery, you meet with your insurance company and have them draw up a new policy. It is important that it covers your way of life and everything you may think relevant regarding your jewellery.
It is a lengthy process all in all, but the day you loose an important item or your diamond earrings get stolen, you will be a little less rattled as you will know you will be able to replace them!
At BAUNAT, we would be very happy to assist you with providing you the receipt of the jewellery you have purchased with us, we would very gladly help you evaluate your jewellery and provide you with the certificates you may not have for your gemstones and jewellery.