Jewellery underinsurance
March 22, 2022

Is my jewellery underinsured?

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Is my jewellery underinsured?

The demand for expensive jewellery such as watches and rings are increasing at a great rate. In some cases, supply can’t keep up, causing prices to rise. In the last 10 years some jewellery has seen a higher increase in value than gold.

Could this affect your insurances?

With the rises in prices it could mean that your items are no longer worth the agreed sum insured. This could leave you out of pocket in the instance of a loss and needing a replacement.

To add to this, the second hand jewellery market is also booming, so leaving your items underinsured could have a detrimental effect on what replacements you would be able to find.

How to protect against underinsurance

We recommend you update your insurance providers with updated valuations to increase your sums insured.

If you’re not sure on how to get your items revalued,  your jeweller will be able to recommend a suitable and qualified valuer, if they are unable to carry out the valuation themselves. On the National Association of Jewellers Institute of Registered Valuers website you will find useful valuation information and details of professional qualified valuers. Click here to see more.

Many insurers do not ask for written valuation documents below a set amount, but our advice is to obtain valuations for all significant items. Lower value pieces can be grouped together, and an overall value allocated.

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Any questions? Please don’t hesitate to contact one of our team.

Abbie.kenton@ascendbroking.co.uk  |  Office: 01245 449067