If you have jewellery of value you should more than likely have it insured. With the recent rise in home burglaries and crime, having your jewellery insured has never been more important.
Before you can insure your jewellery with an insurance company, you will need to get the items valued and a report on each item prepared. The insurance company will then provide you with a premium based on the value of the items insured.
Fees vary significantly for valuing jewellery, traditionally jewellers charged a fixed fee per item plus a percentage of the value up to 1.5%, this is still the case now with many retail jewellers. This pricing mechanism is now outdated. Irish Jewellery Valuations now charge a fixed fee per item, this results in valuation fees being much lower.
When getting jewellery valued bring as much of the original paperwork as possible, the receipt from the original seller if you have it, any previous valuations and certificates for any diamonds in the jewellery. This paperwork will assist the valuer in providing an accurate insurance valuation.
A comprehensive valuation should include accurate description of the jewellery, the type of metal or metals that comprise the piece and a picture of the item. An accurate valuation will make it much easier for the insurance company to replace the jewellery if a claim is made for lost or stolen jewellery or even jewellery that has been damaged.
Due to the price movements in metals and diamond prices in recent years, my advice is to get your jewellery valued every 18 – 24 months. This will protect you against under insuring your jewellery.
If your jewellery is lost or stolen, my advice is notify your local Garda Station immediately and provide them with the valuations so that they have images of the items. You will be required to fill out a lost/stolen form at the station that you will also need to provide to your insurance company.
The above advice is provided by Irish Jewellery Valuations, 93 St Stephens Green, Dublin 2