LOVE is in the air and if St Valentine is extra-generous you may receive a piece of jewellery in addition to flowers and being wined and dined this Friday.

After showing off your new bling to your friends and family, the first thing you should do is ensure that you’re covered in the event that your new treasure is lost, misplaced, damaged or stolen.

Because jewellery is worn while you’re out and about, you need to insure your jewellery under an all-risk cover that is typically linked to your home contents insurance.

There are two types of risks: unspecified and specified.

Unspecified items refer to things like sunglasses, the contents of your handbag and jewellery under a specified amount. As these items change from day-to-day, it is not practical to list them each time you need them covered and so it is not necessary to specify them to your insurer.

More costly pieces need to be specified to your insurer and must be listed under your all-risk policy coversheet.

It is always best to check with your insurer what the limits are, as well as what falls under unspecified and what is required to be specified.

Short-term insurer, MiWay Insurance, says jewellery owners who want to insure their valuables need to do the following:

  • Keep the original receipts (if possible): Your bae might not want you to know how much he or she spent, but if you can, get the receipt so you know you are insuring your new valuable for the right amount.
  • Take pictures of the jewellery pieces: Photograph all your jewellery for your own records.
  • Provide a valuation certificate: Most insurance companies require valuations, especially for more expensive items. Reputable jewellers will generally provide you with two valuation certificates – one for your records and the other for your insurer. If you do not have a valuation certificate, you should have your jewellery valued.
  • Periodically have your jewellery revalued: The value of jewellery, like cars and other assets, changes over time so it is advisable to periodically have your jewellery revalued to ensure you are not under-insured.
  • Keep it under lock and key when not wearing it: For insurance purposes, your jewellery needs to be kept in a locked safe when it is not being worn.

With the right insurance cover, you’ll be able to enjoy living your way and showing off your precious jewels.

MiWay is a Licensed insurer & FSP 33970. Ts & Cs apply.

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