Get Your Valuables Valued

26th May 2011

In the 1980s, investment in fine art saw values increase to exceptional levels which gave rise to concerns that some items were not adequately insured. Today the same message rings true but this time for jewellery and watches where, despite the economic gloom, price increases seem never ending.

Jonathan Payne, Head of Claims Service at Mappin and Webb, commented "In recent months dramatic fluctuations in both raw material prices, especially gold and platinum, and currency exchange rates have driven some significant price increases across certain brands, including Patek Philippe, Rolex and Cartier. Over the last 24 months Rolex have implemented 4 price increases."

What happens if your antique Rolex watch suddenly exceeds its original worth?

Your average home contents insurance policy today will carry an allowance for the total value of jewellery within the home, requiring you to individually specify any items over a given value, normally around £1,500. Above this limit your insurer is not obliged to pay any extra value unless the item is specified, and even then you will only receive the last notified value. Quite simply you may be disappointed to hear your insurer tell you that they will only pay part of the value, if any at all.

We strongly recommend that our clients have their jewellery appraised every two to three years to avoid the serious risk of being unable to replace a loss at current retail levels.

A few simple but valuable tips:

• Notify your insurance broker of any new acquisitions
• Obtain a professional valuation every three years
• Take major items of jewellery in for a check-up every year
• Have your jewellery cleaned by a professional
• Keep items not being worn in a safe

More importantly, ensure that your jewellery is adequately covered.

If you have any doubt as to how well you've protected your possessions or would like a complimentary no obligation insurance review, contact Gareth Williams direct on 02920 855 242 or email gareth.williams@thomas-carroll.co.uk