“I have kept my jewellery in my home, and it’s safe.” Do you too think in a similar manner about the safety and security of your jewellery? Those days of someone randomly entering your house and robbing you of all your belongings have long since passed. But what about the insurance perspective? Have you ever thought about it? It’s completely fine to keep your jewellery in a simple or decorative box, as the container ensures you have it with you right now, but it does not guarantee that it is insured.
Few people think about the potential consequences if their home-stored jewellery somehow disappears. What are you supposed to do? How are you supposed to claim the value of your jewellery? If you believe that obtaining insurance provides a lifetime coverage document, you are mistaken. That’s not at all the case. Even the insurance companies ask for the up-to-date document to reimburse the amount of your assets. It is therefore extremely important to ensure that the jewellery that you have gets appraised in a timely manner so that it does not fall short of its recent valuation. Therefore, in such scenarios, getting the professional valuation, which has the clear documentation with it, is crucial.
Let’s break down why professional valuations and clear documentation matter so much, especially when making a claim.
Why Home Security Isn’t Enough?
To ensure that your assets remain safe and secure, every sincere resident goes for setting up different types of lock systems that can ensure that the home is safe. These locks may include options such as strong locks, an alarm system, or even a small home safe. All of that is amazing, but nothing in the world is unbreakable. It therefore becomes a point of concern about how to ensure that you do not end up losing your money in case of the worst cases that one may face.
Therefore, getting the insurance is important, but at the same time, always keep in mind it’s not merely the insurance that matters but the timely insurance that matters. Most of the claims fail when a person goes to the insurance company due to various reasons, and we have listed a few of them below.
- There is no jewellery valuation at all.
- An outdated valuation from over 5 years ago
- No photos of the item.
- No proof of purchase
What a Professional Jewellery Valuation Actually Includes?
When you go for professional jewellery valuations, always ensure that you are well aware of the company and the reviews it has received. This ensures that when the time comes, the value of your asset can be given back to you, and you do not end up with any kind of loss. A reputable jewellery appraisal company asks for the following details about your jewellery:
- Detailed gem measurements
- Metal purity tests (like 14 ct or 18 ct gold)
- Condition notes
- High-resolution photographs
- Current market replacement value
Why Documentation Is Just as Important as Valuation?
Documentation is equally important to valuation. Both are equally important in showing your asset’s identity and worth. The documentation verifies the details of your jewellery and establishes ownership, while the valuation indicates the current worth of your jewellery, which is necessary in the event of theft or loss. Overall, you need both of them, and in short, you won’t get the valuation in the absence of documentation.
Documentation helps with:
- Proving ownership
- Preventing disputes during claims
- Speeding up processing time
- Ensuring the insurer replaces the item accurately
Can Other Luxury Assets Be Appraised?
Of course, the appraisal process is not merely about jewellery and other antique assets. Anything which is of a high worth and the value of which changes year after year can be valued. This can include various options like the watches, handbags and various other things. All you need to do is get in touch with a good professional jewellery, handbag, and watch valuation service provider, and they will help you navigate the process easily and get your assets valued.
Summing Up
To sum up, obtaining a valuation is crucial because it gives you the current worth of your assets and also allows you to secure insurance, ensuring that you can recover their full value in the event of a loss.
