February 14 is just around the corner, and high net worth individuals often spend large amounts this time of year. However, it’s important that these presents are protected against. Our blog will go over some tips on how to protect your high-value gifts n Valentine’s Day.
If you are buying your loved one a valuable item like a piece of jewellery, engagement ring or even a high spec tech product it might be worth protecting it. Insuring your presents gives you the peace of mind that whatever may happen, your investment is always covered.
Will I need to add presents to my contents insurance
Depending on the value of the valentine’s day gift, it might be worth considering adding it to your insurance policy. Different insurers have different rules in regards to itemizing valuables. Some insurers will want to know every new piece of equipment or jewellery you have purchased. Others don’t require any contact unless the item value is over a certain amount.
With Three Castles Contents insurance any item below £20000 does not need itemizing find out more about our policy here
Are there better ways to insure my Jewellery gifts?
If you have purchased some expensive jewellery for Valentines Day it may be worth securing it through a specialist jewellery insurer. Standard content insurers usually have a ‘single item limit‘ which dictates how much they will pay if something is to happen to one of your personal possessions. So if your gift is an item of jewellery it is likely that you will need a specialist policy.
3 tips to get the most out of insuring a valuable present
If something is to, unfortunately, happen to your valentine’s day gift there are some things you can do in order to avoid disappointment when you make your claim. These are:
Keep your proof of purchase
Always keep proof of purchase of your items, and receipts are the most reliable proof of purchase. It’s not always possible to have a receipt especially for a gift, so photos or valuations of items can also be used. When dealing with high value Jewellery, you can also contact the Institute of Registered Valuers for a credible valuation.
Contact your insurance company as soon as possible
Depending on the value of the gift and your insurance policy it will be important to add your Valentine’s gift to your insurance inventory. Insurers won’t account for items they don’t know about, so the quicker you can relate your item to insurers the better.
Get an insurance policy that will truly cover you
Standard contents insurance policies can sometimes offer a lot less cover than you expect. In terms of cover for your jewellery in specific, there are two common insurance clauses which may hinder your cover:
Single item limit – As previously mentioned this is the limit value insurers will payout for a single item. Often the single item limit tends to be between £1500 to £2500. So if you purchase a diamond ring for example, the likelihood of the value being covered by insurers is very slim.
Maximum claim limits- A maximum claim limit is the overall limit insurers are prepared to pay a policyholder for all covered losses for the year. If this limit isn’t high enough policyholders run the risk of not being correctly reimbursed for all items affected in a claim
In order to be completely covered you will need an insurance policy that specialises in high-value items. Your policy must also fully protect you in case something happens to your items.
Our Watch & Jewellery Insurances is the best insurance coverage for your valuable items. Our policy offers:
- Unlimited Contents Cover, giving you the peace of mind that in any event your possessions will be accounted for. You need only itemise valuables worth over £20k, everything else is covered as standard.
- We also offer a warranty-free Worldwide Cover. This means that wherever you are in the world, you can rest assured your precious belongings are entirely covered.
Please contact us on 03300 948 781 or Get a Quote to find out more about our services