If you’re planning to surprise your special someone this festive season, here are a few things you’ll want to do to ensure your new piece of jewellery, fine art, wine, or any other valuable gifts are properly protected.
When purchasing valuable items like jewellery, paintings or sculptures, it’s imperative to keep the receipt and store it somewhere safe. Be sure to also include any other documents from the seller which may describe the item, especially if it’s a one-off piece or something you’ve had made up especially. Having the original paperwork which accompanied the sale will make it much easier to get future appraisals and ensure your valuable item gets the protection it deserves.
Let your insurance broker know that you now own a new valuable item and ask them what type of documentation is required for you to insure the piece. Certain high value artworks, for example, may require proof of authentication, and so always check whether a certificate of authentication will be included in the sale prior to purchase. If you’re buying online, be sure the retailer is reputable and can provide the necessary authentication documentation.
Your insurance broker can tell you how much coverage is included with your homeowner’s or renter’s insurance policy, and what types of losses are covered. Many standard homeowner’s and renter’s policies provide minimum amounts of coverage, after a deductible is met. Many of these policies don’t provide coverage for items you lose.
You may want to purchase a policy that specifically covers your valuables. The right policy will protect your high-value item from a wide variety of losses, including theft, breakage, and “miscellaneous disappearance” (i.e. you lost it). With jewellery especially, one of the most common reasons for loss is due to worn clasps on necklaces, bracelets and earrings. Be sure to gently clean and check your jewellery for any potential damage regularly.
If possible, store your valuable item in a secure location such as a safe deposit box or special storage facility. Be sure to let your insurer know as “in vault” coverage often allows you to pay less for the protection you need. A dedicated jewellery safe will also help to keep jewellery in prime condition and prevent it from being damaged whilst not being worn.