Many standard home insurers would have you believe that they offer adequate cover for your jewellery and watches. This may not be the case. Standard household insurance policies may seem like they cover jewellery and watches, and they probably do, however it may not be covered outside of the home. The restrictions can be numerous and some are listed below:
- Cover restricted to in the home only
- Limit of cover per item, quite often £1,000 to £1,500
- Antique jewellery covered for replacement cover with no consideration made for the possible cost of remaking piece
- Restriction applied of using the Insurance Companies approved jewelers in the event of a loss, irrespective of whether they are right for you
When jewellery and watches begin to get valuable, trying to insure it with standard insurers is a little like trying to fit a round peg into a square hole. A specialist High Net Worth broker will guide you to firstly, getting the replacement value correct and secondly in providing you with a High Value Home Insurance policy that will offer you the broadest cover in the market, including:
- Worldwide cover
- Agreed value
- No value limit for Jewellery or watches
- All risk cover
As you might expect, Jewellery and watch insurance carries the highest premium rate due to the high-risk nature of the items. However, an experienced Broker can paint a picture that better reflects the real risk of your jewellery and watches. For instance, a client that has a number of watches is only likely to wear one at a time. This means that fitting a safe to the property could mean the remaining watches are a much lower risk, resulting in a lower premium.
High Net Worth Insurers often have Jewellery Valuers on their panel, which could result in a discount for their clients. Jewellery valuations have many benefits including keeping replacement values up to date and cataloguing jewellery to make settlement easier in the event of a loss.
High Net Worth Insurers take time to consider risk management to prevent the worst happening to your more valuable, and often sentimental, items of jewellery. This could include a Jeweler periodically checking the clasps and settings of items of jewellery to ensure that the worst is less likely to happen. Not only does this protect the Insurance Company, but also helps prevent irreplaceable jewellery being lost in the first place.
A well-known industry claim settlement began with a High Net Worth Client losing his much loved watch whilst out on a lake. The watch was replaceable but had significant sentimental value. The High Value Home Insurance Company in question, rather than replace the watch with the nearest high end jeweler, hired a scuba diver to retrieve the watch. This really was a case of putting the client back in a position they were in before the loss!
At High Value Home Insurance we work hard to ensure that the cover we place is as competitive, and broad, as the market will allow. This is only possible by the relationships we have in the High Net Worth market and backed up by the knowledge accumulated over 25 years in the personal lines Insurance arena. Any restrictions on cover are always explained clearly to help eliminate any ambiguity.