Is it about time to get your engagement insurance valuation renewed?
It can be very easy to forget to get your engagement ring re-valued for insurance every few years. Insurance is one of those things you can never get when you need it most. Furthermore, insurance policies need updating to ensure your ring is accurately valued for insurance. In the event of loss, it is important that your insurance will cover the replacement cost of your engagement ring.
What happens if the insurance valuation for your engagement ring is out of date?
Many insurers insist upon a recent valuation document. Owing to the change in value over time, it is important to get your ring inspected and valued every few years. You may experience difficulty with a claim if your valuation is out of date. In addition, any jeweller will need specific details to create a replacement item in the event of loss.
Do you need to send your engagement ring away for valuation?
The answer to this is yes. But for good reason. Without the ring in-hand, it is impossible to prove that the item has not been lost already. When we value an item of jewellery, we need to verify that the item exists and that the item is in good condition. Most insurers insist on a valuation to substantiate both details in addition to the replacement value of the jewellery.
Why don’t people renew their jewellery valuations?
Let’s face it, insurance is not sexy. Insurance rarely excites or motivates. But consider the worst. If your most precious engagement ring is stolen or lost, can you afford to replace the ring? For a small yearly premium, insurance gives peace of mind, just in case the worst happens. Getting an online quote from an jewellery insurance specialist will give you a very good idea of the cost.
Other advantages to getting your engagement ring re-valued
As part of the valuation, each item undergoes a thorough inspection. Important maintenance work (such as re-tipping or tightening settings) might be identified. In addition to any inspection or valuation, it is also a perfect time to arrange cleaning and re-finishing whilst we have your jewellery.
Getting your diamond ring re-valued. Next steps for insurance.
If like many, you’ve let the re-valuation slide, get in touch with us today. Just like
About Mark Johnson
My name is Mark and I'm founder at Serendipity Diamonds. By day you'll find me working in our showroom—in a variety of roles. My work (which I love) ranges from photographing jewellery, to writing blog posts and helping clients with my colleagues Drina, Emily and Debbie.
