If you buy or are gifted a beautiful piece of jewellery, a work of art, an antique, a set of golf clubs or the like, a phone call to your insurer should be one of the first things you do.
Although personal possessions are generally covered under a standard insurance policy, expensive items such as jewellery, furs, collectables and precious stones may not be, as many policies are value capped.
While there is no way to replace the sentimental value of these possessions, having them properly insured means you can at least physically replace them if damaged, lost or stolen. Putting in the hard work now and calculating the value of your treasured items could save you a great deal of time and energy if you were unlucky enough to suffer such losses, damage or theft. Below, we’re giving you our top tips for protecting your valuables.
How to protect your treasured possessions
1. Contact your insurer. Let your insurance representative know immediately that you now own a valuable item. Find out how much cover you have and whether additional insurance is needed.
2. Keep a copy of your purchase receipt. Forward a copy of the receipt to your insurer so that the company knows the retail value of the item.
3. Keep a copy for your own records. Store it safely with an inventory of your personal possessions.
4. Have the item valued. Heirlooms and antique jewellery will need to be appraised by a valuer.
5. Photograph your prized possessions. Get into the habit of keeping a visual record of all your personal items. This will certainly help to document your loss and speed up the claims process.
6. Add the item to your home inventory. This can help you purchase the correct amount of insurance and speed up the claims process if you suffer a loss.
Need advice?
Even with the best intentions, it’s easy to forget to check whether your valuables are covered under your home insurance amongst the melee of things that bombard you in your busy life.
Thomas Carroll Private Clients can take the strain for you, with our flexible and independent approach to your home, car and travel insurance requirements. We offer a free, no-obligation assessment of your home insurance. Get in touch with Gareth Williams today on 02920 855242 or email gareth.williams@thomas-carroll.co.uk.
