I just took out a policy with QBE and got to the point where I needed to provide the details on jewellery I wanted portable cover on and they have advised me that to be covered I need current valuations for them to pay out if something ever happened to them. Argghh these items are my wedding & engagement rings, 6 years old so only have receipts for purchases and they say this is not enough. Has anyone been caught this way as well. It's an added expense having to go and get valuations every year or so to keep the insurance company happy.
Contents Insurance - need current valuations for jewellery
ELH05 on 14/04/2014 - 09:10
Comments
Probably an inconvenience & minor expense yes, If you value the items enough to bother with insurance, they mean something to you. however, if they are lost, stolen etc it's more expensive and far more hassle to replace as well as the tears and "should've insured" etc recriminations
Guess that's the whole concept of insurance, FEAR, fear of loss, Fear of "running into a expensive car, Fear of the sky falling and hitting you on the head.
If the items mean something and the loss would be devestating, man up and insure, if they dont mean a lot sell them and never have to worry about losing them then :)
I obviously will do it to make sure I am covered but its the first time I've been asked by an insurance company to do this. Is it something that insurance companies dont tell you but if you went to claim they would ask the valuations ?
Hi You may want to check out an alternative.For the sake of transparency I represent a company called www.qreport.com.au which specialises in jewllery insurance.
One of the things that we do for our clients is revalue their jewellery for them every year at no additional charge. There are many other benefits above what home insurers offer but I dont want to use this as a sales platform.
You need to know all insurance companies expect your jewellery valuations to be kept upto date , they also use a statement in their polocies that " they will replace the item upto that value you are insured", its not a automatic , this means if you have a 10K ring and they think they can replace it for $5k in the case of a loss than thats all they will pay. Home insurers can also almost force you to go to their preferred suppliers if you have a loss, so forget your family jeweller who made the original ring, its all at their discretion.
Just somthing to consider.
Get them appraised by certified valuer now and the valuation report is valid for a few years. I think I spent $ 50/piece to get mine appraised - this is in Melb CBD.