Why Is an Insurance Valuation So Important?

Buying a new piece of jewellery is exciting. Whether it’s something you’ll wear every day, save for special occasions, or simply enjoy having in your collection, it’s important to make sure it’s properly protected.

An insurance valuation provides a detailed record of your jewellery and its current replacement value, giving your insurer the information they need should the piece ever be lost, stolen or damaged.

This is particularly important when it comes to antique, vintage and one-of-a-kind jewellery. Many of these pieces are difficult, if not impossible, to replace with an identical item. A detailed valuation helps establish exactly what you owned and what it would cost to replace.

How Much Does an Insurance Valuation Cost?

At Edwards Jewellers, every order includes a complimentary insurance valuation, at no additional cost.

Each valuation is individually prepared for the piece you have purchased, signed and wax sealed before being included with your jewellery.

Once you receive your piece, we recommend providing the valuation to your insurance company and checking that it is adequately covered under your policy.

Why Is the Valuation Higher Than the Price I Paid?

You may notice that the insurance valuation is higher than the amount you paid for your jewellery. This is completely normal.

An insurance valuation is not simply a record of the purchase price. Instead, it reflects the estimated cost of replacing the piece at the time of valuation.

For example, a vintage ring may have a purchase price that reflects its age, condition and availability. Finding another ring of the same quality, with comparable gemstones, craftsmanship and materials, could cost considerably more today. In some cases, an identical replacement may not be available at all.

The same applies to newly made and bespoke jewellery. The cost of gold and gemstones can fluctuate, and recreating a piece in the future may cost more than it did when originally purchased.

When preparing a valuation, we consider the individual characteristics of the piece alongside current market conditions. This helps provide a realistic replacement value and reduces the risk of the jewellery being underinsured.

What Information Is Included?

Our valuations include as much relevant information about the piece as possible, giving your insurer a clear record of exactly what you own.

Depending on the item, this can include:

— Metal type and fineness

— Hallmarks and identifying marks

— Gemstone type and details

— Gemstone measurements and grades where applicable

— Cut and shape of gemstones

— Total weight

— Description of the design and setting

— Age or period, where known

— Notable identifying features

— Relevant certificates or documentation

— Insurance replacement value

This information can be particularly useful with antique and vintage jewellery, where individual details can make a significant difference when identifying or replacing a piece.

What Happens If I Lose My Jewellery?

Hopefully, you will never need to use your valuation.

However, if your jewellery is lost, stolen or damaged, having a detailed valuation can make the claims process much easier. A photograph might show what a ring looks like, but it won't necessarily record its metal fineness, gemstone details, weight, hallmarks or other characteristics.

The valuation provides your insurer with a detailed record of the jewellery and its estimated replacement value.

It is important to note that the valuation itself does not provide insurance or guarantee a particular payout. Any claim will be dealt with according to the terms and conditions of your individual insurance policy. The valuation gives your insurer an accurate basis from which to assess the item.

Keeping Your Valuation Up to Date

We recommend keeping your valuation somewhere safe, alongside your receipt, photographs and any gemstone certificates or other documentation that came with your jewellery.

It is also worth reviewing your jewellery insurance periodically. Precious metal and gemstone prices can change over time, meaning an older valuation may no longer accurately reflect the cost of replacing your piece.

For particularly valuable jewellery, your insurer may also have specific requirements or ask for additional cover, so it is always worth checking the details of your policy.

Included With Every Edwards Jewellers Order

We believe an insurance valuation should be an important part of buying valuable jewellery, rather than an optional extra.

That’s why every order from Edwards Jewellers includes a complimentary insurance valuation, prepared specifically for your piece and supplied with your jewellery.

Hopefully, you’ll never need it. But should the unexpected happen, you’ll have an important record of your jewellery to help support your insurance claim.