Getting your Jewellery Insured

These days, it is possible to get an insurance policy cover for just about anything that is valuable. Insurance covers can be gotten for things as absurd as, alien abduction, spoilt food from a power outage, moustache or chest hair loss. If it is possible to get an insurance cover for hair loss then it is also possible to get for your jewellery considering the value, (we are not talking about cosmetic jewellery here).

Many insurance policies will only cover jewellery when specifically requested, and then the premium must be adjusted accordingly. Some insurers do not offer jewellery coverage as a stand-alone product (an underlying property insurance policy is required).

However, owners of valuables can purchase coverage as an add-on to their existing home cover. Most of the better-known insurers require additional handling for high-end valuables. Some policies specifically exclude jewellery and other valuables like musical instruments, artwork, and furs. So, what is going to happen to your diamond engagement ring, wedding ring, vintage Rolex, or the black pearl necklace you picked up in Dubai?


You need jewellery insurance.

Jewellery insurance is not a familiar topic; despite the fact we spend a lot to acquire them.

If the jewellery is also the type you wear daily like your engagement or wedding ring, they are highly susceptible to damage, loss or theft. Even when they are kept at home, they are the most stolen item in cases of burglary. If you get an insurance company that offers jewellery insurance (either as a stand-alone product or as an add-on to other insurance policies), the first step is to get your jewellery pieces professionally appraised.

An appraisal is the best way to properly protect your jewellery value. A receipt for your purchase may also be acceptable, so check with the insurance provider to see what they require. To make certain that jewellery insurance continues to reflect your jewellery’s fair market value, it is recommended that you have your jewellery reappraised every two to four years and notify your insurance broker of any changes.

In picking up a policy or adding to an existing one, keep these questions in mind:

  • How exactly are claims handled? Will you be required to purchase a replacement and then request reimbursement, or will the insurer send a cheque first?
  • Is the item’s full replacement cost covered? How is that amount determined (especially if the item of jewellery is an antique or is custom-made)?
  • Do coverage limits fluctuate with the price of precious metals or gems?
  • How often can/should you submit updated appraisals?
  • What proof of loss or damage will be required?
  • Which exclusions does the policy have? What type of loss or damage are not covered?

However, should the unthinkable happen, insurance claims for jewellery go through a very similar process to car insurance claims. A policy agent will assign you a claim number and you will be asked to provide any relevant photos, police reports, and documentation about your stolen, damaged, or lost jewellery. It is interesting to know that indeed you can get an insurance cover for your jewellery when you ask for same.

Check out information from a subsidiary of First Bank Nigeria Limited, so that whenever you make such claims, you will easily get your insurance claims deposited into your FirstBank account.

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