Most people assume their diamond jewellery is covered the moment they buy it. In reality, a few common mistakes can leave you with far less protection than you think, and you usually only find out when it is too late.
Assuming your home insurance covers it
Standard home contents policies often place a low limit on valuables, and jewellery is frequently capped at a modest amount per item. If your ring or necklace is worth more than that limit, you may only receive a fraction of its value in a claim. Check your policy wording, and if in doubt, ask your insurer exactly what the single item limit is.
Relying on an old valuation
This is the big one. Diamond and gold prices move over time, and a valuation from several years ago may no longer reflect what it would actually cost to replace your piece today. Most jewellers recommend refreshing your valuation every two to three years, sometimes sooner if the market has shifted noticeably. An outdated figure can leave you underinsured without your realising it.
Not keeping the paperwork together
Insurers will want proof. Keep your purchase receipt, your diamond certificate, and your valuation document in one safe place, ideally with digital copies stored separately. Clear photographs of your jewellery, taken from several angles, also make a claim far smoother if the worst happens.
Forgetting about wear outside the home
Many standard policies only cover jewellery at home, or offer limited cover when you are out or travelling. If you wear your pieces daily or take them on holiday, check whether your cover follows you and whether you need to add them as specified items on your policy.
Skipping specified cover for expensive pieces
For higher value diamond pieces, listing the item individually on your policy, often called specified item cover, usually gives far stronger protection than relying on general contents cover. It costs a little more, but it is designed for exactly this situation.
A quick checklist
Know your policy limit, keep your valuation current, store your documents safely, and check your cover away from home.
If you are buying a diamond piece and want the right documentation from day one, visit Azzallure. We provide proper certification and guidance, so insuring your piece is simple from the start.