As Jewellery Values Soar, is your Jewellery Adequately Insured?
According to the Office for National Statistics, period and designer jewellery has recently seen a huge growth in value. In fact, values have escalated even more than they have within the housing market! But this does of course prompt the question: is your jewellery adequately insured?
Jewellers Loughton and Woodford wide are urging their clients to ensure that they’ve had a recent valuation of their jewellery so that it can be adequately insured. Here’s what you need to know.
Jewellery Values Rise
New research has revealed that some of the most rare and sought after vintage pieces of jewellery have increased in value by more than 80% in the past 10 years. When compared therefore with house prices in England, this means that jewellery has increased more than property prices have, as they have risen just 47% in the past ten years.
By far the biggest increases were seen in Art Deco pieces (from the 1920s to 1930s) and Belle Epoque jewellery (from 1890 to 1915). Pieces from these periods have risen approximately 88% since 2016, whilst jewellery from the post-war era (from 1945 to 1975) has risen by approximately 70%.
If you have jewellery from any of these periods, or even jewellery which is simply precious to you, it is always wise to have it valued by a trusted jeweller in Woodford or Loughton.
The Importance of a Professional Valuation
Did you know that the first step towards having your jewellery adequately insured is having your jewellery professionally valued? A trusted and experienced jeweller in Loughton or Woodford would be able to carry out the valuation for you.
As part of the valuation process, your jeweller will usually photograph the piece so that you can keep a copy on file with your insurer as well as note the likes of any inclusions or irregularities. This way, should the worst happen and your precious piece of jewellery be lost or stolen, your insurer will be able to replace the piece like for like.
Your jeweller will also be able to give you a document detailing the market value of the piece. You can then approach your insurer about having the piece covered to the correct value as it stands today.
Jewellers Woodford and Loughton wide will be able to carry out such valuations for you, but be sure to use a jeweller that carries out valuations on site, such as EK Jewellers. As such, you’ll be protecting your piece of jewellery from being lost during transit before it’s correctly insured. Why not pop into EK Jewellers today and make sure that your precious pieces are covered?