By Adam Heath
Executive General Manager, Insurance Solutions
Our contents insurance includes automatic cover for individual pieces of jewellery and watches up to $3,000. If you have a lot of jewellery – even if each piece is worth less than that limit, the maximum we’ll pay is $15,000 or up to 15% of your total contents insurance, whichever is higher.
If you have an individual piece worth more than $3,000, or you have several pieces of jewellery that add up to more than $15,000 you need to tell us so we can add them to your policy. It will only take a couple of minutes.
Valuations help avoid disputes and make the claims process smoother, easier and quicker. Getting your jewellery regularly valued keeps everyone on the same page and avoids disappointment in the case of a claim.
We recommend getting your high value jewellery valued by a qualified valuer, appraiser or jeweller at least once a year and updating your policy accordingly. It’s a good idea to keep your valuations in the same place as your policy.
Jewellery can get damaged, particularly if you’re wearing it all the time. Things like stones falling out or claws and clasps getting damaged are particularly common.
The best idea is to get your jewellery regularly maintained by a qualified jeweller. This is especially important if you know there’s something wrong with it – otherwise it may not be covered if you need to make a claim.
In many cases, a jeweller will also be able to value your jewellery at the same time.
Last week Treasury released the findings of its recent research into the effect of New Zealand home owners moving from open-ended replacement to ‘sum insured’ insurance cover...