Often enjoying both monetary and emotional value, jewelery and precious stones are particularly subject to theft but can also be destroyed in the event of a disaster such as a fire. How do we secure these objects? Is home insurance enough? If not, how?
What jewelry and objects include “precious goods”?
Insurers mean “precious goods” for jewelery, precious metals, ingots, timepieces or jewelery made of precious metals and / or precious stones that you can own. Ivory objects, fine stones mounted on jewelery or precious stones can also be included. They are to be distinguished from valuable objects that are objects of art such as paintings, ancient manuscripts, and collections.
Each insurer establishes a minimum unit value (800 € for example) for a jewel to be considered a precious commodity, criteria that are not necessarily the same according to the companies. Some differentiate between “precious goods” and “valuables,” but not all. It is therefore best to refer directly to your contract, which must logically contain a “valuable” or “valuable” part.
The various insurance formulas
Several possibilities are available to you depending on the value of your jewelry and the coverage you want to benefit from.
Classic Home Insurance
It is quite possible to address you directly to your current home multirisk which will provide you with an extension of guarantee in order to insure your jewels and precious objects.
- Advantages: the cost of insurance is lower and there is no need to approach other insurers, or to subscribe to several contracts.
- Disadvantages: jewelry is only insured for a percentage of their value and in case of loss, you must present proofs of the value of your jewelery to your insurer. A simple photo is not necessarily enough because it is then difficult to estimate accurately the value of the object.
- Contract Exclusions
- Even if you subscribe to the “jewelry and precious goods” option, home insurance includes multiple exclusions, including:
- The warranty of the jewelry is suspended during the periods of indulgence, starting from a number of days of absence fixed per year according to the insurance (generally between 30 and 60 days).
- Claims and theft of jewelery in an outbuilding or any cellar, attic … not connected directly to the main dwelling are not covered, even if the option “flight in dependence” is subscribed.
- Jewelery is not insured during transport. Some contracts, however, offer an aggressive flight option during transport, deposit or withdrawal at a bank.
In addition, the precious goods are insured according to a value in use and not a value to nine.
If the total value of your valuable assets exceeds 10% of the guaranteed movable capital, it will be more beneficial to turn to specific and specialized insurance contracts.
Specialized contracts in addition to home insurance
These contracts can be used to supplement the home insurance from a certain amount, eg 80 000 or 100 000 euros, and cover valuable property against theft, accidental damage, water damage, fire. And are distributed through specialized brokers.
Multirisque habitation prestige
If the total value of your property exceeds € 150,000 / € 250,000, it may be in your best interest to take out high-end home insurance. In addition to guarantees such as the replacement of your domestic employees in the absence of these the comprehensive high-end housing covers your wealth of jewelry and precious objects up to an amount of € 300,000 or more depending on the insurers. You will then be reimbursed on the basis of the new value of the property without being obsolete in case of theft, loss, fall, breakage, loss …
Two possible forms of subscription
Specific insurance in declared value
The specific insurances and the multiple home risks can be subscribed in two ways. The first is declared value insurance.
- Advantages: You can subscribe to warranty extensions that will cover the loan of jewelry, breakage or the restoration of the property. The cover is “all risks” (theft, fire, water damage …) No expertise is needed but the estimate of the value must be detailed.
- Disadvantages: the value of the goods and jewelery covered by the insurance is estimated at the beginning of the contract, so the new items will not be affected. In the event of a claim, you must carry out an appraisal and prove the existence and value of the property stolen or destroyed.
Specific insurance in authorized value
You can also turn to a specific insurance in approved value, more expensive but also more appropriate.
- Advantages: the value of the jewelery is fixed before the signature of the contract thanks to the visit of an expert who allows the insurer and the insured to agree. This value will be the basis on which you will be reimbursed in the event of a disaster. The estimate also makes it possible to fix the insurance premium. The jewelry and objects are thus listed in the contract which also sets the compensation. Guarantees to cover case and loan are also available.
- Disadvantages: Expertise is mandatory and the contract must then be modified if you acquire new valuable assets.
Make an inventory of your assets
Even if your insurer does not ask for a full listing of your property and jewelry, it is best and even imperative if you hope to be compensated for a complete inventory of your possessions. For this purpose take several pictures of each property, taking care that the particulars (shots, inscriptions …) are visible, then write a description of the object (weight, shape, color, component …) You can be helped by an expert.
As soon as you acquire a new part, carefully keep the certificates of authenticity, invoices, expert testimonials … by scanning them or by making copies kept in a safe place.
Authentication and expertise
In parallel to this inventory it will be essential to call on an expert to authenticate and appraise your goods and jewelry. This is not mandatory but very important in order to be able to prove the value of the assets that you possess and to be thus certain that your insurer will reimburse you the amount wanted and not only a part. It is also and especially very practical to make to estimate the jewels inherited from your parents of which it is rare to have preserved the invoices.
You can contact an independent expert, your insurer or a prestigious sales house. In all cases, ensure that your insurer recognizes the expert and send the documents to him so that he can keep a copy in your file.
It is worthwhile to renew this expertise from time to time in order to reassess the value of your property, which may vary in size depending on the year.
Steps in case of theft
First of all, the theft must have taken place under the circumstances stipulated by the contract (breaking and entering …) to be covered. The negligence of the insured (door left open) may lead insurers to refuse compensation.
When the theft is discovered, the insured must file a complaint within a period of time often fixed at twenty-four hours and then send to the insurer the declaration of theft and the list of jewelery and stolen property by registered mail within two working days.
If the property is never found you will receive compensation. If they are, there are two scenarios: either you have not yet received the compensation and you have to recover your property, and any repair costs will be borne by the insurer. Either you have already touched it, and in this case you can recover the property but make the compensation, or deny them and keep the payment.
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