1. Don’t buy extra insurance cover if you don’t need it
Your jeweller will usually try to sell you insurance at the same time as the jewellery, but you may be buying something you don’t need. If you are purchasing a high value item, you can usually add it to your existing home insurance policy – as long as the item is noted correctly then assure your mum that her new prized possession can be covered. Adding the jewellery to your home insurance may mean you have to pay an additional premium but normally this would still be more economical and as extensive than individual jewellery insurance.
2. Keep the receipt
For high value, individual items most insurers will require a receipt or a professional UK valuation, normally no less than 5 years old. A regular valuation is also in your mum’s best interests due to the changes in value in silver and gold over time. If your mum has an up to date valuation the more likely she will receive the most accurate and current replacement value in the event of a claim. For jewellery containing precious stones insurers normally require that the settings/claws be checked every 2 years by a competent jeweller, to ensure there are no signs of damage or wear and tear.
3. Keep it safe
If you are very generous with your Mother’s Day gift, your mum’s insurance may require her to keep the item in a safe when it is not being used. This would be for very valuable items.
So be as lavish as you wish for your Mother’s Day gift, and remember the rules so your mum’s present will be sufficiently covered.