Far out Friday: It don’t mean a thing if you ain’t insured that bling

by IBO 14 Feb 2014

Far out Friday: It don’t mean a thing if you ain’t insured that bling

Your humble editor took a trip back to his native UK over Christmas, and like any good tourist finally decided to get round to having a look at the Crown Jewels in the Tower of London. Well, we say ‘look’: it was more like a hurried glimpse, once he’d been ferried through the six-inch thick metals doors, stared down by machine gun-clad security guards, ushered onto a moving walkway and eventually given half a second with the world-famous bling (albeit via a barrier of bullet-proof glass).

It’s unlikely that many of us would go to such lengths to secure our own jewellery – after all, the chances of us being held up in a Hollywood-style heist are extremely slim – but a new survey commissioned by Budget Direct suggests that we’re so laissez-faire about our bling that it’s almost laughable.

The insurer’s survey of 1,072 people revealed that two-thirds of those quizzed have no photos of their jewellery and don’t bother with valuation certificates, while  90% have no video record of their precious pieces. This, says Budget Direct, leaves them with the high potential of heartbreak should something happen to that favourite ring, necklace, bracelet, watch or earrings.

Even those that do pay attention may be vastly undervaluing their bling. The survey found more than half of those surveyed believe the total value of the jewellery they wear on an average day at work or night out is worth under $100, with only 1% of those surveyed would value the jewellery they wear on a night out or to work to be over $10,000 (lucky sods).

“Given that the price of gold has nearly tripled in the past 10 years, perhaps people are still referring to their pre-21st century till receipts when estimating the value of their bling,” says a blog on the Budget Direct site.

The insurer suggests that Valentine's Day is the perfect time to start properly looking after valuables. Here are its  quick tips:
  • Get a valuation certificate for your valuable jewellery and if possible keep receipts as proof of purchase.
  • Keep the paperwork in a safe place, perhaps one copy at home, another copy somewhere else like at work in case of house fire.
  • Update your valuations regularly - The National Council of Jewellery Valuers recommends people have their jewellery reassessed every two to three years – to check for wear and tear and also changing values in precious metals.
  • Review your contents policy and work out whether you need to specify items so they’re fully covered.