So, you've just gotten married. Congratulations! Once the excitement has settled, remember that you've now reached a different life stage - which means a different kind of insurance!
Jewellery can carry much more than financial value. Your wedding ring, an inherited necklace or a watch received for a milestone birthday can hold memories that simply can't be replaced.
While insurance can't replace that sentimental value, having the right cover and documentation can make replacing the financial value of a treasured item much easier if something happens to it.
If you're looking at jewellery insurance in South Africa, there are three important things worth getting in order: proof of ownership, clear photographs and an up-to-date valuation.
Before adding jewellery to your insurance policy, gather as much information about each valuable piece as possible.
Here are the three things to start with.
Take clear photographs of your valuable jewellery and keep them with your insurance records.
Photograph each item individually and capture distinctive details that could help identify it. Your valuation may already contain photographs, but keeping your own records provides additional documentation.
Miway also recommends maintaining records such as receipts and valuations when checking that household possessions are insured at appropriate replacement values.
A valuation certificate provides a professional description and valuation of the jewellery.
The valuation process can record details such as the materials, stones, measurements, weight, quality and other identifying characteristics of the piece.
Importantly, the amount you originally paid isn't necessarily the same as what it would cost to replace the jewellery today.
That is why valuable possessions should be reviewed against their current replacement value. MiWay's guidance recommends insuring possessions at replacement value and obtaining an appraisal for items such as inherited jewellery, watches and antiques where appropriate.
Ask your insurer what documentation and how recent a valuation they require for your particular item and policy.
The exact process depends on the jeweller or valuer, but a professional valuation will generally document the characteristics needed to identify and value the item.
Depending on the piece, this can include its metal, gemstones, weight, measurements, condition and other relevant characteristics.
The resulting valuation certificate gives you a record of the item and its assessed value for insurance purposes.
Keep a secure digital copy of the certificate together with your photographs and purchase documentation.
This is where the type and value of the jewellery become important.
Miway's current Moveables cover distinguishes between unspecified and specified possessions. Specified cover is intended for items you carry with you regularly, including watches and rings.
That matters because jewellery doesn't necessarily stay at home.
A wedding ring may travel with you to work, restaurants, holidays and everywhere in between. Cover designed for possessions that leave your home therefore needs to be considered alongside your home contents insurance.
Always check your Coversheet and current policy wording to establish how a particular piece should be insured, what limits apply and whether there are any security or valuation requirements.
You don't necessarily need to think about each possession completely separately.
Miway's current FAQ explains that MiMoveables cover can be taken with qualifying MiWay cover, including car, motorcycle, bicycle, building or home contents cover.
So, if you already have car insurance with Miway, it may be worth checking whether valuable possessions such as your wedding ring or watch also have the appropriate cover for the way you use them.
Having car insurance protects your vehicle according to the cover you've selected; valuable jewellery and other possessions have their own insurance requirements. Check the appropriate cover rather than assuming one insured asset automatically means another is protected.
Jewellery values don't necessarily stay the same forever.
Changes in materials, exchange rates, replacement costs and the characteristics of an individual item can mean an old valuation no longer reflects what an equivalent piece would cost today.
That's why it makes sense to review valuable possessions and their insured values regularly.
MiWay similarly recommends regularly reviewing insured values so assets remain properly valued and current.
If you're unsure whether an existing valuation is still acceptable, ask your insurer before assuming that it is.
Good insurance preparation isn't only about having the documents. It's also about being able to find them when they're needed.
Keep secure copies of:
That gives you an organised record of what you own, what it's worth and how it's insured.
An original receipt is useful proof of purchase, but older, inherited or gifted jewellery may not have one. A professional valuation, photographs and other ownership documentation can therefore become important. Confirm the evidence required with your insurer.
Valuable jewellery that's regularly worn outside your home may need to be individually specified, depending on its value and your policy. Miway lists rings and watches among the types of items that can fall under specified Moveables cover.
The important figure is generally the appropriate replacement value rather than simply relying on what you originally paid. MiWay recommends insuring possessions for replacement value and keeping valuations current.
Don't assume that all jewellery is automatically covered everywhere simply because you have home contents insurance. Jewellery worn or taken outside the home may need appropriate Moveables cover, and policy limits and conditions can apply. Check your Coversheet and policy wording.
The memories attached to a wedding ring, watch or family heirloom can't be replaced. But you can make sure you've taken sensible steps to protect its financial value.
Start with the three essentials: proof of ownership, clear photographs and an up-to-date valuation. Then check that valuable items are correctly listed and insured for an appropriate replacement value.
Already covered by MiWay? Review your valuable possessions and current policy details to make sure your cover still matches what you own today.
Get a Miway insurance quote or learn more about Moveables cover.
