Gold prices have risen up to 25% in the past year, and if you haven’t reviewed your insurance policy lately for coverage on your jewellery, whether it’s new or old, now’s the time for you to find out how you’re affected to see if you can make or indeed, save some money.

Insurance companies have different limits on jewellery and different reporting period requirements for new purchases. Since it’s common practice for some retailers to offer coverage for your purchase, it’s important that you understand your policy to avoid doubling up on coverage. Items that you wear all the time are of particular concern, since coverage outside the home might not be standard.

Keep receipts or any other paperwork that you might have on your jewellery. If you’ve never had appraisals done, I strongly recommend this on all of your jewellery for a couple of reasons:

1. The appraisal will give a complete description of your piece, providing a clear indicator of the quality, size, colour and clarity of a stone and the weight of the gold.

2. The appraisal will usually include photographs of the item, which is often a requirement of your insuring company.
Requirements as to how often you submit new appraisals differ between companies, some being every 2-3 years. For better protection, you may want to do this more often, particularly if unforeseen things happen, like this last major increase in gold.
No insurance policy can replace an heirloom or compensate for sentimental value on your precious jewellery, but taking a few precautionary steps can lessen your exposure to loss and help save you cash.

Take some of your commonly worn items to a jeweller to have the claws tightened around the stones. Not only will this reduce your exposure to accidental loss, you can also have your jewellery cleaned at the same time to restore its original lustre.

Leanne Finance Tips gold, jewellery, saving money