In Rotterdam, a vibrant port city where residents cherish their jewellery and valuables amidst bustling urban life, securing a "kostbaarhedenverzekering" is essential for protecting high-value items like diamonds, watches, and heirlooms. This specialised insurance covers theft, loss, and damage tailored to the Netherlands' legal framework. Discover how Rotterdam locals can safeguard their treasures effectively under Dutch insurance law.
Valuables Insurance: Insuring Jewellery and Valuable Items
Jewellery, watches, artworks or antiques: valuables are often emotionally and financially significant. But what if they are stolen, lost or damaged? A standard contents insurance policy usually does not cover these items or provides only limited coverage. A valuables insurance policy offers a solution. This article explains everything about this insurance: what it is, when you need it and how to arrange it. This way, you know exactly how to protect your valuable possessions.
What is valuables insurance?
Valuables insurance is supplementary coverage to your contents insurance policy. It specifically targets expensive and valuable items, such as jewellery, watches, art, musical instruments or collectibles. Unlike standard contents insurance, which often applies a maximum of €5,000 to €10,000 for 'cash and valuables', this insurance provides higher limits and broader protection.
Key features:
- Worldwide coverage: Often insured during travel, unlike basic contents insurance.
- Coverage outside the home: Protection when wearing or carrying jewellery.
- New-for-old principle: Payout based on current replacement value, not purchase price.
Without this insurance, you risk a significant financial loss in case of theft or loss. For example, a €10,000 wedding ring may only be partially reimbursed under a standard policy.
When do you need valuables insurance?
Consider this insurance if you own valuable items that:
- Exceed the maximum limit of your contents insurance.
- You frequently wear or carry (e.g., jewellery on holiday).
- Have emotional value, such as heirlooms.
How to apply for valuables insurance? Step-by-step guide
Follow these practical steps to properly insure your valuables:
1. Inventory your possessions
Make a list of all valuable items. Photograph them from all angles and retain receipts or invoices. Use an app or spreadsheet for an overview.
2. Obtain a valuation
For more expensive items (often from €2,500), a valuation report is mandatory. Consult a certified valuer (e.g., via the Association of Jewellery Valuers or NBV). Costs: €50-€200 per item. The report must be recent (maximum 3-5 years old) and state the market value or replacement value.
3. Review your current policy
Check your contents insurance. What does it already cover? Request details from your insurer regarding current terms and conditions.
4. Compare and select a policy
Look for supplementary coverages such as 'all-risk' (for damage) or 'travel coverage'. Pay attention to premium, deductible and conditions. The premium depends on the total insured sum (e.g., €20,000-€100,000) and is typically 0.5-2% thereof per year.
5. Conclude the insurance
Submit your valuation reports and list to the insurer. The policy will be added to your contents insurance. Store everything digitally and physically.
Practical tip: Start small. Insure your most expensive jewellery first and expand from there.What does valuables insurance cover exactly?
Good policies cover:
- Theft: Also outside the home, provided it involves violence or forced entry.
- Loss or misplacement: For example, a ring slipping off while swimming.
- Damage: Scratches, breaks or water damage (under all-risk).
- Vandalism and disasters: Fire, storm or flooding.
- Own fault (e.g., forgetting to lock).
- War or nuclear disasters.
- Underwater activities without permission.
- Outdated valuations.
Always check the policy conditions. Some insurers cover art only inside the home.
Important tips for optimal protection
- Store securely: Use a safe or bank safe deposit box for items not being worn. Note this in your policy.
- Wear sensibly: Remove jewellery during high-risk activities (sports, parties).
- Keep valuations up to date: Revalue every 3 years, especially if value increases.
- In case of damage: act quickly
1. File a police report immediately.
2. Notify the insurer within 2-8 days with photos and valuation.
3. Retain damaged items until settlement.
Payout typically follows within weeks.
- Family heirlooms: These are often uninsured. Value them separately.
Conclusion: protect what is dear to you
Valuables insurance provides peace of mind: your valuable items are protected, wherever you are. It costs a few hundred euros per year but prevents hardship in case of loss. Start today with inventorying and valuing – better safe than sorry. If in doubt, consult the website of the Authority for the Financial Markets (AFM) or an independent advisor for personalised advice. This way, you can enjoy your jewellery and heirlooms without worry.
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